Debt, Deflation and Deferrals: Elon Musk Tweets Having little effect on the price of Bitcoin, but spendthrifts are running out of fiat money – June 6, 2021,
Whenever CNBC publishes something, typically the opposite is true, now, what I will agree with is that Elon Musk has a lot to do with the price of Dogecoin because that meme network is a long shot for massive adoption. It’s not to say that dogecoin can’t surpass Bitcoin in the future, but at the moment, it’s not worth attention. Bitcoin on the other hand, has a lot of people with a lot of skin in the game.
Where I differ from most people, is that I know most people invested in Bitcoin, do so for capital gains in fiat cash and not so much to have their Bitcoin outlive them. I know quite a few people who BORROWED money to buy Bitcoin, often citing the words of Michael J. Saylor as their reason for doing so.
Some of them bought at $40,000 and sold in fears the entire Bitcoin market would crash, there’s a lot more of these types than there are true believers in Bitcoin. Now, I’m pretty sure Elon Musk has access to the same data many of us have access to, the difference being Elon Musk has an unparalleled platform, so he can get ahead of stories many of us know and make himself out to be a person worthy of worship.
But if people remember, both Tesla and Bitcoin fell at the same time, and oddly enough that period coincided with data suggesting that people were running out of money. Although I think Joe Biden as an example will allow debt deferrals to continue, it’s not a guarantee, and a lot of people bet big that prices of particular digital and paper assets would see massive increases, in a short amount of time.
Now, that this hasn’t happened, some people have abandoned ship, All that aside, I do think Elon Musks’ tweets do coincide with the rise of dogecoin. I don’t see a diverse group of people investing in that network, I actually think long term, Elon musks association with Dogecoin would be seen as a hindrance for freelancers, who like the freedom of writing code and developing programs that don’t have to adhere to a perceived central authority.
I’ve even spoken to coders who abandoned Bitcoin because they don’t like the politics associated with it. I suspect this trend will only continue the larger Bitcoin gets. The thing about a market economy is that the market seeks freedom from poverty and oppression, cryptocurrency has been a breath of fresh air for a lot of people and I don’t see Elon Musk nor the Chinese Communist Party having control over it.
But what I do see are people running out of money. It doesn’t surprise me that these stories haven’t made mainstream media yet, but it will, because although people are paying down debt, there are a lot more people getting into debt.
Interesting ties ahead
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