Bitcoin is favored by the system because they directly benefit from it, and here's how
Should I say all proof of work cryptocurrencies will be accepted by the system and it all boils down to it being a PoW powered cryptocurrency.
When maxis and generally anybody wants to talk about the system and Bitcoin, how and why the government accepts the crypto asset and all that, I tend to see many come off with the impression that the government sees the potentials of Bitcoin and its role in the future of finance, well, I'm here to tell you today that that's some hot ass shit, nothing about this being favored has anything to do with Bitcoin's potentials in the future of finance.
OK, let's be honest here, how many features or utilities does bitcoin have to its name? Is it viable for day to day transactions? Right now, it is most definitely not! You simply cannot leave an entire business sector to such a volatile asset, this ecosystem needs something more stable and expansive, not something its price in the next minute can make a hell lot of businesses broke.
This means that for day to day trades and wide spread transactions, it is better to look to the stablecoins markets, this is effectively the layer we need to find stability. Now back to bitcoin, if it isn't the best fit for trades transactions, what then is Bitcoin good for?
Well, store of value, this is something else that comes up, now we won't be going into details in if bitcoin is actually a store of value because it really doesn't matter, this isn't the reason the system hates it less compared to other cryptocurrencies.
Direct Revenue Truck
Bitcoin is currently a revenue truck, it is literally raking in millions in profits for companies and individuals around the world and this has zero shit to do with the future of finance and any of those hot ass claims but simply the fact the there's a process called "mining" that enables one tap in on a lot of value.
You see, this is one thing people don't exactly understand or value, being a proof of stake, delegated proof of stake or any other low energy requirements consensus mechanism means that most of your activities can go unseen, unheard and not interfered with. Looking at the cryptocurrency ecosystem today, there are far more low energy requirements crypto assets and projects that basically anyone with a regular power source can sit his or her ass down and participate in network protection that brings in money, can't exactly say the same for bitcoin can we?
Yeah sure, not all bitcoin miners can be fished out, but the majority of the top players can be identified. Bitcoin mining is literally a structure that will make the government a lot of money from taxes if it isn't already doing that. Bitcoin doesn't threaten the financial system in its current state, it isn't a currency which makes it unfit for far wide global trades, so although it will show up in places, it really isn't that big of a threat to displace the system. What is actually a threat is the rise of all these self sovereign networks where its builders or participants can literally live off the radar and cause some major disruption. Bitcoin currently isn't a threat but a revenue truck, every other crypto asset in the market that isn't a proof of work powered project is basically taking money off the system, this is why alts will see more attacks coming their way as we move forward, they are the actual threats, the system that gives individuals a way to create their own money, deploy economic policies, live, build and grow within it, the pieces all comes together.
I agree that the alts pose more of a threat to the system, but anything they do to support Bitcoin ends up bringing more attention to the alts anyway.
Bitcoin asides being bitcoin is a cryptocurrency, with looking up what crypto is, one is exposed to an ocean of knowledge.
Basically, they take real actions vs. the blockchains what are real threat to the system. These are mostly the privacy coins, they actively try to ban them everywhere, not like the other 'fight vs. crypto msm shtshow'.
My personal theory, btc (and most of cryptos) was created by the system, as a test for cbdcs, they didnt count on, people will create coins what are untrackable.
How I see, they don't have any real problem with any crypto, if it is trackable, and more or less 99% of those are traceable. The other ones, what make it possible, to 'live off the radar' (I think, its really impossible in this worldwide surveillance modern gulag) are hunted by gov, bank, corp sectors, by real actions, all together.
That's an interesting theory, I can't say for sure that the government created bitcoin, especially not as a test for CBDCs, but I can say I believe the bank has been largely involved in crypto from the early days, surely, not everyone in the system has been happy with the way things functioned, the idea of self sovereign financial networks is most definitely something many sectors within the system have as a mutual desire.