Too many people are confusing “ownership of bitcoin” with “control of bitcoin”. I can assure you that it absolutely does not matter if big banks scoop up mass quantities of BTC. The worst they can do with massive BTC quantities is manipulate the price in the short term. Anyone who says otherwise is trying to scare you.
If you’re holding cryptocurrency for the long term, the short term price should not matter to you. In fact, let the big banks tank the price, that’ll allow you to scoop up more. The more the banks try to tank bitcoin, the more they will transfer their wealth to you and me and anyone else with the balls to buy low.
BTC has already brought significant wealth back to the people, but not nearly enough. The more people rid themselves of their fiat, the less the banks will have control. It really is quite that simple. Because even if banks have tons of bitcoin, the key fact is they don’t control the currency itself. It’s still decentralized. It’s still private (or can be more private in the future).
We have the crypto tech to send and receive payments to each other cheaply. What we truly need are finite, deflationary, decentralized stores of value, where transactions to and from are private (and more rare), and where fees matter less, because that service is vital. Think of these as interest-accruing savings accounts, while your spending money stays in more fast, cheap, and liquid cryptocurrencies. These currencies WILL work together in the future. There will be no singular winner, no end all be all. Because the market will demand efficiency and competition.
Stop looking at bitcoin as just a peer-to-peer payment system. Those are a dime a dozen. Bitcoin, and some other competitors (MONERO!!), can act as havens from big banks. Back in the day, everyone in the crypto game inherently knew this. We were a bunch of libertarians who knew the evils of modern banking and knew what currency is and what it isn’t. We invented the term “HODL”.
Now, there’s a ton of fresh fish in the game that don’t understand these concepts, and think that crypto needs to fit in nicely with the status quo in order to succeed.
Everyone is confused, I get it. Everyone wants to come out on top, I get it. But this is really not about that. This is about a global revolution of a broken status quo.
