Any publicity is good publicity and when the king of tweeting types the B word, then the World celebrates the pump.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....” POTUS
King of pump, Donald Trump is watched by the world, so he has brought the world’s attention to the Bitcoin and Crypto phenomenon in his latest hot tweet. This says a lot. The fact that he even mentioned it is valuable. Attention is being drawn to it. It may be Libra coin that is pulling the attention in that direction to a degree, and that may be the only value Libra will ever really bring, since it may be a centralized surveillance scheme. Nevertheless, Bitcoin is here to stay and POTUS has brought the name into play.
Trump Tweets by a Mercurial Wordsmith
Notice the wording of the tweet, I see it as saying “I’m not... A FAN OF BITCOIN ...” thereby subtly implanting the real message couched in politically necessary wording to match his nation’s main stance. Any currency that is not in their power will be a threat, but the joy is that you can’t censor Bitcoin, it is mined in China half the time. 50% of mining takes place in China, and they don’t allow their people to own it too much but they will be smart enough- like the Japanese – to see it’s value as a currency to match the dollar.
The decaying dollar
The petro-dollar is the current global currency, and it has lived out its lifespan, as all dominant currencies do. They last a few decades and then fade out of the position as major currency. The US dollar will slowly decay with the coming collapse of the capitalist system. The Chinese do not need the dollar, so as they take over supremacy on the planet, they will use blockchain, create their own digital centralized coin and keep mining Bitcoin. Underground trading will carry on and the miners will rake in a fortune over the next bull run.
China rises, along with Bitcoin
Bitcoin will rise, whether American Federal government and Federal Reserve like it or not. And the dollar will fall, The Chinese will take over, they are already the biggest nation economically and demographically, with India in at their side like a sparing partner, urging each other on, neck and neck. Nearby is Russia, of course, also very savvy when it comes to tech and the knowledge that, as President Putin said, whoever wins the current information war race will lead the planet. And my eye is on BRICS, dominated by China. The Shanghai Corporation already sets the pace in Asia as a whole. The IMF have met their match.
A global currency?
Special Drawing Rights (SDRs) is already a step by the IMF in the direction of a global currency, and a digital one to a degree that it is a credit, not a pile of fiat paper money or a lot of gold bullion. Perhaps it is backed by something but I wouldn’t be surprised if it’s just a bunch of numbers on a sceen, much like most banks who only need to keep maybe 10% of the hard currency on hold to allow 90% to be loaned out at interest. And that is a best case scenario. Banks obviously cannot be trusted and regulators may fine but the caravan will pass, altering hardly an inch from their projected trajectory into an uncertain tomorrow.
The real hero is BTC
And this is not a bleak vision or prognostication of an Orwellian future – Chinese style – but more of a story of a band of mavericks that lived on despite the gradual envelopment by big brother, all the while finding their footing beyond national borders, but rather in cyberspace, as digital nomads, breaker pirates, cypherpunks and cryptoanarchists. Their flag will fly the Bitcoin logo and their messiah will be the unknown coder, Satoshi Nakomoto.
Whose the real criminal?
President Trump can go on all he wants about Crypto being used by criminals, but we all know that the dollar is used by them way more. That is an old and defeated argument. That statistically carries zero truth. Tarnishing the reputation with your own crimes is a popular tactic of the bankers. Trump is of course beholden to them but fortunately he is still his own man, we hope, despite the duty of representing the government policy. Bitcoin, like the dollar, is just a means of storing value and trade, it is not criminal in and of itself at all.
It’s ironic that he mentions drug trade because it was the very bankers JP Morgan, who had one of their distant side companies’ tankers bust smuggling a billion dollars worth of cocaine this week. That’s 20 tons. Maybe it wasn’t the bank that moved it but the ship’s crew, who were subsequently arrested, but the point is that it was the vehicle run by the bank that facilitated the biggest crime of the week. Similarly the dollar, run by the banks, is a vehicle that facilitates massive crime weekly, far more than Bitcoin, which by the way, can be traced on the open ledger that is the blockchain of Bitcoin. You may not always know the holder of the account is, but you will see all its movements, transactions and holdings at any given timestamp. And exchanges are now becoming obliged to give up user names and private data, so there you have it. It’s hardly anonymous.
Crypto that is hidden is minimal
That being said, there may be a handful of other altcoins or cryptocurrency blockchains that have gone a step further than Bitcoin to facilitate anonymity, like Monero, DASH, Zcash, etc, but they are so small by global market cap in comparison to daily volume of currency, that they are negligible. And the white collar crime perpetrated by the banks, governments and corporations using the dollar is way bigger than we will ever know, so there lies you first point of concern.
Th final argument presented by Pres Trump is that Bitcoin is volatile. Well that may be true in the first ten or fifteen years of its development, but it will stabilize in a few years from now. The curve designed to play itself out by the formulas implanted in the code by Satoshi when he wrote Bitcoin, indicate an eventual leveling out, after a few years of parabolic movement upward, punctuated by a handful of bull and bear cycles. Already we have seen the best of the parabolic movement in price, and the stabilizing has begun, if we look at the logarithmic chart of Bitcoin’s rise. The next or should I say current bull phase may be the last or second last and it will take longer to play out and will be proportionately less extreme by percentage of growth beyond the previous ATH of around $20 000.
Bitcoin’s deflationary growth in value
In the last bull run Bitcoin went from $1k to $20k, that’s 20x growth. This time around it will go from $20k upward, but not necessarily by 20x. Nevertheless, even if it’s 10x, that means it is headed to $200k. My ballpark speculation based on what I’ve hear and seen is roughly 15x or $300k. Maybe not directly or immediately, but in the next few years, less than 5 years. Anyway, don’t take this as anything more than my idealistic vision and active imagination, or hopeful opinion. It may actually only 3x or reach $60k, but grow it will, and then stabilize for a long time to come, as the last Bitcoins are mined.
So long, and thanks for the tweet
So thanks Mr President for the global shout out all about the BTC that will set us free. Your state of Wyoming has already passed a bill to accept cryptocurrency as money in January this year, joining Germany and Japan in that regard. So the wheels are turning and time is marching on into the future, a future that is timestamped on the blockchain meaning the old order is ending and the world will never be the same again. Either you jump on board the blockchain train or you get left behind at the station waiting for the saviour who already came.