At this point, we can see that the crypto space resisted very well in the last 3 months.
I will number some criticism that I observed over the years:
- No intrinsic value - Done
- Used only for illegal stuff - Done
- It’s only hype - Done
- It’s too volatile - Done
- Will be banned - We are here
The first four points were demolished over time, the longer the bitcoin holds the insignificant the first four points.
Now we are entering the bureaucratic game. The most vicious and nasty of all games.
The first scenario - "Winning from within"
The fifth point stands in the hands of a few bureaucrats. In my opinion, this will be a long battle, because you can not change a mind of a bureaucrat.
If we look at the situation objectively, bureaucrats are bought and put in positions to protect special interests. They do no poses a mind that can be changed.
The only game that a bureaucrat knows is the "game of influence".
The crypto billionaires are starting to show their influence when push comes to shove. Some US officials are openly pro-crypto and that is encouraging.
If the crypto billionaires do not have enough influence at this moment to put favorable legislation in place, the best strategy in my opinion will be to buy more time.
With time crypto will mature, more people will own crypto, more crypto influence, and recognition, at that time the bureaucrats will need to recognize the inevitable.
And in the longer time frame, the current bureaucrats will be replaced with crypto-friendly bureaucrats.
The second scenario - "Winning from outside"
If the bureaucrats will make it impossible for the crypto market to operate within the US then the battle will be from outside in. The entire countries now operate under crypto-economic laws. If these countries are successful in adopting crypto in the next 2 - 3 years, then the adoption will really accelerate.
After we have countries as an example, then it's just a matter of time until people in the US demand crypto to be fully legal and easy to operate. If people's demand is not fulfilled, I am afraid that people will leave the country and seek financial freedom. By the way, I don't think I exaggerate by saying this.
In the current economic conditions, the crypto ethos is getting stronger day after day. "Smart money" is in the game, they do not make a tweet about it because they are not "Stupid money".
Keep in mind, if the fundamentals of crypto do not change then it's only noise.