President Trump echoes Nouriel Roubini: https://twitter.com/realDonaldTrump/status/1149472282584072192
Meanwhile, Mnuchin on the tube talking about how they need to curb Bitcoin as it is based on the thin air. Says this is a national security issue. Treasury has serious concerns about use of cryptocurrency by money launderers and other bad players. Treasury has "very serious concerns" that Facebook's (FB) Libra will be used by terrorists and money launderers. Says Bitcoin has been exploited for use of extortion, fraud, and illegal drugs. Will not allow digital asset service providers to operate in the shadows.
Schiff says Bitcoin has no value:
The underlying meaning: Govt fears a dollar collapse. People having alternatives outside the purview of the govt petrifies them because it will hasten a dollar collapse. Fiat devaluation in the offing as predicted by Ray Dalio of Bridgewater due to QEInfinity. Interest rates going below historically record low levels. Hard assets continue to rise.
Bitcoin's response? A rally. Markets hate uncertainty so the language used outlines probable action in terms of regulation. Such is ultimately a tailwind as it helps the cryptospace mature, so long as regulations are not too heavy-handed as the renowned Fred Wilson mentioned here:
Naturally, the state would never relinquish control of fiat without a fight.
Here are three pieces I wrote about the separation of money and state though is certainly not the first time I wrote about this:
Crypto Report - The State vs. The Cryptospace
|Published:||15 Jul 2019 12:05 ET|
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