PQC: I just came across this very interesting piece of writing in Redit. I hope the below article would somehow make you pay a little more attention to what I call the “question of millennium” namely the Bitcoin (crypto-currency) if you have not done so. “They- governments and MSM”, have been trying to bury the Bitcoin et all under the carpet with all the hype about “sound money” that ‘s based on gold (which they did and well you know the rest is history!). I did write about this some where in this blog. Anyway I will touch on this question of millennium again.
Bitcoin and the war on cash.
I will keep this as brief as possible and apologies if I am preaching to the converted. I see so many posts about short term gains and hourly price movements on this reddit then sheer panic if the price falls to a “7 day low”. I think a lot of people are failing to see the bigger picture.
There is a deliberate and almost synchronised global war on cash and war on savers going on in which bitcoin can play a crucial role in preserving the wealth of its hodlers.
In 2013 all depositors at the bank of Cyprus with deposits over €100k had 37.5% of their assets confiscated overnight in a “bail in” to recapitalise the bank. I believe this will set the precedent for all future banking crises.
The Bank of England chief Economist Andy Haldane is calling for cash to be abolished to give the bank extra powers in case of another downturn, effectively paving the way for negative interest rates, bail in’s and all sorts of extreme monetary policy.
In 2016 the Venezuelan government removed the 100 bolivar note in Venezuela “to stop mafia crime”.
The 500/1000 rupee note in India was declared non legal tender, causing huge political unrest for a country which many people have no access to modern banking.
The ECB is considering removing the 500 Euro note, citing that it is mainly used by criminals and there are rumours other governments will follow suit.
The news may be sporadic but the trend is clear if you join the dots. The war on money laundering is a smoke screen to hide governments true intent. Every major Government is drowning in debt and is attempting to demonise the use of cash so that they can control the money supply electronically, enforce negative interest rates and bail-ins on their tax payers. Cash is a burden on governments, they cannot control or monitor its use and they find it difficult to tax.
If you think these crises are confined to countries in foreign lands then think again. The next financial crisis may be just around the corner but the debt of the last financial crisis has not and cannot be repaid. In fact the total global debt pile has grown exponentially since the last financial crisis.
Contrast this with bitcoin, a currency with a predetermined inflation rate for the next 123 years. A currency that cannot be seized by governments if you alone hold the keys. Can be moved across borders just as easy as if it was moving across a room. A pseudonymous currency where you can control who is monitoring your transactions. Bitcoin has the potential to free us from the enslavement of corrupt indebted governments, and offers protection from anyone trying to seize your money.
When the next financial crisis comes, the exit doors to Cryptocurrencies will be jammed and you will pay a huge premium to move your capital into bitcoin and other secure cryptocurrencies.
Many people don’t see bitcoin as a safe haven because of its extreme volatility and because it has never seen a financial crisis.
If the banks start tumbling again I know where I want my money….
TL;DR – HODL !!!