BITCOIN’S GREATEST TEST: Is This The End?
It’s so easy for the mainstream media newscasters to declare the demise of digital currencies now that Bitcoin has gone from $20,000 in late 2017 to the $3,800s today, but it’s more than just a bunch of talking heads jumping on the anti-Bitcoin bandwagon – there’s more than enough evidence to show that it’s a coordinated assault on digital assets.
Every sane person clearly wants a non-inflationary alternative to King Dollar and its deteriorating value.
Beyond the lasting value of a currency system that’s controlled by the people, rather than the government, there’s also a growing grassroots movement with an appetite for a cashless, decentralized payment system that’s immutable and private.
Since it is still in its infancy, there’s plenty of room for growth. In fact, a poll found that less than 8% of Americans own cryptocurrencies: 5% own Bitcoin, while less than 2% own Ethereum and less than 1% own Ripple.
Thus, it’s fair to say that we’re still in the “early adopters” stage of the Bitcoin adoption lifecycle:
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While BTC has a hard cap of 21 million bitcoins, governments can print their fiat money until the cows come home.
Hence the verbal assault on cryptocurrency continues, first from Bank Underground, the blog of the Bank of England, which asserted that cryptocurrency has “zero value.” Next came Christine Lagarde, the President of the International Monetary Fund, who stated her belief that the government “should consider the possibility to issue digital currency.”
To top it all off, there was European Central Bank Executive Board Member Benoît Cœuré’s reiteration of Agustín Carstens’ claim that Bitcoin is “a combination of a bubble, a Ponzi scheme and an environmental disaster.”
We can choose to simply believe what the governments and central banks are telling us about Bitcoin, or we can acknowledge that these entities are responding to what they perceive as a threat and are only trying to protect their own interests.
Naturally, the financial elite are standing behind the central bankers, such as when economist Nouriel Roubini vociferously opined that “central banks should issue their own digital currencies” to “shut out cryptocurrencies.”
Are we to believe it’s a coincidence that these verbal attacks happened at the same time BTC slid from $6,300 to $4,200? And should our opinions be swayed by the financial elite when we’ve seen Bitcoin stage numerous full recoveries from these types of attacks?
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/