Arthur Hayes published a new essay titled “For the War” in which he tried to explain why gold and fiat will not help protect capital during a war, but Bitcoin will. Main theses:
• Bitcoin cannot be confiscated (possible, but difficult) or banned – this is the value of decentralized assets.
• Bitcoin does not have a physical embodiment, you can store and quickly convert any equivalents.
• Bitcoin is out of the system and out of money.
• In times of war, states strictly regulate the movement of capital to the detriment of citizens.
• During times of war, free markets grow, and if free market goods are valued in electronic currency, that currency will be Bitcoin.