Crypto oppression drives crypto adoption
“You wouldn’t have to have dollars in your suitcase or gold bricks or diamonds. You’d simply have to have a password in your brain that you could access at any computer terminal when you got out of the country. ”
The All-In Podcast continues to be a favorite of mine for weekly tech and business banter. David Sacks’ thoughts on Bitcoin (1:03:55) is applicable to many cryptocurrencies.
The more that any government moves to oppress cryptocurrency adoption and use, the more citizens are encouraged to consider alternative options for storing and moving money.
“If you were in China and you had created your wealth in China or many, many other countries all over the world… and there were currency restrictions and controls… and the government was asserting more and more power, and we're putting business leaders under house arrest… and seeking to put them under their thumb. You'd be trying to convert as much your net worth into Bitcoin as possible. So that all you have to do is if you ever had to flee the country.
“You wouldn't have to have dollars in your suitcase or gold bricks or diamonds. You'd simply have to have a password in your brain that you could access at any computer terminal when you got out of the country.
“And so that, I think that sort of digital gold is a phenomenal use case of Bitcoin, and the more oppressive, all these countries become, the more they increase the value of that use case.”