Bitcoin Will NOT Replace the Dollar

Now that Bitcoin has broken out to the upside (currently over $89,000) pundits are, once again, claiming it will replace the dollar.

 

But, to that we say: “Don’t hold your breath.”

 

Why, you ask?

 

For starters:

 

• Bitcoin is a trading vehicle…NOT a currency
• It is no different from wheat or cattle
• And it is definitely NOT a store of wealth
• A store of wealth is not supposed to fluctuate like everything else
• And it rises and falls no different than any other trading instrument

 

 

Translation:  It is not a “store” of value maintaining some constant value to park your money.

 

In Case You Missed It, since 2017 we have written over 28 articles on Bitcoin (see our Bitcoin archives HERE) and how crypto junkies swear it will overtake the dollar.

 

One article in particular (Bitcoin, the Straw that Breaks the Dollars Back?… December 21, 2017 HERE) still resonates today.

 

And more recently, READ:  Will the IMF Replace the Dollar With XRP  October 25, 2024 (HERE)

 

 

Other reasons for our skepticism go back to its alleged/original founder Satoshi Nakamoto… who supposedly created Bitcoin on June 3, 2009 in his famous “White Paper.”

 

BTW, June 3, 2009 was after the markets got crushed by the Real Estate meltdown in 2008…remember that?

 

Ironically (or NOT) Satoshi – or the entity masquerading as Satoshi (Cough! Government agency, Cough! Cough!) – has been MIA since 2011.

 

And yet (get this) 1 million Bitcoins remain in their original account, untouched.

 

• His (or its) wallet is estimated to be worth over $89 billion at the time of this writing
• And if this is indeed an individual, he or she is one of the top 15 richest people in the world
• They have never moved a fraction of a BTC from their account
• So, one wallet contains 5% of all mined bitcoin

 

 

And this begs the question:  Will this person or entity perpetually hold?

 

Replacing the Dollar

 

 

We think it is funny that we are somehow supposed to believe some mysterious Japanese man created the blockchain technology and simply evaded all world governments.

 

LMAO!

 

And it’s even funnier how the Bitcoin Boyz claim it is an anti-government vehicle.

 

But in reality, it is a bureaucrat’s wet dream because it allows them to track where funds are coming from and going.

And most people don’t realize that in 1996, the US government released a white paper entitled, “How to make a mint: the cryptography of anonymous electronic cash.”

 

However, it was not written/created by Satoshi Nakamoto.

 

This document explains how a government agency could create something like Bitcoin or some other cryptocurrency.

 

Add 2+2 and you can see how the Bitcoin Boyz had been attempting to create one for over a decade.

And then magically – at the bottom of the 2008-2009 financial crisis – Bitcoin came on the scene.

 

 

Hidden Agenda Here:  Blockchain was created with the idea of surveillance at the top of the priority list.

 

And that’s why it won’t replace the dollar anytime soon.

But that doesn’t prevent you from making a profit from it.

 

Learn more about the role of cryptocurrencies in the markets in our upcoming November issue of “…In Plain English” (HERE).

 

Share this with a friend…especially if they like Bitcoin.  They’ll thank YOU later.

 

And tell them:

 

We’re Not Just About Finance

But we use finance to give you hope.

Support always welcome via the digital tip jar.

 

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