Okay, we all know about Bitcoin’s situation since Musk posted something and the market overreacted.  At the same time, China started tightening laws against Bitcoin miners and seeing how almost 65% of Bitcoin mining happens in China, which caused an extended impact.  Now they are out to push people from using Bitcoin altogether.  Most investors are swearing and cringing but think about it.  What does big business do when a country gets hostile to them?

Take a second and think of all the US businesses that left and rebuilt overseas, especially in China, expecting bigger profits.  Even a pre-president Trump, when interviewed about higher taxes on the super-rich, said the rich will move. That’s right, they move. If they can’t find a legal way to write something off, it’s not worth being a citizen of the country.  Not very patriotic, but that is what happens.  Consider Eduardo Saverin, co-founder of Facebook.  He renounced his citizenship he says to work in Singapore.  Not to avoid paying massive amounts in US taxes….right.  Here’s a report on Jeff Bezos, Michael Bloomberg, Warren Buffett and Elon Musk- I’m not going into it.  Watch the video.

Okay, now why would China do this?  It’s killing a valuable market that they control.  Luckily for us, the traditional communist method of controlling markets in their country is to take over.  That’s socialism.  Does it work well when other countries are available?  No.  I thought the US learned this long ago, but then I found out that most of America’s medications are made in China.  Great for a pandemic created by China, right?  Here’s an article that had 80% of all US medications made in China.

Why do they want to restrict Bitcoin?  They have their own Chinese Digital Yuan that they want their people to use.  Makes sense.  The US is working on theirs, too.  I’m a nobody, so my opinion is trash, but…  I think this gives Bitcoin even more of a similarity to gold.  The value will go up, in my opinion.

So what’s going to happen with Bitcoin?  Who knows.  I think that a lot of what will happen will be determined if the government can some control and screw it up.  It is still limited, similar to gold, so it should retain its value.  It’s not energy-friendly, but what is.  People who complain about that shouldn’t use smart devices or drive electric cars charged by fossil fuels and nuclear.  Currently, only 18% of the US uses renewable energy and 15% of that is hydroelectric.  So, Bitcoin haters, put your money where your mouth is.

If you missed my last article, a while back, here it is.

Let me hear from you.