The rift between the EU and the USA is wider than ever since Donald Trump’s presidency. All of a sudden institutions like SWIFT that always appeared European are questioned over their allegiance. The international company provides a standardized message system that helps banks to process international transactions fastly and securely.
SWIFT – an American institution at the heart of Europe
SWIFT is based in La Hupe, Belgium very close to Brussels, the so to speak capital of the EU. However, the financial service provider succumbs to US ruling whenever it comes to international politics. A fact that worries European representatives as the conflict between Iran and the USA aggravates. Donald Trump did not only sanction Iran, but he also threatened to sanction countries that import oil from Iran. Combined, European countries are the third largest export destination for Iranian’s oil. Oil for which SWIFT refuses to facilitate transactions. The illusion that one hemisphere of the world can create and maintain institutions that represent a global rationale begins to crumble.
SWIFT is an instrument of power – and so is Fiat money
Now, Germany brought the importance of creating a European transaction system to the scene. But as bureaucratic as the EU is it will likely take some years of talking, debating and criticizing before any concrete measures will be taken. Valuable time in an age where trust in public institutions evaporates. Valuable time for Bitcoin & Co. to take their place. For crypto enthusiasts, this development proves one thing: money is not just money. It represents the means with which your government wages wars against other nations. Whether this means that it tries to impoverish people of other nations through trade wars or that it tries to destroy a nation with military power.
The EU might seem like a peaceful intermediary in this specific conflict right now. But as soon as Donald Trump will leave his office again, the EU might rejoin US-America’s conquest of power. In addition to that, the supra-national institution was created to compete with the world’s superpowers not to alleviate them.
Cryptocurrencies provide a viable alternative
It is no accident that Iran chose to support cryptocurrency trading and even to come up with its very own cryptocurrency. The technology will allow Iran to mitigate and circumvent US sanctions to a certain degree. Bitcoin and Altcoins are soaring in the Middle-Eastern country. While Venezuela struggles to convince other nations and even its own people to adopt its very own Petro cryptocurrency (XPD), Bitcoin adoption rises daily in the devastated socialist country. Facts that prove that the adoption of crypto in rogue states is positive. Now, of course, it is controversial that Bitcoin allows a rogue state like Iran to defend itself against sanctions. However, Bitcoin allows the Iranians to protect their money from both devaluation caused by the US as well as from the grip of their own government.
Bitcoin – created to remove any government from controlling your money
Whether you think the US sanctions against Iran are justified or not. Their negative impact hits the wrong people, many of which oppose the Iranian government. But in Bitcoin, they have the means to withdraw themselves from the conflict between Iran and the USA. Bitcoin was made precisely for this situation. It is censorship-resistant. Which means that no government in the world can stop a user from sending money to another user. It doesn’t matter where and when. The government cannot confiscate or freeze your funds and it cannot inflate your money artificially. That is Bitcoin’s real use-case. Bitcoin represents the dream of limiting state power so that violent interventions become both unnecessary and impossible.