Your newest, most powerful tool against capital controls
From Nick Giambruno, Senior Editor, International Man:
Murray Rothbard often described the government as a “gang of thieves writ large.”
His description captures the State’s true essence… coercion.
Any government, anywhere in the world, and at any time in history is simply a group of people with a monopoly on coercion in a certain geographic area. That’s it.
It doesn’t matter if it’s a democracy, monarchy, dictatorship, or something else.
Government is not about selfless public servants advancing some vague common good. It’s about brute force.
They don’t teach this in public schools. But it’s true.
Right now, the modern State’s control over the financial system is arguably its biggest tool of coercion. It gives the State unlimited ways to compel you to do something you otherwise wouldn’t.
It can force you to pay (through inflation) for whatever it wants—be it welfare, warfare, or the wasteful program du jour. All it has to do is create an endless amount of currency out of thin air.
Meanwhile, the State makes it impractical to do business with anything but these ever-depreciating pieces of paper. And it can stop your business by denying you the ability to use that paper.
Today, banks have become de facto government bureaucracies. The State can spy on, freeze, and seize your bank account for whatever reason it wants. If the bank doesn’t comply, the State will shut it down before the next morning.
It’s hard to overstate how much power this gives the government. And the War on Cash is turbocharging the problem.
There is, however, a silver lining… something that’s pushing back against this disturbing power grab…
That something is bitcoin.
Bitcoin is a decentralized, non-state currency. Anyone in the world can use it.
In short, it’s financial kryptonite against the State’s coercive powers.
You see, bitcoin doesn’t use the traditional financial system. It has no central authority. Instead, bitcoin runs on a decentralized network scattered around the world. And if you take certain steps, you can essentially make anonymous transactions.
With bitcoin, there’s no central location for a SWAT team to raid. There’s no “capo” to arrest. The State can do nothing but play an endless game of whack-a-mole across the globe.
It’s basically impossible for the government to kill bitcoin without shutting down the entire internet.
Bitcoin’s resilience to government interference terrifies politicians all around the world. They can (and will) try to regulate bitcoin, but they will fail.
Minimizing the State’s Power to Coerce You
I am a strong advocate of international diversification—such as holding multiple passports and offshore assets. It frees you from absolute dependence on any one country.
Bitcoin is an important part of this strategy. It’s an inherently international asset.
Bitcoin has incredible value as an international transfer mechanism. You can take any amount in and out of any country. You don’t need permission from any government.
You can send it across any border—or any number of borders—as often as you want. And there’s nothing anyone can do about it.
I’ve seen this firsthand in Latin America, where bitcoin helps people get around capital controls. (The State uses capital controls to trap money within its borders so it has more to steal.)
Bitcoin helps people bypass these restrictions. That’s because governments can’t freeze, seize, or block the transactions.
This is why bitcoin is such a disruptive and exciting technology. And its use is set to explode.
Right now, over 100,000 merchants accept bitcoin as payment, including Overstock.com, Expedia, Microsoft, and Starbucks. That number is growing every day.
This is a bright ray of hope as the State works to further centralize its power and pick away at what little financial privacy you have left.
Bitcoin minimizes the coercion that Rothbard’s “gang of thieves writ large” can subject you to. And that’s undoubtedly a good thing.
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