While doing my morning workout, I saw both TV ads for crypto currency and a business news channel showing charts with the price of Bitcoin.
And I thought it Bitcoin/crypto currency was becoming too normie-fied when I saw "Buy Bitcoin here" ATMs. And now it is even further gone. So it will not shock me if the bubble gets even bigger and even more people lose a ton of money.
The govt admits to owning about 205,000 bitcoins. They almost definitely own more than that, in addition to having substantial monero & eth holdings.
There are at least 7 proposed BTC-ETF's waiting for approval and once the floodgates open, instititutional money will flood in and 10x the current price.
It's the dumbest move to not at least put throwaway money into it, but you do you.
@UncleIroh @shortstories I was suspicious that there was government meddling involved, so this would confirm it. I could see them deliberately crashing the price just to make sure no one gets too rich/use this as a pitiful attempt to lower the overall money supply.
Either way, I am not going into any bubble thinking that I will be able to time the market.
Max Igan says something like that bitcoin is an evil plan to take over the world but you can try to buy and sell it before they shut down the internet to get your survival goods
If you still have it when you need special credentials to log in online bitcoin will be useless at that point because you can only use the internet at that point if you comply with and join the bad guys team. Because you need the internet for bitcoin and will not be able to access it.
There are counters to that:
1. Move. The US, or even Western countries collectively are not the entirety of the crypto space.
2. Banning crypto can only be effective when it's done globally.
3. The govt's ability to control all internet on-ramps is wildly exaggerated. Being able to ban or completely control proxies, VPN's, Tor, I2P, cell towers, satellites & cable is a massive over-estimation of govt ability.
Believing that nonsense hands them power over you.
@houseoftolstoy
Or the government wants people to switch to crypto currency in order to track purchases that people think are anonymous when they would have used cash or barter for anonymous purchases in the past