Bitcoin is designed to operate without permission from any authority. Its value proposition is entirely based on this property.

A market can be divided into permissioned and permissionless from the perspective of the state. For ease of reference the former is often referred to as "white market" and the latter "black market". White market trade, by definition, requires permission, and black market does not.

As a simple matter of definition, Bitcoin operations cannot be both white market and permissionless. Any person operating in the white market requires permission to do so. Bitcoin is therefore inherently a black market money. Its security architecture necessarily assumes it is operating without state permission.

The security of Bitcoin does not extend to white market systems. Any system dependent upon the value proposition of Bitcoin must also be black market.