{"id":7450,"date":"2022-08-18T04:00:00","date_gmt":"2022-08-18T04:00:00","guid":{"rendered":"http:\/\/ci02a8fbb7700026a3"},"modified":"2022-08-18T04:00:00","modified_gmt":"2022-08-18T04:00:00","slug":"blackrock-partners-with-coinbase-for-bitcoin-buys","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/blackrock-partners-with-coinbase-for-bitcoin-buys","title":{"rendered":"Is BlackRock’s Partnership With Coinbase Good For Bitcoin?"},"content":{"rendered":"
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This is an opinion editorial by Peter Conley, a product advocate at Vercel.<\/em><\/p>\n

BlackRock partnering with Coinbase to offer bitcoin services is not just good for bitcoin, it\u2019s great <\/em>for bitcoin. Because bitcoin is for everyone \u2014 and I mean everyone; it\u2019s not just for the plebs or the technologists or the \u201ctech bros\u201d or the cryptographers or the early adopters.<\/p>\n

Bitcoin is for Vladimir Putin.<\/p>\n

Bitcoin is for the Dalai Lama.<\/p>\n

Bitcoin is for Kim Jong-un.<\/p>\n

Bitcoin is for Eckhart Tolle.<\/p>\n

It\u2019s for every saint and every sinner. For every Buddha and every bastard. For every poor person and every billionaire. For every mother and every daughter. For every father and every son.<\/p>\n

That\u2019s not limited to the present day; it would have applied to the past as well. Bitcoin would have been for Mother Theresa and Adolf Hitler. It would have been for Ghengis Khan and Jesus.<\/p>\n

Most wars, past and present, are funded through the hidden tax of inflation, not direct taxation. It\u2019s the most common way for unpopular policies (that are typically destructive) to be forced onto the populace.<\/p>\n

With bitcoin, WWII would have never lasted as long as it did. With bitcoin, the Iraq war probably wouldn\u2019t have even started. With bitcoin, the military-industrial complex would be 10 times smaller. <\/p>\n

With bitcoin, \u201ctoo big to fail\u201d businesses couldn\u2019t exist. If we had truly hard money, those businesses that can\u2019t survive without cheap debt or which take reckless risks, would be washed out as a natural clearing function.<\/p>\n

With bitcoin, the bankers couldn\u2019t have been bailed out during the Global Financial Crisis of 2008 and BlackRock wouldn\u2019t be nearly the size it is today, nor would J.P. Morgan or any of those other rent-seeking institutions.<\/p>\n

In the long run, bitcoin takes away power from the warmongers and those who must inflate the money supply in order to buy and produce endless weapons and conduct endless wars.<\/p>\n

It takes power away from people who bask in zero-sum trade-based games and businesses. It\u2019ll take away power from the over-financialized system we currently have, the one where derivative traders are more valuable than top-tier doctors. <\/p>\n

Bitcoin gives power to people like Jack Mallers<\/a> over Jamie Dimon<\/a>. It gives power to those on Bitcoin Beach<\/a> instead of the International Monetary Fund. It gives power to the Ukrainian citizens fighting the Russian insurgency.<\/p>\n

Jeff Booth<\/a> was once asked the question, \u201cWhat\u2019s the worst thing about bitcoin?\u201d His response was, \u201cYou have to accept that the people you hate the most will begin using it and it will make the network stronger.\u201d<\/p>\n

We\u2019re getting to the stage of bitcoin adoption where it\u2019s too big to ignore. You can\u2019t turn it off and it has become \u201ca vortex of positive incentives<\/a>,\u201d as Robert Breedlove likes to say.<\/p>\n

That means we\u2019ll begin to see all types of countries, leaders, entities and people piling in. Even those that may have benefited and accelerated the current broken system \u2014 and that\u2019s okay. It\u2019s part of the process.<\/p>\n

The hardest pill to swallow is that those who benefited from the Cantillon Effect<\/a>, who got us in the position we are today, are the ones that can accelerate bitcoin adoption the quickest.<\/p>\n

Back in the early days of Facebook, they had to grow user by user. No one could individually bring a billion users to the network, but you can now bring a billion dollars to the Bitcoin network, or ten billion, or a hundred billion.<\/p>\n

Yes, the retail market is what got bitcoin to where it is now, but it won\u2019t get to where it needs to go. In order to get the world onto the Bitcoin Standard, it\u2019ll require those who benefit from and are addicted to the fiat standard.<\/p>\n

The Saudi Sovereign Wealth Fund can move the puck forward with one allocation just as quickly as 3 million plebs. Norway\u2019s Government Pension Fund<\/a> can effectively double the price of bitcoin if they wanted. A family office can take more coins off the market and into cold storage more quickly than the first 100,000 users. BlackRock\u2019s clientele can move the price up quicker than any army of plebs.<\/p>\n

These are good things, not bad things. This is the embodiment of \u201cgradually, then suddenly<\/a>.\u201d<\/p>\n

Yes, it stings knowing that rent seekers and violent actors will probably end up with more sats than you but, in the long run, it doesn\u2019t matter. I\u2019m in this for the better future on the other side, not for the sick gains.<\/p>\n

A better future means widespread adoption by as many souls as possible.<\/p>\n

With bitcoin, the financial entities like BlackRock and similar hedge funds, who produce nothing and are the benefactors of the Cantillon Effect, will eventually be reduced to their proper size and scope.<\/p>\n

So yeah, I\u2019m all for BlackRock providing bitcoin services. Because bitcoin is the ultimate Trojan horse and the old legacy financial system is Troy.<\/p>\n

I don\u2019t know about you, but I\u2019m cheering because BlackRock opened the gates.<\/p>\n

Now all we have to do is roll on in.<\/p>\n

This is a guest post by Peter Conley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is for everyone, including enemies, so BlackRock offering bitcoin services to their clients is ultimately a good thing for bitcoin adoption.<\/p>\n","protected":false},"author":2885,"featured_media":3564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[79,190,312,59],"class_list":{"0":"post-7450","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-blackrock","9":"tag-coinbase","10":"tag-institutions","11":"tag-opinion"},"author_data":{"id":2885,"name":"Peter Conley","nicename":"peter-conley","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/peter-conley-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/fiat-morals-angel-devil.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2885"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=7450"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/3564"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=7450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=7450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=7450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}