Bitcoin notes an unprecedented adoption with the United States establishing a “Bitcoin Strategic Reserve”, but some eminent Bitcoin defenders think that the project is moving away from its roots.
Earlier this year, Jack Dorsey, a supporter of Bitcoin and founder of Twitter, said that he thought that if Bitcoin only becomes a form of “digital gold”, the project had failed. He said that a Bitcoin national reserve can be “good for the nation state, but I don’t necessarily know if it’s good for bitcoin”.
Dorsey argued that Bitcoin must return to the White Paper and work to become a form of peer cash that can be carried out around the world if it wants to become a success.
Around the world, a number of “circular Bitcoin economies” have worked on this – in the development of local economies that use Bitcoin as a currency in order to present its viability and what the future of the BTC can look like.
The Bitcoin White Paper has proposed a cash system. Source: Bitcoin.org
Circular Bitcoin and Wall Street savings
The Bitcoin federation calls a circular Bitcoin economy as a “local economic ecosystem where Bitcoin (BTC) is increasingly used as a means of exchange, a unit of account and a reserve of value.” In other words, a place where Bitcoin fulfills the three roles of money, as understood.
There are various bitcoin communities and circular savings around the world, but their objective is similar in that they all believe that Bitcoin is the form of higher money and that it should be used “as a means of payment for goods and services and for the settlement of other financial obligations”.
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This approach to the use of Bitcoin as money diverges from dominant attitude in the United States, where the defenders of cryptography consider it as a reserve assets in Thésauter – similar to digital gold. President Donald Trump told the Nashville Bitcoin conference in July 2024: “Never sell your bitcoin”.
https://www.youtube.com/watch?v=SDC7DFUUFTC
In a conference on March 17 at Bitcoin Policy Institute, the CEO of the strategy and the Bitcoin Michael Saylor maximalist compared the digital currency to an investment asset. An important participation, by Saylor, would allow the holder – like the government of the United States – to exercise control over the digital economy in another iteration of “manifest destiny”.
When asked if mass adoption by a nation like the United States moves Bitcoin from its founding principles, Isa Santos, founder of the Bitcoin Isla project in Isla Mujeres, Mexico, said:
“Yes, but it’s the beauty of Bitcoin. It’s also for your enemies.”
Stelios Rammos, the founder of the crowdfunding project of Bitcoin Geyserfund, said that good or evil, the adoption by governments was “inevitable”.
“Bitcoin is for everyone, and its most true founding principle is money without permission. The adoption of Bitcoin by governments was inevitable, and if there was a button that we could support to say that” governments are banned from Bitcoin “, then it would no longer be a bitcoin,” he told Cointelegraph.
However, he believes that the Bitcoin community has a set of basic values which promotes the adoption of the Bitcoin base on government well-being, adding that bitcoin is at a stage where bitcoiners should be more concerned with the way it is adopted rather than if it is adopted.
“”Circular savings will have a huge role to play in creating a future where Bitcoin is held and used by everyday people, and not only considered a pure asset in digital chests in large banks and governments, “said Rammos.
However, the two said that there were tangible advantages to the adoption of the Bitcoin government. Santos said that the adoption of a large country like the United States could still be positive in that many consider the United States as a leader in the financial world.
Rammos said that the United States adopting Bitcoin will raise awareness of the seminal cryptocurrency, which benefits the whole network and has training effects for circular economies in the world.
What does Bitcoin do for these communities?
Bitcoin circular savings are present around the world. They have acquired a particular land in developing economies where the local currency is not reliable as a reserve of value.
In Cuba, where inflation is on the run and wages are in unlivable stockings, the circular savings of Bitcoin and Bitcoin allowed the inhabitants to protect their savings.
In the rural regions of Peru, where most people are not banished, that is to say that it is a bank account or access to financial services, Bitcoin provided a means of the inhabitants to save their money and pay for school and daily expenses.
However, there are challenges. Namely, the notorious volatility of Bitcoin makes it difficult to sell as a savings instrument to rural communities, according to Valentin Popescu, co -founder of Motiv – a Bitcoin Education and Advocacy group in Peru.
Bitcoin communities are also faced with growth challenges outside the group of expatriates and Bitcoin enthusiasts who are already present. Bitcoin defenders flocked to El Salvador, where Bitcoin Beach provided the first prototype for a circular Bitcoin economy. However, this was not translated as premises by really using Bitcoin.
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Bitcoin circular savings proliferate worldwide. Source: Geyser funds
Aside from the victories and the challenges that these communities face, many of them also offer programming initiatives in financial education and community strengthening.
Santos said that “each circular economy has its own unique characteristics. They must meet the needs of the communities that make them. ” She said that a common factor among these communities is volunteer.
Bitcoin Ekasi, a circular Bitcoin economy in South Africa, supports the local community project for children by paying the salaries of Bitcoin coaches while integrating local stores and sellers to accept Bitcoin payments.
Rammos said that these communities can put less known places on the map, attracting tourism through “Bitcoin expatriates” who want to come and spend their bitcoin and develop the local economy.
“In the end, local populations win as a circular Bitcoin economy as much as the Bitcoin network benefits from having them, it is a real symbiosis,” said Rammos.
Whether Wall Street or Main Street that stimulates the adoption of Bitcoin, the final objective for the organizers who directed these communities is to be fully integrated into Bitcoin in the financial world.
Rammos concluded: “There will be a point in the future, let’s not hope so far away, where we will no longer need the term circular economy, it will only be the economy of bitcoin, or simply the economy.”
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