Hmmm, seems like the perfect storm against all cryptocurrencies.
- China bans BTC mining
- The US Federal Reserve is finalizing the US digital dollar
- Elon Musk spent the better part of a month destroying BitCoin
- Bitcoin is currently priced at around $33K at the time of this post (Close to a 50% drop from its ATH of $63K+) & since every crypto is pegged to it, they're all experiencing bear market crops (> 20%)
As I've said before (in this thread, many pages ago), I believe that the US Government + Federal Reserve won't give up its standing as the leading world superpower so easily by just handing over the keys as the world reserve currency to decentralized finance/currency in the form of cryptocurrencies. I believe cryptocurrencies could very well be the way of the future, as the idea of central banks controlling all world currencies is becoming outdated and quite troublesome via their incessant manipulation of currencies like the US dollar with excessive monetizing of debt (i.e. printing of money) and with obvious inflationary outcomes that are slowly creeping in. I believe that more and more countries (like China & Russia) are getting hip to the fact that the US can't keep this shit going for much longer without the bubble popping. Problem is that all men desire power. Having the world reserve currency gives the USA so much power over the other countries of the world. That said, with the green new deal vision that democrats have and the idea of having less dependence on oil being part of their agenda, there will come a time where the Petro-Dollar won't be as important as it now is. Additionally, China being the world leader on trade, with the US barely putting anything out by way of exports, suggests strongly that the new superpower that will slowly be taking over the helm is none other than China (I could be very wrong, but other great economical thinkers/players like Ray Dalio would suggest that I am right).
Whether or not the aforementioned line of events (in bullet points) will be the final nail needed to seal the crypto coffin is unknown. These events might just lead to another "great crypto winter" of sorts with a bearish market. Still, I do believe that many big players are coming together to put a stake through the heart of Bitcoin. It could be the end or simply be a GREAT opportunity to buy up more BTC at discount prices.
One thing I do believe is that these current events will likely not bring about the end of ALL cryptocurrencies, but instead could bring down BitCoin from its top position. Many people call BTC blind, death and dumb for good reason. The argument that it's a store of wealth is getting defeated (currently). Its detrimental effects on the environment, no matter how statistically small you can paint it, are still there. I still see other cryptocurrencies surviving this and possibly rebounding quite well, due to the fact that they don't all function in similar fashion to BitCoin. The most obvious one I can see surviving this is VeChain, if you know of others, let us know, as I would love to do some research on them.
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