I look at things logically, with the big picture in full view, and I’m telling you, the government and banks love bitcoin, regardless of what you hear.
At present, Bitcoin’s market cap is $44 billion, and tons more money is running into it right now, along with the other cryptos. This works perfectly into the hands of the ‘powers that be’, because if cryptos weren’t siphoning all this cash, then most of the money in cryptos would find their permanent home among the metals. And once cash is exchanged for metals, cash dies. But with cryptos, there is still some currency circulation.
So now knowing this, why in the world would the gov’t attack bitcoin and deter all that money into silver and gold? It makes no sense. And if all that money did flood into the metals, then Wall Street would not be able to hold the price of the metals anymore-they’re barely holding it together as it is. So bitcoin is solving a problem for them, lack of volume and focus off the metals. For all you know, the gov’t could be the one raising the price on bitcoin, you don’t know.
The amount of money flowing into cryptos is nothing compared to the money lost if silver and gold ever started moving upwards making the dollar look bad. Small minded people think, “Oh, the government and banks are losing out on all this money that go into cryptos.” Uh, no, they don’t care about cryptos. What the governments care about is to not interrupt all the metal that is flowing westward right now, and cryptos is doing a great job keeping people occupied. What a perfect scenario.
I’m not saying you can’t make a buck in cryptos, just get stacked and prepped first. I believe, as we move closer to Autumn, and the collapse feels imminent, then people will hasten out of cryptos and slide into metals, and Bitcoin, Etherium, and all the rest will crash. And silver and gold will once again prove that they are king and now it’s too late to get some.
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I do not see the difference in trading fiat for item 1 or item 2: both reflect a preference of a fiat holder to hold something else. Of course, bitcoin is easier to trade but with fees becoming considerable, there is not much incentive to use it for day to day purchases. Instead, hoarding seems to be the game.
Nothing wrong with hoarding as it gives a certain signal (a preference to hold) to the market.
Metals can't act as money in the age of the computer networks, so that premise of yours is dead wrong, and so are the followup conclusions. Precious metals are a store of value. Cryptocurrency is the same + online money + a network protocol of almost infinite potential. Unless governments think they are smarter than the world's best cryptographers, this stuff isn't going to die. You don't un-invent something.
Interesting, what if cryptos where never invented? Then metals would have to act as money.
And technically, eagles are legal tender, people can use them as money, there just hasn't really been a reason to do that...yet.
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