I say it’s time to move on to trust in something else. Not backwards to gold, but forwards. To a trust in indisputable maths. A trust in decentralised power structures. And a trust in technological innovation. That means bitcoin and cryptocurrencies.
Each year millions of traders are fixed to their screens. They’re looking for trends and momentum in the forex market. According to the Bank for International Settlements, the average daily value of forex is around US$5.3 trillion!
If gold price breaks through US$1,370 it could indicate the start of a new long term uptrend. And this is why it’s rising. The real story behind gold’s rise — and the biggest financial story you’ve never heard of this year — is the declining US dollar.
Analysts are now pessimistic for bitcoin’s future in China. The Chinese government’s views on digital tokens has escalated quickly. They want to ensure financial stability within their market, and they see cryptocurrencies as a market distributor.
Bitcoin should always be discussed first and foremost as a currency. The end-game isn’t seeing one bitcoin worth half a million dollars. The goal is to make those half a million dollars seem as alien to the everyday consumer as one bitcoin is today.
It all started with China. Bitcoin is now down 46.1% for the month of September. The most recent decline comes after one of China’s biggest crypto exchanges said it would shut down its operations.
The truth is it’s ‘bank hunting season’, and has been for about a decade now. And it’s not going to stop any time soon. The very existence of bitcoin and cryptocurrencies threaten the entire system. It challenges them with the fact that elitist greed and excess has an expiry date.
The irony to Jamie Dimon’s comments is he’s part of why bitcoin even exists. JPMorgan is part of the reason bitcoin is so successful. The whole rigged, broken financial system is exactly why the future of money is bitcoin and crypto.
The power that crypto provides to everyday people is like nothing else before. I believe that’s the reason the likes of China’s government are cracking down on it. It’s why the US are watching it with their finger over the trigger. They’re petrified of the implications to their power base.
Cryptocurrencies represent what I call an ‘asymmetric bet’. In other words, the pay off if I’m right is 1,000%, 10,000% or even 100,000% my original investment over the next 10 years. If I’m wrong on the other hand, the maximum loss I can make is 100%.