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So with respect to Bitcoin I kind of agree with this take, in part. Bitcoin, or any constrained supply good, is probably not a good currency for egalitarian outcomes. It will benefit anyone buying it with fiat now, especially those who have a lot of fiat, and benefits even more those who were able to take risk earlier when Bitcoin was cheaper. Additionally, the government buying Bitcoin would benefit more those who already have it, at the expense of taxpayers. The government does a lot that hurts taxpayers and this is probably nowhere near the top of the list though. Bailing out companies that use profits to pay CEOs while laying off workers takes the cake. But all that to say, with respect to Bitcoin the asset, not crypto the utility, there is a case to be made there, though I doubt it’s in good faith nor coming from an educated on the subject, perspective. 2 replies
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