Bitcoin Crashes Below $103K as Traders Panic Over Fed's Shocking Announcement

The Independent Community Bankers of America has filed a formal objection to Coinbase’s application for a National Trust Company Charter, marking the latest friction between traditional banks and crypto companies pushing into regulated financial services. In a November 3 letter to the Office of the Comptroller of the Currency, the trade group raised concerns about […]

Author: Jordi Visser The author is a professional investor with over 30 years of experience in traditional finance and macroeconomics on Wall Street. When I lived in Brazil, I attended the wedding of the daughter of the driver my family used every day. In Brazil, drivers are more than just a means of transportation; they are guardians, often an extension of the family, a safe haven in a turbulent world. The wedding was held a fifteen-minute drive outside São Paulo, one of the world's largest cities. At the reception, an airplane flew overhead, and a little boy tugged at my sleeve, asking if I had ever flown. He pressed on, finally asking if I had ever been to São Paulo. His world was just a few miles away from ours. That moment remains unforgettable. It revealed that the gap in opportunity can coexist with geographical proximity; the gap between developed and developing countries lies not in wealth, but in access to opportunity. Earlier last week, when I heard Peter Thiel's comments again, I was reminded of that boy. These comments were originally made in 2024, when Bitcoin was trading around $60,000. Thiel stated at the time, "I'm not sure it will go up significantly from where it is now." He also reflected, "The founding principle of Bitcoin was as a libertarian, anti-centralized government mechanism…that initially excited me. However, it doesn't seem to be working quite as expected." These words carry more weight after Bitcoin's long period of consolidation. In Thiel's view, this asset, once a symbol of rebellion, has become institutionalized, traded through ETFs (sorry, it should be ETPs), accepted by governments, and absorbed into the mainstream financial system. But what he sees as the end result may only be the middle of the story. For billions still excluded from stable finance or equal opportunity, the use of Bitcoin has changed: from a libertarian exit tool to a democratization entry tool, a bridge to global capitalism, rather than an escape from it. Thiel's remarks also symbolize a deeper shift beneath the surface—a quiet transfer of power. As I wrote in "Bitcoin's Silent IPO," the current consolidation is not a failure, but a liquidity event. Those early believers, cypherpunks, miners, and investors—the very ones who propelled Bitcoin from obscurity to legitimacy—are now reaping the rewards of their initial convictions. They are selling Bitcoin not out of fear, but out of a sense of accomplishment. Thiel's comments perfectly encapsulate this transformation: the libertarian founders who built this system are now stepping back, transferring ownership to institutions and individuals who will carry it on. Ideological differences or opportunity costs are irrelevant. They are moving forward. Just as an IPO distributes company shares to a wider audience, this phase is also distributing Bitcoin ownership to users worldwide. This is precisely the process by which rebellious ideas begin to stabilize, and the moment when freedom transforms into infrastructure. From Freedom to Accessibility Both liberalism and democratization revolve around the theme of freedom, but their implications are fundamentally different. Liberalism is the freedom to break free from control; democratization is the freedom to participate. The early creators of the internet and cryptocurrencies were essentially libertarians, visionary pioneers dedicated to breaking down information gatekeepers and decentralizing power. However, most of them were well-educated insiders with privileges and abundant resources, able to choose to withdraw from traditional systems. They sought sovereignty, not inclusion. The challenge today is how to extend this freedom to those who lack the tools, education, or infrastructure. Democratization is precisely the process of making freedom accessible. The Manifesto of Crypto-Anarchism and the Most Difficult Frontiers Long before Bitcoin, Satoshi Nakamoto, and the white paper, Timothy C. May's Manifesto of Crypto-Anarchism (1988) captured the early libertarian dream of digital autonomy. May envisioned cryptography, not politics, as the means to liberate individuals from institutional control. He predicted a future where people could communicate and transact anonymously, and states would be powerless to regulate or tax the flow of information. "These developments," he wrote, "will fundamentally alter the nature of government regulation and its ability to tax and control economic interactions." In later works, May warned that money would be the most difficult area to liberate. He argued that governments could tolerate encrypted speech but not commercial activities they couldn't tax or track. "Anonymous digital cash is the most dangerous application of cryptography." Twenty years later, Bitcoin achieved what he considered nearly impossible: the mathematical separation of money from the state. But May's manifesto did not emerge in isolation; it was part of a broader trend in the early development of the internet. The internet initially possessed a certain anarchy: open protocols, anonymous forums, and unregulated peer-to-peer information exchange. For a time, it embodied the same liberal spirit: information is freedom, code is law. However, even this digital anarchy has evolved. To democratize access to information, it requires availability, security, and trust. The chaos of the original internet was gradually replaced by search engines, browsers, and standards that enabled billions of people to access the internet. Today, Bitcoin and artificial intelligence are at similar turning points. If Bitcoin represents the liberation of capital, then artificial intelligence represents the liberation of knowledge. Both originate from the same anarchist gene but are moving towards a more inclusive future: transforming tools of individual sovereignty into platforms for collective empowerment. From the spark of liberalism to the flames of democratization Every great technological revolution begins with the spark of liberalism and matures through democratization. The printing press freed information from the control of the church; the American Revolution freed citizens from the shackles of monarchy; the early internet freed communication from the monopoly of centralized media; Bitcoin freed currency from the shackles of intermediaries. However, in each of these cases, the earliest beneficiaries were an educated minority. True democratization occurs only after tools become simple, affordable, and accessible to everyone. Liberals build the gates; democrats distribute the keys. The Bitcoin white paper promises to free people from gatekeepers, while artificial intelligence promises to break down barriers of thought and institutions. Both begin with libertarian explorations of sovereignty, but they can only realize their full potential when they become tools of inclusion. The challenge ahead is ensuring that this cycle—innovation, integration, resistance, democratization—does not ultimately degenerate into a new power grab, but rather brings about lasting empowerment. Bridge technology: a scalable compromise Every revolution involves compromise. In the cryptocurrency world, stablecoins—digital dollars connecting the decentralized and traditional worlds—serve as that bridge. To purists, stablecoins are heresy, pegging blockchain technology to government currencies. Yet, for billions, stablecoins are the most convenient access to the global financial system. Stablecoins are to cryptocurrencies what HTTP and SSL were to the early internet: they are the practical layers that make complex systems usable and trustworthy. The same dynamics repeated themselves in the 1990s. Early internet libertarians dreamed of an unregulated digital public space, but it was companies like AOL, Netscape, Amazon, and later Google, Apple, and Meta—commercial intermediaries scorned by purists—that made the internet accessible to ordinary people. The real breakthrough wasn't ideological, but technological. Secure Sockets Layer (SSL) encryption enabled the secure online transfer of credit cards and personal data, thus ushering in e-commerce. Compromise is how freedom expands. Stablecoins and user-friendly exchanges play a similar role with cryptocurrencies: they are imperfect bridges that translate ideas into practical participation. Popularization as an engine of democratization Every major technology begins with rebellion, but ultimately delivers its promise through widespread adoption. As Marc Andreessen put it, "Innovation that can't be scaled is just a hobby." The goal isn't merely to build systems that resist control, but systems that benefit the masses. Chris Dickson of the Andreessen Horowitz Foundation aptly observed, "The next big breakthrough may initially look like a toy." True transformation occurs when toys become tools, when the ideals of a few evolve into infrastructure for the masses. The internet, mobile phones, cloud computing, and now Bitcoin, all follow this trajectory. They all began with the energy of libertarianism—openness, permissionlessness, decentralization—but truly democratized only when they became usable, trustworthy, and easily accessible. This isn't a binary choice between anarchy and control, but a continuous process. To benefit eight billion people, technology must move from ideology to inclusion, from resisting existing systems to upgrading and transforming them. Democratization of Education: True Liberal Freedom If the highest ideal of liberalism is individual sovereignty, then the democratization of education is its purest manifestation. True freedom is not merely freedom from control, but also the freedom to understand, create, and participate. Artificial intelligence continues the philosophy behind Bitcoin's creation: decentralizing power through code. Bitcoin broke the banks' monopoly on capital, while artificial intelligence is breaking the institutions' monopoly on knowledge. About six years ago, I spent an afternoon with Michael Milken discussing the future. One sentence he said then has stayed with me ever since, as I pondered Bitcoin and other pioneering concepts. I was arguing that the dollar would eventually depreciate, and he interrupted me, saying, “Don’t think about the dollar from the perspective of its possible demise, based on what you read in economic history books. Think about what it represents.” He told me that if you opened the doors of America tomorrow and let everyone in, there would be 7 billion people lined up. His point was simple yet profound: the dollar is more than just a currency; it symbolizes opportunity, resources, and a belief in education and mobility. That conversation was a revelation, reminding me of my time in Brazil and the boy at the wedding who had never been to São Paulo. He didn’t lack wisdom, but opportunity. As Milken often said, “Wisdom is equal, but opportunity is not.” A future of equality does not come from the redistribution of wealth, but from expanding people's access to power. Bitcoin grants people the freedom to participate in capitalism without permission. Artificial intelligence can play a similar role in education and entrepreneurship. Together, they propel us toward the kind of freedom Milken described—a freedom not based on wealth, but on the opportunity for everyone to learn, create, and integrate into society. A new definition of upside potential Peter Thiel may be right; Bitcoin's price upside is limited, but its benefits to humanity are only just beginning. The same is true for artificial intelligence. Early libertarian developers created systems for those who wanted to opt out. The next generation of developers is building systems that allow everyone to choose to join. The initial rebellion is evolving into inclusivity. Liberalism gives Bitcoin its vitality; democratization gives it scale. Network effects are the invisible bridge connecting the two, proving that freedom grows through participation. For that boy living on the outskirts of São Paulo, who had never been on a plane or even seen a city more than a fifteen-minute drive away, the true value of Bitcoin and artificial intelligence was not just theoretical. It opened a door to a new world where distance no longer determines possibility, where knowledge and capital can flow without borders, and where the greatest hope for technology is not to escape the system, but to integrate into it. That is why I call Bitcoin the purest investment in artificial intelligence.

Major financial players including B2C2, Coinbase, and Mastercard have already completed test transactions using JPMD.