They smiled and laughed at it when it was young and fragile. Obama laughed it off and presided over bank bailouts and the creation of BTC. Trump was too stupid to understand it and praises the USD. Hillary is smart enough to realize it can demonetize the political class which her meaning is dependent upon, so praises the USD. Biden is an old clown who understands it can interfere with his legacy and makes his money printing ambitions too obvious--a sin he'd like to remain in the shadows.
Unfortunately for the Cantillionaires, 90% of all bitcoin has already been mined, the majority of which is in the hands of individuals like you and I. The last 10% will take over 100 years to mine, the majority of which will wind up in the hands of individuals (yes individuals), companies, and governments that are all mining right now. The reason for this is simple: exponential deflation. The BTC inflation adjustment happens every 4 years (every 210k blocks) and is called the halving, where the coinbase (block reward) halves. It's currently 6.25 BTC per block. That means in 2024, it'll take the same to double the investment of what it costs currently, to make half as much BTC, because of:
halving
average hashpower increase
increasing informational scarcity per transaction
the Lightning Network (although this could be offset with both volume and DLC's)
So the only way governments can acquire it more or less is the same way they acquired gold: confiscation schemes. That's why the clowns of Bitfinex hack fame who kept 2000 unencrypted seeds in the cloud are detrimental; it's why people that keep their coins on exchanges are fools; it's why anybody that trades bitcoin (especially with leverage) is a gambling junkie masquerading as an investor; it's why civil forfeiture and three-letter agencies are developing crypto-specific enforcement groups. This is how they plan on funding their future surveillance and enforcement apparati. Governments can't print to acquire bitcoin anymore because that would moon the price of BTC and inadvertently put even more pressure on their central banks and require exponential printing; as BTC is the most free market and hard asset in mankind's 200k year history, it will margin call and suck the value of everything pegged to, or purchasable by it. Consider too, only one or two nation states could dump their gold on the open market for BTC before the price of gold cratered and is demonetized down to its utility value. Hedging to the downside wouldn't even work because gold derivative premiums would put a green candle through heaven's floorboards. Game theory would favor the first 1-2 movers (sellers of gold reserves), before irreparably damaging the 99% of countries foolish enough to hold it.
So in the end they only have one choice: a parallel system, a CBDC.
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