Give Credit Where It’s Due Bitcoin Is Still Way More Expensive Than I Thought It Would Be #LateStageSocialism – August 18, 2023
The global economy is clearly deflating primarily because of global PROGRESSIVE fiscal policies worldwide, which I assumed would drive down the price of Bitcoin. Although we’re on a fiat monetary system, the private banks are for the most part, in charge of printing money for PROFITABILITY purposes.
With that said, Progressive governments have been spending like crazy, and this big government spending does equate to a lot of malinvestments. As an example, I was reading in Canada, that a politician, instead of cutting government spending instead, wants to give more credits/incentives we are onboard with his climate change agenda.
So this redistribution model would include in this circumstance the Canadian Federal Government BORING money from its central bank, The Bank of Canada, and redistributing it to private entities who are subservient to the Canadian government’s climate change agenda.
Now, you might say what does this have to do with cryptocurrencies? Well, in this instance, you’re talking about the potential for MORE JOBS that otherwise would exist, with individuals being rewarded with capital the market would never give to them.
You have to remember there’s a COST to acquire a customer if the government becomes a private business’s largest customer via regulations that benefit the business as well as CREDITS/free money or resources that cover up for the private businesses failures, then you have money in circulation going to the WRONG people, places and things.
This is where I’m going when I’m talking about the sustainability of Bitcoin, a lot of the Bitcoiners and people in cryptocurrencies often appear to be on board with the progressive agenda, which does include phasing out fossil fuels, which in turn makes energy more expensive and in order for Bitcoin to remain solvent, obviously, those transaction costs have to be passed on to the bitcoin community, which ofcourse equates differing behaviors.
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Yes, in still there are other ways to look at this, Bitcoiners could also be anticipating rate cuts, and hoarding so when that happens they cashout at a higher price, and ofcourse there’s the very real possibility that you will see more fiat currencies crashing and people are hoarding Bitcoins to protect their wealth, because Bitcoin has definitely done better than a lot of the fiat currencies.
Currently Bitcoin is trading above $26,000USD which is very impressive in my opinion, because all data suggests the global economy is crashing and austerity measures will be necessary to correct these systematic economic issues. #LateStageSococialism
Interesting times ahead!