BITCOIN $9,500: Washington NUKES Crypto – LOUD AND CLEAR!
They’re coming hard on Bitcoin now! It started with a presidential tweet and then the FED Chairman came in with his magic bullets: a concerted team effort to attack cryptocurrency, the biggest threat to the failing national and global fiat monetary regime. Now they’ve released their attack dog, Treasury Secretary Steven Mnuchin, on Facebook’s LIBRA Project, mainly because it could bring crypto to 2.4 billion people in the next 2-3 years.
President Trump tweeted that he’s not a fan of cryptocurrency; within 24 hours, Federal Reserve Chairman Jerome Powell stated that he has serious concerns about Facebook’s LIBRA project. Clearly, they both want the U.S. dollar to remain dominant and they’re basically admitting that corporate coins are King Dollar’s biggest threat today.
Even the team effort of Trump and Powell wasn’t enough to kill Bitcoin, which easily held the $10,000 level, or the LIBRA Project, which continues as planned. And so, they brought out their pit bull, Treasury Secretary Mnuchin, who spent an entire press conference bashing cryptocurrency.
Mnuchin’s tone was desperate; he went so far as to call Facebook’s proposed digital currency a national security issue and also stated that he’s not comfortable with the LIBRA project rollout, but what will happen when Amazon launches their corporate coin or Walmart, for that matter. Mnuchin also bashed Bitcoin during the press conference, claiming that it’s based on thin air.
Saying that Bitcoin is based on shaky fundamentals is rather ironic, since the same exact thing could be said about the U.S. dollar since 1971, when the government decided to take the dollar off of the gold standard and make it valuable merely by decree (i.e., it’s only valuable because they said so). On top of that, LIBRA is backed by fiat currencies, so he’s insulting himself with that remark.
That’s what psychologists call projecting: accusing someone else of having a problem when you’re actually the one with the problem. Mnuchin showed his hand during the press conference when he admitted that the government will not permit anything to threaten the U.S. dollar as the world reserve currency. Ultimately, the government’s pushback against LIBRA and Bitcoin only confirms the legitimacy of crypto.
Individuals whose livelihoods do not depend on dollar dominance, such as U.K. Finance Minister Philip Hammond, aren’t getting caught up in the crypto scare. Noting that LIBRA could be a very positive thing once it’s properly regulated, Hammond expressed that U.K. authorities aren’t going to try to stop it – a stance that the American government should seriously consider. This is becoming a CURRENCY WAR.
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Ron Paul, who responded to the LIBRA project announcement by reaffirming that he is in favor of cryptocurrencies and blockchain technology, is also speaking out. Unlike the government, Ron Paul actually likes competing currencies – a free market is supposed to encourage competition, after all.
Governments aren’t tolerant of competition, especially when it comes to their beloved fiat currency. By encouraging Libra and Bitcoin, Ron Paul is supporting freedom of choice – something that the Federal Reserve and U.S. Treasury will suppress at all costs. By not allowing LIBRA at any cost, the government is also sending a message to entrepreneurs not to push the envelope, which is stupid on their part. We need innovation.
True crypto bulls aren’t fazed at all by the government’s pushback, and are actually doubling down on their Bitcoin positions. John McAfee, for example, has reiterated his price target of $1 million by 2020 for Bitcoin, along with his expectation that a decade from now there will be only cryptocurrency and no fiat money.
If anything, we should be thanking Powell and Mnuchin for their seething hatred of crypto. They’re just adding fuel to the fire – and proving that the bull case for Bitcoin has been right all along.
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