Remember that one time Donald Trump tweeted that crypto is too volatile and can be easily used by drug dealers and other criminals, and that he made it clear he is not pro-crypto? I don't know about you, but I remember lots of bad stuff people say over time...
I also remember Joe Biden vetoing a resolution that would have overruled the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 121. If the resolution had been approved by Biden, the SEC would no longer have much reach, if any, over the crypto industry.
Yesterday, Trump tried to portray himself as a crypto dude in a desperate attempt to attract even more voters to his side, and now we have the news according to which Biden is also accepting Bitcoin as a donation for his campaign. From what I know, though, it was Robert F. Kennedy Jr. who made himself a pro-Bitcoin presidential candidate years ago.
For us crypto enthusiasts, it doesn't matter much who is pro or against crypto as long as our investments are pumping, right? Well, kind of... On one hand, I want to make big money in this market, but on the other, I'm desperate to see true mass adoption of crypto as well.
Thus far, we've only scratched the surface in this regard with El Salvador making Bitcoin legal tender and a few shops here and there accepting Bitcoin or Hive tokens, but not much has happened since Bitcoin's inception in regards to the adoption we were hoping for.
Crypto is not just about competing against the USD or EUR as an exchange currency, but also about making possible parallel economies to arise. And that is about to happen...
"The largest Brazilian bank, Itau Unibanco, which has 60 million clients in Latin America, has opened the opportunity for all clients to buy BTC and ETH directly through the bank." This is something I've been mentioning in my posts throughout time, along with my prediction regarding presidential candidates in the US becoming pro-Bitcoin.
The fact that certain banks across the world made it difficult for their customers to buy crypto with fiat was mostly because they wouldn't benefit much from such transactions. As they start dealing with crypto directly and make a buck out of it, we will see more and more such cases like Itau Unibanco.
Banks won't die any time soon; they'll adapt, just as the dollar won't die either, or the EURO, but rather get revamped. Very few know this, but as of June 9, this year, the contract America had with Saudi Arabia for using its petrodollar in international oil trades in exchange for military protection expired and was not renewed.
The Arabs have announced that they will be using Rubles, yuans, EUROS, and other currencies for this matter. Bitcoin started as an outlaw, a currency for drug dealers and criminals, and a shiny digital coin for cypherpunks dreaming of decentralized money and decentralized economies. Gradually, it started to make more and more sense.
In a digital world, a borderless world, it would make so much sense to have a sort of currency/store of value that is decentralized, easy to handle 24/7, and non-controllable by the elites. The more shit starts stinking in the world, the more traction crypto will have. Currently, shit is stinking pretty hard, and sooner than later, that shit will fuel the next level of mass adoption for crypto.
The young generations won't even envision building fiat-based businesses. These generations are growing up with instant internet access and AI; who the hell is expecting them to stick with the dollar for too long? Not even I want to be dealing with fiat currencies for much longer. Next-level FOMO is about to happen, and it will be unimaginable.
Enjoy the ride!
Thanks for your attention,
Adrian