Some like Max Keiser says Bitcoin could be the resistance currency while others like Jack Dorsey says Bitcoin could be the internet currency. With the way the global debt is rising, the stock market is reportedly waiting for a collapse, countries like Russia are planning de-dollarisation, economies like the US and China are having trade wars, currencies like Bolivar are biting the dust and banks are controlling people’s money, Bitcoin could become the global currency.
The Currency of Resistance
Earlier this month, Bloomberg reported that Goldman is betting on weaker US dollar as the strategist wrote,
“Combined with net softer U.S. data for December, we think a more data-dependent Fed creates space for further dollar downside,” after Federal Reserve Chairman Jerome Powell boosted the chance that bank will pause increasing interest rates.
The downward slide of world reserve currency along with the de-dollarization plans of Russia and China among other countries could see Bitcoin gain traction.
Recently, French banks have been closing down, not allowing withdrawals and putting a restriction on the debit cards according to the mainstream news coverage.
In response to this, Bitcoin proponent and investor Max Keiser said, this can become “part of global insurrections against banking occupation” and “the first global insurrection to fight against globalism and the global dominance of central banks.” Back in December, he had advised the French protesters, “If every French person converted 20% of their bank deposits into Bitcoin, French banks would collapse and a lot of bloodshed could be avoided.”
In his recent episode, he also talked about the fraud committed by Wells Fargo for which it has been fined $575 million by the US government, “Fraud runs the American economy. Without fraud, there would be no GDP whatsoever.”
Talking about the banking model he said, “You keep 90 cents of every dollar you steal. That’s their model. That’s what their earnings are based on. If you stripped out the fraud from Wells Fargo’s business model, they would be losing an unconscionable amount of money, and they would actually have to declare bankruptcy many, many quarters ago.”
The Most Rock-Solid Monetary Policy
Now, with the Yellow Vests Movement in France, Bitcoin can emerge as the currency of resistance. On Bitcoin being the currency of resistance, Bitcoin developer, Jimmy Song stated,
“All of these protest movements and things like that they are going after changing who’s in charge. Really what they should be doing is taking power back for themselves, decentralizing power. It starts with bitcoin… That’s a much more peaceful revolution that’s possible with bitcoin.”
According to Keiser, the three important variables of Bitcoin, its price, hash rate and difficulty adjustment that ensures 10-minute emission remains constant make it the “most rock-solid monetary policy.”
“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world with the most rock-solid monetary policy there is,” said Keiser.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.