Bitcoin to replace US dollar as reserve currency
Should we get into debt to purchase bitcoin at this bottom? We might actually make it this time. It is impressive how people underestimate the significance of Latin American countries adopting bitcoin as legal tender one by one.
A few weeks ago bitcoin printed a $28000 low, since then we have been in a consistent pattern of higher lows. As sovereign countries adopt bitcoin as legal tender, we no longer need institutions to hoard it. Institutional demand will no longer be deemed as particularly relevant.
We should consider dumping US dollar as a whole. Former president Trump wants you to remain slave to a fiat currency with overprinting. So does International Monetary Fund. Through legal tender bitcoin we should already get all needed investment.
Even Brazil is getting pressure to adopt legal tender bitcoin. Don't understand the only event in history that will unite all of Latin America, we will become like a European Union with unified currency.
What else will dumpers fud to bring bitcoin down? Recent drop looks like like banks wanting to liquidate Saylor to liquidate his collateral, or trump supporters dumping because he doesn't want el salvador to get rid of the dollar. This dump is political, not technical.
If you are counting on american fud to short, remember that the rest of the world wants to dump usd and have btc as legal tender. There might be more money in american markets, but there are billions of poor people who want to have at least a satoshi each.
Bitcoin was created as an alternative currency many years ago, it is only now that it actually will start fulfilling that purpose. Soon will come the day when price of bitcoin will be determined more by its usage than because of speculation.
It would be interesting to emulate El Salvador and propose that bitcoin be legal tender in Venezuela, mathematical money that cannot be manipulated by political central banks. Since Bukele announced the inclusion of cryptocurrency in El Salvador, politics has become irrelevant.
Let us no longer allow inorganic debt issuance in fiat money. By depriving politicians of the possibility of issuing money, we will be able to forge productive changes on the planet. To vote for any politician they will now have to finance their programmatic offer with hard money.
Bitcoin is now legal tender and it is part of forex now. Volatility should decrease long term as it becomes widely used for transactions. volatility is not appreciated as we start our path toward usage in real transactions. Mature markets value predictability and stability.
Bitcoin as legal tender challenges prior status of US dollar as reserve currency. Let the United States deal with their own hyperinflation as they print further fiat. Other countries have learned how to survive on hyperinflation by pumping bitcoin & alternative crypto currencies.
If holders of fiat experience loss of value in their holdings, they will need to rebuild whatever was lost. It is the same process as when you rekt your speculative positions. After an initial period of grief you just start all over again.
Adversaries of bitcoin appreciation are scared of decrease of value in their USD holdings. They fear that those shorting bitcoin could get rekt. That is exactly the objective of those longing bitcoin. This is a zero sum game. New world over will eventually trend for the best.
The rich people who dumped on poor people who just got into crypto always had the intention of rekting newcomers. They also have the wish of rekting Michael Saylor. We all want whoever is in the opposite side of our trade to get rekt.
The world economy is in a bubble, the world economy is a ponzi. Bitcoin in contrast is now trading at fair value as it has experienced a significant correction.
For Venezuelans and Argentines it is convenient that the mighty United States of America will finally experience hyperinflation. There will be an increased demand of services from our local experts, to advice USA markets on how to deal with this financial novelty for them.
Markets are ultimate ponzis, particularly housing bubbles. If housing prices must fall so be it. My apartment in Caracas is already worth about 60% of its purchase price. The same bearish phenomenon has happened to bitcoin. These fluctuations should be welcomed rather than feared.
Pandemic has taught humanity that much can be done differently than were used to. That is why we are transitioning into a new world order. It is up to us to embrace it or fail. If remote work is not available in your country, perhaps it you will emigrate to friendler environment.
Alts are proving they will not dump to zero. Alts are not as dependent on bitcoin as they used to be. Calls for alts to disappear if bitcoin continues declining no longer seem according to our times. 2021 is not 2018.
Rubén Rivero Capriles
Fotografía Mónica Valbuena @soymonikbea , 40 Grados Bajo el Sol
Pila Bautismal de la Iglesia Santa Bárbara