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Argentina, in particular, has been struggling with inflation for years, with the latest official data showing an inflation rate of 102% as of April 2023. In this environment, Bitcoin has emerged as an attractive alternative for those looking to hedge against inflation.
Let’s remember that the might of the United States is based on countries settling trade, but more importantly, energy, in US Dollars. Nothing is more important to the US.
Well, those pesky countries called China, Russia and others (South Africa included) aren’t listening to big uncle Sam.
Bitcoin is being attacked on all fronts. The central powers are scared – very scared.
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There’s something sinister on the horizon for global markets right now. Any rational person can see it.
Bitcoin has been grappling with the Macro outlook, Faketoshi’s lawsuit and the lingering after effects of Luna and other scams that gobbled up the leverage throughout the crypto system.
However, when chatting with Bitcoiners who ignore the noise and focus on the long-term; there is still a strong presence of positivity and patience.
Let’s take a look at a few things that have been happening recently…
This bear market has ruined a lot of people. Many have been liquidated. Many have lost fortunes (but many of those fortunes were based on nothing in the first place).
As the crypto world flounders, there are some who simply don’t care what has transpired. They don’t care that Bitcoin has reached $20,000. Because they know the end-game.
A round up of the top news stories this week including:
– Annual Bitcoin conference
– Germany to raise food prices by 20-50%
– 19 millionth Bitcoin was mined on Saturday
We are about to see the 19 millionth Bitcoin enter circulation sometime in the next week. And there’s only another 2 million to go, by the decade ~2140 AD, based on the supply and halving schedule.
19 million Bitcoin in supply. 2 million left. 21 million Bitcoin only. And 56 Millionaires worldwide.
In the words of Greg Foss, ‘it’s just math’.
The long term repercussions of this, are going to be frightening to many who like things to remain the same. Because this was the point of critical mass for the US Dollar and America’s hold on nations through their reserve currency. ‘After this war, money will never be the same.’
Other cryptos are not a hedge against hegemony. There is only one tool for that – Bitcoin. In a world gone dark, thank goodness there is something that shines a little bright with hope.