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Today's News Recap
Joining Forces - Eric Trump joins Metaplanet as strategic advisor, driving Bitcoin adoption and boosting stock by 17.37%.
Safe! - Bitcoin and Dogecoin unaffected as SEC confirms crypto mining doesn't violate securities law.
Transparent Proposal - USAID may adopt blockchain technology under Trump aides' proposal for transparency.
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Two Bits
A Brief Letter to the Cypherpunks
By: Matt Kreiser
Following the peak in crypto asset prices in January, discourse on “X” has quickly turned (as it typically does) from what assets provide the most beta (we’re so back) to existential questions about the crypto space (it’s so over). Chief among these recent concerns has been whether institutional adoption of Bitcoin threatens the network’s founding principles of decentralization and permissionlessness. And so I wrote this brief letter to the cypherpunks:
To the cypherpunks, Constantine’s conversion to Christianity didn’t mean he usurped the authority of the true Church (Christ’s body), only that he could use a version of Christianity as a new social consensus to extend his already existent institutional power.
Purists can argue about whether Bitcoin was “hijacked,” but values like decentralization and permissionlessness can’t be. They’re binary. They either are or they aren’t. Keep building.
Ps: Institutional adoption, ownership and even control of Bitcoin doesn’t negate the path we are on to decentralized permissionless money. Last time I checked the church is alive (lit actually) and the Roman Empire is long gone. Yes, there are still governments that use religion (in the strict sense (ie. appeal to a higher authority) as a tool to extend institutional power, but that chart continues to trend to zero.
Institutional adoption of Bitcoin is a necessary step for humanity as social consensus transitions away from fiat. We talk a lot about the bell curve meme. There was never a path where midwits adopted Bitcoin before the institutions and the institutions got left behind. That was always an idealist mirage.
