Bitcoin Rises 8% overnight to around $42,000+ Will It Continue To Rise? Because it’s very easy to trace users and the U.S. Treasury apparently released Information supportive for the cryptocurrency industry – March 9, 2022,
If you’re long Bitcoin and looking for a way to cash out on more favorable terms, nothing would be better for your bottom line than the U.S government getting involved in Bitcoin, why? Because the U.S government can print an unlimited amount of U.S dollars and simultaneously crash Bitcoin whenever it deems fit.
I like to always point out that digital U.S dollars and physical U.S dollars are two different things and if the U.S wants to engage in cyber warfare, it could buy up as many Bitcoins as possible in an attempt to control the price.
The U.S government might cite, national security as its reason for hoarding Bitcoin, the U.S government could also write of the debt as if it never happened.
I’ve been saying for years now, that I think Bitcoin would have a hard time finding any value without the U.S dollar? I challenge you to imagine a world in which Bitcoin has value if the U.S dollar no longer exists?
With Gold and Silver it’s physical, even if you don’t want to use Gold and Silver as money they have value for other things, Bitcoin is reliant on the internet(Government grids) and can also be used to trace and track you, if you opt to use it as money
Now sure, like anything there are ways to get out of your crypto positions, but because you can be traced, the individuals you transact with now get stuck with the problems of being monitored. Now, if the U.S government takes a large position in Bitcoin, which it legitimately can do, Bitcoin is faced with a whole new set of challenges.
Bitcoin was trading at $41,584.21, nearly 9% higher as of 2:17 a.m. ET, according to data from CoinDesk. Other cryptocurrencies including ether were also sharply higher.
The rally began just after 6 p.m. ET Tuesday after the Treasury published details and a statement online in response to an upcoming executive order from the U.S. president on cryptocurrencies. The statement from Treasury Secretary Janet Yellen was unpublished shortly after.
Reuters and other news outlets reported earlier this week that a Biden order on cryptocurrencies is imminent.
Now, this could legitimately be a chance to cash out of your Bitcoin position in favorable terms, if the U.S government begins buying cryptos it imagines as a “threat” to national security, but, remember if the Government is getting involved in crypto, they’re also going to want to tax you when you exit, so keep that in mind also.
Yes, I’m serious when I write that the U.S government could legitimately be looking to take a large position in Bitcoin, why? Because some imagine that the U.S dollar hegemony might be at risk. The U.S government has been looking to sanction everything Russia, and to the surprise of most people, Bitcoin hasn’t performed well YET as an alternative, many of us expected a spike in Bitcoin, it hasn’t happened YET, in my opinion, because most people, especially people living under tyrannical governments, don’t like the idea of having their money tracked.
But the U.S government has been behind the 8-ball and I can imagine a scenario in which Joe Biden attempts to get ahead of what he imagines is an imminent threat.
Nobody in government has sounded dumber than Elizabeth Warren regarding Crypto. She’s all over the place in what she thinks the U.S government should do about it, but it wouldn’t surprise me if the U.S government doesn’t attempt to regulate crypto markets by OWNING them.
Some imagine Central Bank Digital Currencies(CBDCs) as the future, well, having the power to dictate the Bitcoin and crypto markets, which people value most, would assist the government in releasing their own central bank digital currencies.
I’ve heard a lot of people who own Bitcoin, claim that the U.S dollar could be backed by Bitcoin? Well, they might be proven right, the problem is, that if this is the case, the U.S government may decide to build its own Bitcoin Fort Knox.
I don’t want to get ahead of myself here but if an executive order is signed regarding crypto, the details will be very interesting!
Interesting times ahead