Bitcoin, the digital currency that started as a cypherpunk experiment in 2009, has had a turbulent path to adoption. Initially dismissed as a niche, unregulated asset prone to illegal transactions, Bitcoin has grown into a globally recognized asset over the past 15 years. This shift is punctuated by major milestones such as the SEC’s recent approval of Bitcoin (BTC) and Ethereum (ETH) ETFs, allowing traditional investors to interact with cryptocurrencies in a regulated environment.
The philosophical and practical dimensions of Bitcoin’s journey are sharply analyzed in Resistance Money: A Philosophical Case for Bitcoin, the latest book by Andrew Bailey, Professor at Yale-NUS College and Senior Fellow at the Bitcoin Policy Institute. Bailey’s deep dive into Bitcoin’s potential to circumvent traditional financial and government systems highlights both the technological innovation and ideological underpinnings that have made Bitcoin a symbol of financial resistance.
Bitcoin’s origins can be traced to January 3, 2009, when Satoshi Nakamoto launched the Bitcoin network after publishing a white paper on October 31, 2008. Early adopters saw it as an intriguing experiment: a decentralized form of money that is immune for traditional banking systems. and state control. Bailey’s reflection in Resistance Money captures the essence of those early years, portraying Bitcoin as an embodiment of the cypherpunk dream: digital money that works without the need for third-party oversight.
“Bitcoin is the culmination of decades of cryptographic efforts,” Bailey noted in a recent conversation. The cypherpunks envisioned a tool that could liberate or control societies, depending on its use. For them, Bitcoin was the ultimate liberator: a digital asset that enables self-custody and private peer-to-peer transactions beyond institutional oversight.
For years, Bitcoin remained on the fringes of the financial world, stigmatized as an asset used by criminals or as speculative “digital gold.” The early 2010s were marked by catastrophic events such as the collapse of Mount Gox and negative attention from prominent financial leaders. As Bailey described, institutional resistance stemmed from Bitcoin’s challenge to the financial status quo: “Bitcoin routes around the creators, managers and intermediaries – the essence of traditional financial power.”
Despite the skepticism, Bitcoin rose in popularity in the mid-2010s and reached major milestones in 2017 when it flirted with $20,000 per coin. However, it was only in recent years that the broader financial world began to recognize Bitcoin’s sustainability. The SEC’s approval of Bitcoin and Ethereum ETFs in 2024 marked a crucial step and indicated that even traditional powerhouses were giving in to the crypto market’s influence.
“Financial institutions that once criticized Bitcoin are now offering ETFs to their clients and finding a way to profit from what they initially resisted,” Bailey explains. This recognition goes beyond mere speculation and into recognizing Bitcoin’s usefulness as a ‘freedom technology’, an instrument that can function independently of centralized financial and political oversight.
Bitcoin’s trajectory towards mainstream adoption has influenced financial markets and entered politics. The 2024 presidential race between Donald Trump and Kamala Harris has brought crypto policy to the forefront. Trump’s pro-Bitcoin stance, highlighted by his appearance at the largest Bitcoin conference in Nashville, suggests that crypto adoption is now an issue that could sway voters in critical swing states. His promise to make the United States a leader in Bitcoin and crypto policy resonated with the thousands of attendees.
Kamala Harris, who once shared the Biden administration’s cautious and even hostile stance toward crypto, has moderated her tone. Bailey sees this shift as a pragmatic move: “Even politicians recognize that there are thousands of voters whose stance on crypto could influence election results, especially in swing states like Pennsylvania and Michigan.”
This renewed political commitment underlines Bitcoin’s influence as more than just a financial instrument; it represents a challenge to conventional political and economic power structures.
Despite these important milestones, the general public’s understanding of Bitcoin and crypto remains limited. Although approximately 50 million Americans have owned crypto at one time or another, Bailey says understanding and long-term investing remains a niche. The public is gradually waking up to Bitcoin’s potential, especially as more ETFs emerge and institutional support builds confidence.
Bailey’s book highlights an essential aspect of this journey: Bitcoin is not just an investment vehicle, but a form of “resistance money.” It provides protection for individuals in authoritarian regimes and for those who seek privacy from institutions that could abuse power. This philosophical stance, underscored by practical examples in Bailey’s work, reinforces Bitcoin’s identity as more than just an ephemeral digital asset: it is a tool for financial autonomy.
As Bitcoin becomes embedded in mainstream financial instruments, its journey from outsider status to an asset that challenges central banks and the status quo is undeniable. The SEC’s acceptance of ETFs, Trump’s advocacy for Bitcoin’s expansion, and Harris’ softening stance all indicate that Bitcoin’s role in the financial and political landscape is rapidly evolving.
In Bailey’s words, Bitcoin is a long-term play that is best understood through the lens of its core principles: autonomy, resistance and freedom. Whether it’s in the adoption of ETFs or the broader political conversation, Bitcoin’s trajectory remains a testament to its fundamental ethos: a new form of money that has withstood significant resistance to reach the mainstream.
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