"A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10%." That's the definition of an economic depression, according to google.
I don't know how many of you have read about it today, but Argentina Could Enter Depression By 2023 Without IMF Deal. Leaving numbers and percentages aside and that dull definition from the first paragraph, the thing is that Argentina is in deep economical shit right now and it's probably suffering economically for good years now.
On the other side of the planet though, some pussy rich guys are feeling down because the SEC has rejected Van Ecks Bitcoin ETF proposal. So what? Bitcoin doesn't need an ETF, it hasn't been created for ETFs, thus why so many down on this so called bad news.
I sure know, though, that economies are going to fall one by one, in the years to come, corrupt governments will fall in the same situation when the masses will start awakening to the lies they've been fed for so many years. That's when Bitcoin will start making sense...
That's when the level of FOMO will be incomprehensible.
I am amazed, though, to see how many crypto personalities are so affected by this news, it's like they've never read the white paper, or that they have no clue on why Bitcoin has been created from the first place. Yeah, at the end of the day, such a spot ETF would probably boost its price, temporarily
... but that boosting in value could come from other factors as well. One of them being these people all over the world that are awakening and turning towards non governmental money. Fiat money is heading towards a free fall, that's for sure. I mean, even kids will realize at some point it has no intrinsic value, if they haven't realized that already.
Bitcoin on the other hand is just getting traction, as a store of value and means of exchange. Who would have thought about that... Trends like the one started by mayor of Miami, Francis Suarez, who will have his next paycheck paid in Bitcoin will have a follow through.
Taproot upgrade is just around the corner, a quite important upgrade which will increase Bitcoin's usability, thus why the fuck should we care about a damn ETF. I say we shouldn't... Bitcoin is perfect as it has been created and it doesn't need ETFs and approvals, just more traction in users adoption. Same applies to other blockchains that are more than relevant for our society right now.
If you think a Bitcoin spot ETF has any relevance for the industry and for us all, go tell that to Argentinians, El Salvadorians and Venezuelans... Have a great Friday folks and see you to the next one.
Thanks for attention,
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