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Bitcoin [BTC] is ‘first bearer instrument that can be stored digitally’, says Jimmy Song

Akash Anand



Bitcoin [BTC]'s 'first bearer instrument' quality the central topic as Jimmy Song increases support
Source: Pixabay

Bitcoin’s [BTC] upward market movement had riled up the cryptocurrency industry with several proponents of the space and users calling the phenomenon as Bitcoin’s second coming. This build-up in momentum was courtsey of BTC’s price hold near the $8,500 mark, with help from the cryptocurrency breaching the $9,000 mark, albeit for a little while.

Many supporters of the ‘king coin’ have also quoted other qualities of Bitcoin that make it a better asset than conventional ones with the latest example being Jimmy Song. The well-known Bitcoin influencer and developer had recently tweeted:

“Bitcoin is the first bearer instrument that can be stored digitally.
This means there is now property that can be secured digitally.
This means property rights for Bitcoin can’t be restricted very easily.
This is good for human freedom. We have a tool to fight oppression.”

Song’s first argument lay in the fact that BTC was considered as a great store of value with a chance to topple gold from its position as the currently accepted store of value. This idea had converted into the ‘Drop Gold’ campaign by Grayscale investments, which worked with the aim of establishing Bitcoin as the store of value spearhead. Another major argument that the Bitcoin proponent made in favor of the coin was that it was a good tool to fight oppression.

There are examples from several countries where the stronghold regime has forced a lot of people to dive into cryptocurrencies such as Bitcoin as an economic solace. Venezuela was a perfect marker for this kind of behavior because despite having a government launched Petro which many consider a sham, citizens were switching to Bitcoin and Litecoin to conduct transactions.

Song’s tweet also saw a lot of replies with Parabolic Trav, a Bitcoin supporter, adding:

“The beginning of anarcho-capitalism. It was never going to be private police forces enforcing property rights. It’s clear now true anarchic private property, that cannot be seized, begins with bitcoin. It will set the stage for the rest.”

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