$BTC

The author of the book "Bitcoin Age," Adam Livingston, believes that bitcoin is becoming part of the mainstream.

As he stated, banks are defenseless against BTC.

Has Bitcoin defeated banks?

According to this popular author, banks face an "unprecedented challenge" because they cannot print bitcoins to defend their currencies, which are progressively being destroyed by overprinting and inflation. Policymakers essentially have three options now: they can raise interest rates to defend the currencies, deplete foreign reserves for the same purpose, or "join the migration" and buy bitcoins, thus "legitimizing this trend they are trying to counteract."

This is a fundamental shift in the balance of power between bitcoins and governments. The free market will win.

You can't win, so join in.

Today, only a small number of countries have their national strategic reserves of bitcoins. These are El Salvador and Bhutan (which have 6,089 and 13,029 BTC, respectively). The United States also has some, but cannot legally buy more bitcoins under current law. The United Kingdom, China, and Ukraine have some unofficial reserves - they hold BTC seized from criminals, but formally they are not reserves. However, it is worth adding that bitcoin is still not gold, which built its position over centuries, unlike BTC, which has been around for just over a decade. It should also be mentioned that the increasing significance of BTC is not in the interest of central banks, as they must take care of their currencies, which in the current system, based on nearly constant overprinting, are doomed to depreciate. For banks and governments, a more convenient form of digital money is not cryptocurrencies, but CBDCs, which allow them to maintain control - the central bank can still arbitrarily increase the supply of digital currency, control its flow, and even - which should frighten us the most - mark such funds and impose expiration dates to stimulate demand in the markets.