Why I'm a Bitcoin Skeptic, or, Does Bitcoin Fix Anything?

by Glen Wallace

I'm approaching this commentary from a standpoint of questioning the usefulness of Bitcoin in protecting freedom and being a safe haven from government tyranny. I'm not delving into Bitcoin as a speculative asset, as that is entirely another subject matter. But I do have doubts about the ability of Bitcoin to remedy any of the many tyrannical problems facing humanity. If anything, I contend that a false sense of security can arise from thinking Bitcoin can be a safe haven for freedom. Instead, we should go back to basics and insist that our inalienable rights be protected through the strengthening and adherence to Constitutionally guaranteed rights. It is through adherence to the Constitution and its Bill of Rights that we have as much freedoms as we have today. It is not through Bitcoin or any other cryptocurrency that our rights and freedoms are protected. Additionally, there is no indication centrally issued currency is going anywhere in terms of a reliance on it to pay the bills that are necessary to maintain an on-grid first world lifestyle.

And, if we do protect our constitutional rights, we can maintain our freedoms while continuing to use ordinary national currency. I say 'ordinary national currency' because if the central bank were to issue a CBDC, a Central Bank Digital Currency, there could be a danger of tyranny by making it an easier work around of the constitution for a central government . I'm against the issuance of a CBDC, but I didn't discuss that in this video; I'll have to make that the subject of a another, future video.