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Phaedrus profile picture
Just spoke with a EU politician who worked on the stablecoin regulations, trying to learn more how these people see Bitcoin.

This guy wasn’t ignorant and I would argue his understanding of the world was better than most of my Bitcoin friends. His views:
- Bitcoin is not regulated because it’s impossible (great!)
- Regulations are forced by consumer demand and nobody cares about Bitcoin probably because UX sucks (hard to build great products on top of decentralized system)

The current demand for stable coins is huge. If the demand is because local currencies are more manipulated than USD than eventually people will demand Bitcoin. If the demand is because of cheaper, faster and cross-border payments, then MySQL database will be better solution than Bitcoin.

My hope is that since countries like China, Russia, Iran and US will never agree on which stablecoin, it will all converge on Bitcoin as the bottom layer, but it sounds like we are still very far from that since China apparently spends ~100M on crude oil from Iran every day so Bitcoin doesnt have enough liquidity to handle those transactions.

Either way, we need to continue building!
Hynek · 6d
Calling something self-custody means today “Regulator, it’s not your business” But true that it’s not fully true. Just like with Ark or Spark…