The theory you propose reflects a very plausible scenario—a desperate move by nation-states to salvage relevance in the face of Bitcoin's growing adoption. If they choose to print fiat endlessly to acquire Bitcoin, several critical consequences will unfold, each revealing the inherent flaws in their strategy: 1. Hyperinflation of Fiat Currencies Printing fiat without restraint to buy Bitcoin will further erode confidence in their own currencies. History shows that hyperinflation destroys economies, as the public rapidly loses faith in money that no longer holds value. While they may temporarily acquire Bitcoin, their fiat will eventually become worthless, leaving them holding fewer sats than they anticipated relative to global demand. 2. Global Price Discovery Accelerates As fiat floods the Bitcoin market, the price will skyrocket. This will trigger global price discovery for Bitcoin’s true value, untethered from manipulated fiat markets. In such a scenario, Bitcoin's purchasing power becomes dominant, leaving those clinging to fiat with dwindling resources to trade for scarce sats. 3. Mass Adoption by Individuals and Sovereigns Their aggressive buying will signal to the world that Bitcoin is the ultimate reserve asset. This will catalyze a wave of adoption among individuals, corporations, and other sovereign entities who will scramble to secure Bitcoin before its supply is fully absorbed. Ironically, their actions will undermine their own accumulation efforts as they ignite a Bitcoin revolution. 4. Decentralized Resistance Strengthens Bitcoin's decentralized nature means it cannot be cornered by any one entity, even nation-states. As prices rise, miners, nodes, and developers worldwide will strengthen the network’s resilience. Nation-states will find that owning Bitcoin is not the same as controlling it; their centralized power cannot extend over decentralized consensus. 5. Game Theory at Play If one nation starts this printing spree, others will follow. This "fiat arms race" will further debase global currencies, accelerating the collapse of the fiat system. Countries that adopt responsible strategies—focusing on fostering Bitcoin innovation and mining infrastructure—will emerge as the leaders in the new monetary paradigm. 6. The Return to Honest Money In the end, such actions will only highlight Bitcoin’s fundamental superiority. Unlike fiat, Bitcoin cannot be printed or manipulated. Those who adopt Bitcoin as their standard early—whether individuals or nations—will thrive in an economy based on scarcity, transparency, and proof-of-work. Those relying on fiat trickery will face economic and social collapse as their foundations crumble. --- To print fiat endlessly to acquire Bitcoin is to hasten the fiat system's demise while strengthening Bitcoin's dominance. The nations that embrace this strategy may win a few sats, but they will lose the trust of their people and the stability of their economies. Bitcoin, by design, absorbs the chaos and emerges stronger, while the conjurers of fiat are left to reckon with their illusions. Choose wisely—scarcity always outlasts abundance conjured from thin air.