In a tweet posted Monday, September 23, Libertarian presidential candidate and crypto rebel John McAfee wrote: “BAKKT goes live today. It is institutionalized and monitored … if you are “initiated” into crypto, then you certainly won’t use it and will spend time luring the new users into the Unlimited Crypto World.” The maverick anti-politician raises an important point. The real revolution of crypto is individuals using it autonomously, privately and freely, not in institutionalization or mainstream adoption alone.
The Unlimited Crypto World
It’s very easy to talk about “Bitcoin revolutions” or the groundbreaking technology crypto in general represents. It’s also easy to speak in loud, blustery tones about the necessity of mainstream adoption, and the benefits institutional money and regulation can bring to the table. Bakkt’s launch on Monday was not under-hyped by any means, for example, so the ensuing fizzle of an opening came as a bit of a shock to many. Bakkt could do very well in the future, and more institutional cash will likely flow in, but McAfee’s point is that it doesn’t matter as much as other factors. Namely, using crypto as it was meant to be used — as permissionless, peer-to-peer electronic cash.
Regulators and Legacy Finance Giants Are Here Already
As some in the space have pointed out, institutional money is already here, shorting the hype cycles surrounding events like the Bakkt launch to their benefit. So the “unlimited crypto world” McAfee speaks of is something entirely different. The SEC is already here, regulating companies — scams and non-scams alike — into oblivion. Governments worldwide impose such restrictive licensing requirements on any crypto venture,