@Laissez Faire Since your very good with your stats, driving that Bitcoin has always come back after dropping 70-90%, isn't think 16k an excellent entry? Yes, I can hit 10k, or maybe lower, but the past 4-5 cycles show it always comes back. Conversly, each fiat throught history has collapsed, 100%. Maybe some people don't live through it since it takes usually 100 years, but we are at the point now. I know it's very difficult to imagine a system that is different than the one we all know. We just assume inflation with steal a little bit every year and they print a little more and life goes on. But eventually the system hits a brick wall and then it's mass chaos. What if we are in the 9th inning of what is possible with the current monetary system? The Fed needs high interest rates to tame inflation so poor people don't revolt. But even the government cannot afford these high rates. As the treasuries have to roll over every few months, the costs get higher. It's an expense that cannot be paid. And high rates don't even cure the reason for this inflation. For me the writing is on the wall. But yes, maybe it drags on another 5 years. But what I also believe is that as we deglobalize and countries don't trust eachother, Bitcoin is what will unite us all. Some say Putin started the war because he didn't want his oil priced in depreciating dollars. If the USD loses status, what will people turn to? Even gold isn't the answer as it's expensive to ship and you can't trust reserves. Bitcoin will be adopted.
Virtusa is nobody to me, I'll block him in a flash if I find out he is lying. But your comments make you out to be just as bad a character. Don't take it personally, you are a good contributor on ET and I admire that, but you really are beginning to show some flaws. Pick yourself up, you are better than that I would hope. The subject of virtusa certainly does push your buttons. Can you point out where virtusa is lying?
I don't want to speak for Baron, but I did forget the most important promise of Bitcoin So along the same line as your "what is the utility of storing Bitcoin in cold storage... Bitcoin is a hedge against global central banks fiat currency debasement. Only 21M bitcoins will ever exist, currently 19M circulating. Central banks cannot print bitcoins ------ What is the utility of all the gold bars stored in safes around the world? for the past 10 years, gold has lost value in its $ price So, what about Bitcoin? If someone in Lebanon converted all their net worth to Bitcoin, they would not have to rob the bank to get their money If someone in Turkey converted all their net worth to Bitcoin, they would not have to deal with the Lira that keeps losing value Also same with an Argentinian What about a Chinese resident that was able to acquire sufficient Bitcoin and got out within the last few months and now able to wait the 0-covid policy outside of China with enough to live on? Bitcoin is the hardest money in the history of the world
This is how its unfolding imo. Virtusa goes against the grain of the permacrypto bulls. Permabulls hate it and react negatively to virtusa. Virtusa comes back time and again onto the journal to troll you guys, to needle you, and its working! Lmao.
Actually, this post of yours is incorrect. I let virtusa-is-a-liar post as much crap, but I got fed up with all the virtusa-is-a-liar ass-licking from posters and ganging up on the OP
Actually, in recent years, this didn't hold up for Bitcoin or Gold. Anyone who bought either as a hedge against this exact scenario ( high inflation, weaker equities ) saw their "hedge" go down correlated with higher risk equities. This in itself should give people some pause in these theories. Like any speculative asset, any large drop can create some long term friction on prices if enough people want to abandon their holdings and recoup some percentage of their unrealized losses.
Inflation-hedge term is rather ambiguous Inflation is the prices of goods and services going up. The Fed claims they cannot control inflation (cough, bullshit) Inflation as a central bank monetary policy is what Bitcoin (and gold) are supposed to hedge against When the Fed increases base money through QE, price of assets, especially risky assets go up in value Well, the Fed is tightening, hence a deflationary monetary policy.... guess what? all risky assets, Zoom, Netflix, tech stocks, Bitcoin, cryptos, real estate are crashing Let's wait again for the Fed inflationary monetary policy and see what Bitcoin does