iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,329 Blog Posts

BITCOIN BUSTS LOOSE

About a week ago $BTC looked like dead money. Today it’s flying above $47,000. It’s hard to keep the faith on things that dip. You have to be truly embedded in the story to see a dip and be happy about it because it allows you to buy something cheaper.

I’ve stopped buying $BTC sometime ago, content with my position, focusing on things like $UBER. But I should probably get back to acquiring it monthly, as if paying a bill.

Last night during the Putin interview, Putin mentioned how sanctions forced Russia to stop using dollars, going from 80%+ dollar usage in trade to just 13%. He also stated yuan trade went from 3% to 34% in a single year.

Given the backdrop of $34t in debt, a multi polar world where American dominance is contested, and most importantly the Chinese economy superior to ours — one has to worry about the long term viability of the dollar.

Because of this, I believe $BTC should be owned by every single person in the country. It should be added to pension funds as a currency holding and retail investors should definitely have at least 5% of their holdings in it — just in case.

The just in case scenario would be something akin to the little talked about movie from the olden days called ROLLOVER. In the movie you see the dollar collapse and the subsequent results — truly a spectacle to behold. I’d say the chances of this happening in my life time is slim — but in the event it does — $BTC will halt to the upside with non stop buying sending it well into the hundreds of thousands, if not more.

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