To truly advance the country toward monetary sovereignty, El Salvador must forsake altcoins and solely embrace Bitcoin.
Bitcoin (BTC) has been made legal tender in El Salvador, the first country in the world to do so, where confidence in Bitcoin is growing as Bitcoin-enabled positive changes continue to transform the economy.
Now it’s time for El Salvador to embrace Bitcoin maximalism as a guiding principle and reject all so-called “crypto” and “altcoin” projects.
As Bitcoin continues to overtake fiat money, CBDC's, Gold and so-called altcoins to become the sole, global monetary standard, Bitcoin Maximalism has emerged as an essential guiding principle.
It's clear and irrefutable that nothing competes or compares with Bitcoin and nothing will ever displace it as virtually perfect money.
Pete Rizzo of Bitcoin Magazine in his piece dated September 29, of 2021 entitled, "Against Cryptocurrency: The Ethical Argument for Bitcoin Maximalism," highlights Bitcoin's core strengths:
- Separating money from state
- Creating global money
- Transparent issuance
- Perpetual audibility
- Finite supply of monetary units
Additionally, and crucially, Bitcoin is:
- Uniquely decentralized
No individual, group, corporation or state controls Bitcoin. No other fiat money, CBDC, Gold or altcoin, can make this claim. Everything that's not Bitcoin is either relatively or absolutely centralized when compared to Bitcoin and therefore fails to achieve the critical breakthrough that Bitcoin represents; a global, monetary network that is independent from any centralized control.
More precisely; fiat money and CBDC's — are absolutely centralized — having no value whatsoever when state control is removed.
Gold — is relatively centralized — as vast stores of gold are centralized and price discovery is non-transparent and routinely manipulated.
Altcoins — are relatively centralized — with centralization taking many forms and as MicroStrategy's Michael Saylor pointed out in a "Real Vision" interview dated September 24, 2021, altcoins are inherently immoral and unethical since their primary purpose, it can be argued, is to defraud the public.
The choice is clear — Bitcoin maximalism is the right direction for El Salvador to continue growing its economy and to set an example of integrity and excellence for the world.
This is a guest post by Max Keiser. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.