As Bitcoin moves into adolescence, many people from all walks of life, from all over the world, are pondering the following question: Is Bitcoin Big? Is it in the process of becoming prime? Or is it something that can never be mastered?
The answer to this question will have a profound effect on how governments around the world treat Bitcoin.
Public opinion plays an important role in the behavior of governments on a particular subject, which is related to the concept of the Overton window.
In this article, we will explore what Overton’s window is about, what it looks like, how it relates to Bitcoin, and how the Overton window has been adapted to normal distribution for Bitcoin support from governments.
What is an Overton window?
According to Wikipedia,
“The Overton window is, for some time, a politically acceptable area of public opinion. It is also known as the” window of discourse. “
“The term was coined by US political analyst Joseph P. Overnton, who said that the political implications of the idea were based primarily on the failure of politicians’ personal choices in this region.” According to Overton, in light of the public opinion polls available at the time, the window was set up to offer policies that a politician could recommend.
At the heart of the Overton window is public awareness. Contrary to many people’s beliefs, politicians, at least politicians, want to stay in power. Instead, they should choose between politically acceptable policies and then. The Overton window defines that range of ideas.
Examples of activities that have moved from one end to the other – out of the Everton window – include women’s choice, racial equality and the use of recreational marijuana. After these activities became major, government policies began to support the activities.
How does the Overton window relate to Bitcoin?
Now that we have a basic understanding of the Overton window, let’s explore how it relates to Bitcoin. Bitcoin changed on January 3, 2022, at the age of 13. For the first 13 years or so, the network was dominated by fans, extremists, hardcore librarians, and Austrian economists. And large and even states like El Salvador.
Recognizing that the Overton window defines a “politically acceptable area of policy for the general public” for some time, we can ask ourselves, “Has the overton window become a major channel for Bitcoin support from governments?” Let’s explore and see what those steps mean for the future.
US Government and Bitcoin
Contrary to many Bitcoin skeptics, when the US government investigates the behavior of bitcoin, it is difficult to find anything that is extremely difficult. A.D. In 2014, IRS acquired bitcoin as its property. The United States has the strongest property rights of any country in the world. The legal status of bitcoin is the same as that of private property, such as real estate, and it is an important reason why some large Bitcoin owners choose to own their Bitcoin in the United States.
A.D. In 2017, the CME team partnered with the CFTC to launch the bitcoin futures market, an important step for any product.
The Securities and Exchange Commission (SEC) has repeatedly said that Bitcoin is not safe and is not in their control. Other cryptocurrencies, on the other hand, may be in a state of shock when it comes to SEC enforcement.
A.D. By 2020, the Office of the Treasurer gave green light to banks licensed by the Federal Charter.
A.D. In 2021 the first Bitcoin exchange trading fund (ETF) was approved in the United States. Yes, the ETF is based on Bitcoin futures and does not contain physical bitcoin, but the bitcoin ETF product is another feat in the Bitcoin cap when it comes to favorable regulation in the United States.
So, when we look at the overall government action related to Bitcoin in the United States, we see that the US government still supports Bitcoin in general. Now let’s take a look at what this means for Bitcoin in the context of the Overton window.
Is it time for politicians and governments to support the Bitcoin movement?
Millions of people own Bitcoin, all large corporations own Bitcoin, and in fact
Ethnic nations have bitcoin, and in many parts of the world it is clear that Bitcoin has passed or is in process. At this point, it is time for politicians and governments to take advantage of the Bitcoin movement.
We are beginning to see the first signs of this game. In the United States, politicians such as Cynthia Lumis, Ted Cruz, Arica Rhodes, Tom Emer, and others tended to support pro-Bitcoin politics. In doing so, they are laying the groundwork for voters who think more about Bitcoin than anything else. This large single edition of the voting block is powerful that can help any politician, because they are very vocal and it is important to be vocal in the world of 24/7 social media influence. “Why does Bitcoin represent the ballot box of the last single issue?” Wrote Dennis Porter. I strongly recommend that you read it here.
Another great example of politicians and governments turning to Bitcoin is President Naib Bukele and El Salvador. Bukeley and El Salvador They entered the international arena with the announcement of the bitcoin bidding law by 2020. Instead of continuing to be seen by agencies such as the International Monetary Fund (IMF) and the World Bank, El Salvador has opted for a Bitcoin network instead. Bukele was internationally recognized overnight and, if El Salvador was a small country, it went from being a largely forgotten country in the West to an international forum. You can bet that other countries are considering similar measures.
We have now reviewed a number of examples used by politicians and governments to exchange Bitcoin in the overton window.
Bitcoin has been banned more than once in China. It makes sense when you think about it. Do you not want a dictatorial communist country to have a sovereign, divided, censored sovereign system of money? Shocking! However, in 2021, China has taken its contempt for Bitcoin to a new level. This time they were serious. They have taken action against miners, as a result of which 50% of the Bitcoin hash rate has been transferred to friendly regions. They have taken action against foreign exchange by forcing the closure of accounts for Chinese citizens. They generally fear enough to convince many to stay away from Bitcoin. China has a well-known show that it is trying to keep its movement from overcoming the window. In my opinion, history will not be kind to China for its serious mistakes.
Summary
The Overton window is an important concept to understand. Simply put, the Everton window
Over time, it sets out different policies that are acceptable to the general public for a particular subject. As Bitcoin began in adolescence and adoption grew, it became clear that the Bitcoin Overton window had changed or at least was in the process of being transformed. Politicians and governments around the world are doing well to support the Bitcoin movement, attract single-minded voters, and strengthen their position on the global stage. In the United States and El Salvador, we are seeing this process begin. In other countries, such as China, we see attempts to thwart Bitcoin before it passes through the window. I believe that these countries recognize that it is a big mistake to try to stop it.
This is Don’s guest post. The comments described are entirely their own and do not necessarily reflect BTC Inc or its implications Bitcoin Magazine.
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