TL;DR Most investors still see Bitcoin as a risk-on play thing, but that will soon change as inflation, debasement, and counterparty risk continue to increase.
For a country, which is bankrupt, thanks to the 2008 Banks bailout, from their dud mortgage buying spree, which emptied the American Gold Reserves thus propping the banks up and keeping the rich wealthy, at the expense of the poor who paid the taxes, the rich did not (Trump for example), but the poor did not count, to today, with Biden spending huge amounts of American Dollars with nothing to underwrite his expenditure in terms of gold or property or assets, I find it remarkable that any other country would base their own currencies on the bankrupt American Dollar "still".
Bitcoins are a currency one should play with like gambling down at the local Casino - if you have money to burn or lose, then nothing ventured, nothing gained, is my take on that - alternatively, finding gold pieces in the ground or waterways, would be a great hedge on inflation at over $2,000 per ounce, I would have thought or the bankrupt American Dollar, with nothing "material" to support it.
It seems to me that America is on the precipice of another Great Depression, like the one which lasted from the mid 1920's to 1939 and World War 2 and in that eventuality, America will go down the plug hole, taking all other countries with it, which rely on the bankrupt US Dollar, as the basis of their respective currencies, from which to value their own.
Thanks for the quotes and memes. Makes my weekly Facebook orange pilling attempts that much easier/more entertaining. 🙏
The Cantillon Effect is in full force.
https://roundingtheearth.substack.com/p/the-cantillon-effect-is-currency
For a country, which is bankrupt, thanks to the 2008 Banks bailout, from their dud mortgage buying spree, which emptied the American Gold Reserves thus propping the banks up and keeping the rich wealthy, at the expense of the poor who paid the taxes, the rich did not (Trump for example), but the poor did not count, to today, with Biden spending huge amounts of American Dollars with nothing to underwrite his expenditure in terms of gold or property or assets, I find it remarkable that any other country would base their own currencies on the bankrupt American Dollar "still".
Bitcoins are a currency one should play with like gambling down at the local Casino - if you have money to burn or lose, then nothing ventured, nothing gained, is my take on that - alternatively, finding gold pieces in the ground or waterways, would be a great hedge on inflation at over $2,000 per ounce, I would have thought or the bankrupt American Dollar, with nothing "material" to support it.
It seems to me that America is on the precipice of another Great Depression, like the one which lasted from the mid 1920's to 1939 and World War 2 and in that eventuality, America will go down the plug hole, taking all other countries with it, which rely on the bankrupt US Dollar, as the basis of their respective currencies, from which to value their own.