Agree 100%. Let’s restore the US dollar is the worlds currency, bitcoin is a scam that needs to be shut down, I never understood how it was ever legal to begin with, just a blatant attempt to launder money and avoid taxes.
It’s the currency of choice for those Ransomware hackers.
Needs shutting down
Bitcoin is a cryto hobbyists cool idea but has several fatal design flaws. Achilles heels that will prevent it from being widely scaled out.
Given 25 percent of all money ever printed was printed in the last 12 months, how do you suppose that’s going to happen - restoring the currency?
It was the US that renegged on Bretton Woods. It was our Dollar, and their problem.
Well, now there are many, many more dollars chasing way, way too few goods.
And, the current admin is going to make sure to print many, many more dollars to chase even fewer goods.
So there you go. If wishes were fishes.
The market responded, as it does - crypto. The VALUE of crypto doesn’t change. All it does is reflect the current actual value of the dollar.
We need the dollar to be backed by gold or silver. I don’t care if 1 dollar = 0.016 grams gold, fix it to gold or silver and be done with it.
A lot of wealthy powerful people invested in bitcoin and are now trapped by its plummet. They do not want to eat that loss and so there’s a major campaign going on to get the price back up, presumably so they can get out without a loss.
Bitcoin is a highly speculative commodity, with some arcane method of determining “value” that has little to do with either solvency or any physical presence. It is probably the most ephemeral of vaporware, and should anybody ever break the algorithm that is supposed to make its exchange “safe”, it would drop like a lead balloon shot with a bazooka.
Gold or silver at least have the relative advantage in that they actually exist other than in a scrap of data on a computer or server.