Okay, therefore the government can forget the threat of crypto. Apart from arresting digital fraudsters and hackers of all tendencies, a job they are extremely bad at, they could comfort themselves with the fact that as bad money drives out good, there is no risk from crypto.
Clearly fiat is bad money, so the chance of deflating bitcoin or ethereum driving out inflating fiat is zero. I wonder if they think crypto is bad money and will therefore drive out the dollar, but there is also a fix for that if it is that way around. Never allow taxes to be paid in crypto. Fiat money derives much of its value from its ability to pay tax. The selling pressure of having to spend crypto to buy fiat to pay taxes will always keep fiat in prime position.
But now the dogs are on the loose, they are unlikely to come home any time soon. Crypto will be under the death ray in the U.S. for years. So the question is why is bitcoin so strong, even though it’s off its highs? Here are some possible reasons:There is a money flow conduit between U.S. QE and BTC that no one understands.I asked anyone at NFT NYC with a hope of having an answer to why is BTC/ETH so strong and the reply was, “beats me.”I think it’s most likely number 3 from the above list, because the spikes and dumps seem often to be directly linked to index moves in the same direction.
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Source: Forbes - 🏆 394. / 53 Read more »