Defaulted on their gold obligation. No. They changed the rules. Happens. Broke. No. Broke is nothing is left. Nottttttttthing. It may happen at some point. But the British Empire is no longer, Pound Sterling is.
That’s the point I’ve struggled with the most, WHY does bitcoin have value. After almost a decade of thinking there’s no way BTC is sustainable (due to governments control over economies) I decided to go with the flow. Right now I’m betting the flow will continue upwards. BTC going to zero is no longer a rational bet unless the whole world economy explodes in an SHTF kind of way. And even then it’s a wild card whether it will go up or down. I’m not all-in like John (currently BTC is 3% of my portfolio) but if he’s right I’ll be better off than 99% of the people I personally know. If BTC mainliners are dead wrong I won’t be ruined either. It’s a low risk/high reward investment from my perspective.
Larry Fink and friends ARE major players on the global stage. I’ve also read that the Rothschilds have started buying….
Yeah $40K has a lot of support, but in order to get there the ES would have to drop probably like 10% or so. That probably means a slowing economy or further escalation in the Israel-Hamas-Iran conflict. That is what triggered the last 6% pullback.
Many of these institutional players are holding spot and shorting a derivative. The market is much more sophisticated now. Laser eyes was so last cycle.. yet, ABS "Always Be Stacking"
Yeah the genius' that ran LTCM were betting on a ludicrous investment philosophy called reversion to the mean. It blew up in their face. Lee Meriwether III thought bringing in 2 Nobel Laureates (Fisher Black & Myron Scholes) would somehow make them look good. Unfortunately a Nobel Laureate doesn't mean you know anything about trading. Betting the ranch on Russian Sovereign bonds just because their yields were above normal historically & leveraged at 100:1 was a disaster that almost broke the international banking system. So Greenspan and cronies had to bail them out with an unprecedented liquidity pump. Of course they would repeat that in 2008, most of the 2010s QE nonsense & 2020.