The 1% has started to embrace Bitcoin — why it matters

Source: Liberty Blitzkrieg
by Michael Krieger

"2017 has been the year when an increasing portion of the 1% finally started to embrace Bitcoin. Not a huge percentage by any means, but certainly enough to affect the price. We can call them the early(ish) adopters of this wealthy class. Specifically, this real estate project highlights the fact that adoption of Bitcoin amongst people with significant financial resources is happening faster than many realize. Why does this matter. While it obviously matters to price, I’m thinking way beyond that. For starters, more wealthy people moving into the space helps provide some degree of political protection since we know that people with significant financial resources influence public policy. Just as Silicon Valley VCs coming into Bitcoin in the relatively early days helped provide political protection, so too will the involvement of more and more wealthy people." (09/07/17)

https://libertyblitzkrieg.com/2017/09/07/the-1-has-started-to-embrace-bitcoin-why-it-matters/

  • dL

    For starters, more wealthy people moving into the space helps provide some degree of political protection since we know that people with significant financial resources influence public policy. Just as Silicon Valley VCs coming into Bitcoin in the relatively early days helped provide political protection, so too will the involvement of more and more wealthy people."

    LOL…according to what theory of political economy? It certainly ain't the libertarian one…