Bitcoin Survived June 2021

Amidst a ton of incredibly bullish news surrounding nation state level adoption, institutional involvement, a successful soft fork protocol upgrade, athlete/celebrity endorsements, and more, June 2021 brought the most aggressive assault on Bitcoin ever. A massive concerted effort from arguably the most powerful nation in the world — China.

A timeline of events:

H/T Travis Kling @Travis_Kling

Although it is likely, in my opinion, that China will deeply regret their effort in ridding their country of any sort of influence on the Bitcoin network and that this geopolitical decision is in fact something that is inherently good for Bitcoin — we just survived and are still recovering from a massive blow. Yet, here we are — network completely intact doing exactly what it has done since inception — mining block after block and trading at ~$33k.

China was the country that the market feared could one day wield their power to try and manipulate Bitcoin. They had the largest concentration of hashpower, the upper hand on mining hardware manufacturing, and a substantial piece of global trading volume. Through their totalitarian level of power, the market has feared China’s ability to move swiftly to commandeer hashrate across the country to coordinate a 51% attack which would undermine Bitcoin’s decentralized value prop. The fears came true in June as China did (finally) play their heavy hand. Thankfully, they chose to use their power in a way that did produce serious short term pain for market participants, but totally put to rest the threat that one nation could kill Bitcoin.

We survived an event for the history books. Although there is likely to be some tremors, the worst of it seems to be over. We will recover and there is so much to be excited about.

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