The Missionary and Common Knowledge
Bitcoin is now an equilibrium outcome, a bell impossible to unring.
I believe most people undermine just how monumental Trump's speech in Nashville is for Bitcoin and crypto.
It was never about Trump's own understanding on Bitcoin, nor whether the speech has the substance to support his claims.
It was about making Bitcoin "common knowledge".
"Common knowledge is what everyone knows that everyone knows." —Ben Hunt
Common knowledge is why the Egyptian government fell in 2011 after a televised protest in Tahrir Square.
Common knowledge is also why the Chinese government will arrest you today if you distribute pictures of a 35-year-old protest in Tiananmen Square.
Not everyone can make something common knowledge, however.
Depending on what's at stake, only certain figures (or "missionaries" if you will) wield the power to make something common knowledge.
Only the innocent child among that crowd can point out the Emperor's nakedness and make it common knowledge.
Only Biden himself (and arguably, Obama) is in the position to make his own cognitive decline common knowledge.
Bitcoin has long moved past the stage where Michael Saylor, Nayib Bukele, and Larry Fink can be effective missionaries.
Bitcoin's existence as a "real" asset class is so widespread and so public. But no one's behavior changes just because a couple of people whisper Bitcoin affirmations to each other.
No, the only thing that changes common behavior is when the (soon-to-be) leader of the United States of America, by far the world's most powerful and influential country, legitimizes Bitcoin SO loudly that the entire world believes that everyone else in the entire world heard the news.
That’s when behavior changes. And that's when Bitcoin finally becomes common knowledge.
It was never about how well-informed Trump is on Bitcoin.
It was never about the factuality of his claims and promises.
It was never about scrutinizing the details of each pro-Bitcoin policy that he preached on us.
Heck, it was never about the speech itself.
It was about Trump donning the missionary hat, taking on the role of the innocent child blurting out the fact that the Emperor has no clothes.
It was about making Bitcoin, common knowledge.