Or, how it took a dollar funding crisis in Japan for me to figure out crypto…
For the life of me, I could never understand the fascination of nor investment purposes of Bitcoin and the rational cryptocurrencies. Mind you, I do not include the meme coins like $TRUMP, although that did buy Presidential access, nor Fartcoin or any of the other “Unicorn Fart Dust” type silliness.
I digress.
There is only one chart worth publishing within this article and in it I ask the question for which I finally get the answer.
22,100%.
Clean, hard profit if you sold today after buying at $500.
Holy crickies to quote the Aussies when they were cool!
This brings my readers to my revelations moment when the liquor and the light hit my brain all at the same time.
Bitcoin is not an investment vehicle. If so, it would be a lot more liquid, a lot easier to use as a “currency” and of course, much more desirable to the rest of the world as a shield against financial authoritarianism.
This means it has become the symbol of the rebellion against central bank authoritarian policies and incompetence, as unlike gold, all one needs is an ability to log on to a computer and voila, you have a code on your phone that says you’re worth $XXXXX.XX in Bitcoin.
Us old guys (OG for short) have long argued that the universal currencies of gold and to a major degree silver were the best hedges against the abuse of governments and central banks. However, that was before the era of global digital government currency creation and adoption by the masses via credit and debit cards globally.
The major use of Bitcoin for now is somewhat quite practical from the perspective of one who needs to move assets electronically and obtain them on a moment’s notice should they have to flee their own country. But from an investor’s point of view, which is what yours truly thinks this move from $58,000 and on up is all about, it’s a different story summarized in three letters:
A nything
B ut
D ollars
ABD.
Just like buying crap bonds from Greece which yield has a yield, well, look for yourself:
Ok, I lied like Scott Bessent, it was two charts.
But my readers get my concern. Gold staying elevated. Platinum starting to move. Base metals starting to move higher.
Yet we are being told that the US wants a strong dollar policy by the administration. If that were the case would Bitcoin be at $111,000+ today?
I think not.
Buckle up boys and girls because if ABD is the new policy of the rest of the world, the US economy is in for an extremely rocky ride.
