When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: “They have no intrinsic value.” On the other hand the Pound or the Dollar have value. Get it? These banksters should be working for the Monty Python show.
Intrinsic value argument is silly IMO. Gold at $1800 probably has less than $100 intrinsic value with the metal. A $100 million oil painting has less than $100 intrinsic value with the canvas, frame & paint. Microsoft software apparently has no intrinsic value also as it's just computer code similar to crypto?
Crypto is not a contender to fiat, it is a contender to physical tender. Crypto is a marketing slogan for digital assets.
99.99% of people (including most "economists") have no clue how money is created in the first place. "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." (Henry Ford)
Starting after 2009 if you tried to withdrawal cash of more than a few grand often you would be treated as a major criminal - talking about Fed agents coming to the bank to interrogate you. It's now wonder Crypto's are the rage. Cash is trash & the Fed is bent on destroying it, a big hidden tax on main street to subside the big corps. https://moneywise411.com/no-cash-banks-refusing-to-release-funds/
Crypto (bullshit "money") is here to stay, the New World Order system needs it. At the beginning, people will use it for "convenience", "safety" and "privacy", until they realize its real (and sinister) purpose decades later. In itself, the crypto technology is harmless, but how this digital currency is going to be used by the Elite that's another story.
That's not new. I have been saying all along that the kiddos are incredibly naive. They think cryptos will offer low cost means of payments and transfers. That will not happen. They think that cryptos will be a store of value, it will equally not happen because the space is completely unregulated and perhaps you can check what happened with unregulated assets in history each and every single time. Con men started to manipulate such assets. It's the same old con, the naive participants and the guys in the background to get enough momentum going before they start shaking the bag. Fasten your seat belts, it's gonna be a very bumpy ride before the eventual fall off the cliff.
That's not even the problem, far from it. Crypto has been created for the sole purpose of enslaving us all, on a global scale. People will eventually realize that when it's too late. In the meantime we can do nothing about it, this Bible prophecy must be accomplished first : "So that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name." Revelation 13:17
The beautiful thing about crypto is how easy it is to move to the next one. First BTC was the darling. Then ETH was, and still is. But now this shit coin DOGE seems to be taking the spotlight. And although it can be argued that DOGE has vast differences between the first two which are said to be solid, the fact that it goes up in value so much just proves a crypto currency is only as good as it is popular. So it will be fairly easy to move to another one if whatever is in fashion at the moment gets too expensive or isn't moving up fast enough. It really is quite ironic that as the crypto bulls swear by the virtues of BTC, another coin steals the show.