China’s cryptocurrency-mining crackdown spreads and the price of Bitcoin doesn’t budge, Debt appears to be fueling Bitcoins Price – June 12, 2021,

So as many people know, Russia and China are major players in the Crypto mining space and many have claimed that Bitcoin would be used as a method to undermine the U.S dollar. I was neutral on that argument, I don’t know, I don’t really care, but because Bitcoin trades 24/7/365 it allows me to compare the price of Bitcoin to the availability of debt.

Most of the people I know in the Bitcoin space used debt to purchase their bitcoin and this includes the people who got to the Bitcoin party early. Now, for many of these people who used debt to purchase Bitcoin, that I know, they’re up BIG! But some of the people who came to the party late and began consuming the Michael J. Saylor rhetoric, some of those folks are on the edge of bankruptcy.

I’ve been writing for months now, that Michael Saylor has been one of the worst promoters of Bitcoin. I don’t think he comprehends that some people hang onto his every word and these people will max out their credit cards, risk the house, the car the family to buy Bitcoin, just because they imagine Saylor to be some sort of expert. This is why we have all of these commie financial regulators in the first place.

All that aside, Elon Musk hasn’t had much if any effect on the price of Bitcoin, nor has China, the price of Bitcoin fell when people ran out of money to borrow once the price of Bitcoin stopped rising. I’ve seen this exact same scenario play itself out in the real estate markets.

The difference between real estate and Bitcoin is that the governments will often bailout the real estate investor, there’s no government bailout for Bitcoin, the bailout for Bitcoin will be a higher MARKET price, and based on my research most of the investment into Bitcoin is coming from debt.

 
Because central banks CURRENTLY see Bitcoin as a threat, there’s no incentive for them to bail out Bitcoin, furthermore, as I stated in prior posts, the Chinese Communist Party saw Bitcoin as a means to create their own Centralized digital token. But as many of us know, the global slowdown propped up with cheap U.S dollars has been a financial disaster for the Chinese Communist Party, they’ve already OPENLY debased their currency. The CCP as an example has its own Belt and Road initiative which is EXTREMELY EXPENSIVE to maintain and their commie military aspirations are also pretty expensive.

Communist usually don’t think about the COSTS OF DOING business and because the Chinese Communist Partys cost of doing business is rising so rapidly, while its consumer base is dwindling, the digital yuan is a superior option for the CCP.

Regarding Elon Musk, meh, he’s in debt too, Tesla has yet to turn a profit, Tesla Inc. is dependent on it’s stock price appreciating, now I don’t think most people borrowed money to buy Tesla stock, but Tesla has real tangible value to this generation, because battery cars are now competing with gas powered cars.

Now, sure I’m certain, some people who own Tesla stock sold their bitcoin for environmental concerns. But I think Elon Musk is merely a person people like Max Keiser like to blame when Bitcoins price falls because Elon has made himself an easy target by entertaining Bitcoin.

Based on my data, the problem Bitcoin has that people are going into debt to buy it and debt is currently cheap. The rise in Bitcoins price coincided with Donald Trumps vote buying scheme of sending Americans free checks in mail for doing nothing. People shouldn’t forget the amount of FRAUD tied to all of those Trump stimulus checks.

Now, if you received a government check you weren’t supposed to get, what would you do with the money? and if your bank lent you money because of goverment promises and you wanted to sit at home and chill, what would you do with the money? The reason for the price spike of Bitcoin should be obvious by now, but hey, we can pretend the halving had something to do with it, or maybe China or maybe Elon.

Being that Bitcoin without fiat money has no value, it should be clear that the price of Bitcoin coincides with easy lending or central bank liquidity. So for as long as I see stagnation in the White House regarding government spending, I personally expect that the price of Bitcoin won’t have much action.

But if let’s say those moderate Democrats holding up Bidens spending plans, join Joe Biden on the far Left, and the Socialist Republic of America starts spending like crazy, it wouldn’t surprise me if Bitcoin hit $100K. Because printing money is really BORROWING money and the cheaper it is to borrow U.S dollars, the longer the delay for an economic collapse. Which in the meantime I would suppose would be great for Bitcoin.

China’s cryptocurrency-mining crackdown spreads to Yunnan in southwest – media | yahoo.com

Interesting times ahead!