Posted on 03/25/2021 10:57:22 AM PDT by Red Badger
Veteran investor Ray Dalio warns that governments across the globe are planning to outlaw Bitcoin because the financial elite cannot tolerate something that they don’t have monopoly control over.
“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing,” Dalio told Yahoo Finance.
“So, I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed,” he added.
Dalio cited the 1934 Gold Reserve Act, which ended all private holding and use of gold as money. This followed the previous year’s Executive Order 6102, which made it a criminal offense for U.S. citizens to own or trade gold and led to a widespread confiscation program.
The investor said that Bitcoin’s volatile nature also posed a threat to financial elites’ control of money and banking, “because things can get out of control.”
Back in January, head of the European Central Bank Christine Lagarde called for global regulations on Bitcoin, labeling the cryptocurrency “reprehensible.”
“(Bitcoin) has conducted some funny business and some interesting and totally reprehensible money laundering activity,” said Lagarde, who herself was previously found guilty of financial negligence by a French court.
Bitcoin is also despised by cultural and media elites because it allows people who have had their lives turned upside down by deplatforming and denied banking to continue to operate.
One wonders what the trigger could be to create the moral panic around Bitcoin to grease the skids for its criminalization.
Perhaps a massive terror attack that was wholly funded by the cryptocurrency?
The value of Bitcoin has continued to surge in recent months and now stands at over $51,000 dollars.
RB,
Not to disparage the highly-respected Mr. Dalio, but I would bet on nationalization of the cryptocurrencies out there now. My reading is that Central Banks, under the BIS, are the future of cryptocurrencies. [I see the current crop of CCs as the “beta test” for a global CC.
Best regards,
prodagal
“But if you want to hold it for a rainy day, maybe have it on tap...”
If you are only able to hold onto something and not spend it, then it’s already useless as a form of currency.
ping list keeper:
aMorePerfectUnion
Trump’s theory once again, correct. Central Banks/Deep State
Must have control in order to lord over the deplorable citizens.
1934.when the U.S. federal stole people’s gold.
The history of government is a continual attack on freedom.
They’re going to outlaw anything that prevents them from having total control over people’s lives.
Now is the time to buy up everything you think you could possibly ever need - even if you have to use their fiat credit to do it.
Because that’s what money is for, to serve as a medium of exchange. By controlling money, they control government and use government to control us. But if you already have everything you need, you don’t need their money and they lose this control over you.
And while it may not be possible to acquire everything you need, or will need in the future, it is possible to acquire most of what you need for some time to come (e.g., food, clothing, tools, fuel, solar, electronics, garden supplies, shelter, etc.).
If you think things are getting crazy now, you ain’t seen nuttin’ yet.
Yeah. That’s how my sister, during the last credit crisis, was able to live in her home for a decade without paying her mortgage before they were able to evict her. As with so many bundled loans sold off to the investment market, the Promissory note and the deed got separated so the bank couldn’t prove they were the entity to which she owed the money.
That happened to a LOT of mortgages of savvy borrowers.
But ultimately the paperwork DOES exist. It’s all a part of contract law. And the “paper” is tied to a particular instrument and physical entity. There IS a foundation. You are buying a share in something tangible, like a company, a piece of property, or a loan.
It’s total supply wouldn’t even be a drop in the bucket of any major nation’s currency, let alone the world.
I'm guessing the demise of BTC is not as near as many are claiming... and I could be wrong.
Why would they outlaw it when they can just grab a piece of it for themselves? Why wouldn’t they just skim a percent off the top every year? And put you in jail if you don’t give it.
It seems that it is untraceable, so they don’t know who to tax....................
Bitcoin is dead man walking. Within 2 years it will be nearly worthless. Cypto fanboys will ride it all the way back down.
We will see. There are mainstream financial institutions applying for Bitcoin ETFs. If they approve them, that is governmental acceptance. Case closed.
Gold backed the dollar. FDR wanted to devalue the dollar. He could not do that unless he controlled gold.
Bitcoin doesn’t back the dollar. It the US government shuts down Bitcoin, what does that tell the world about their confidence in the supremacy of the dollar. A move like that would literally kill the dollar around the world.
There is absolutely no law against you or me printing our own money. Nada.
You cannot call it dollars. And you would have to convince someone to accept it. And no one would be obligated to accept it.
You cannot mint your own legal tender coins either. But I can buy silver and gold bullion coins all over the place.
People should read up on the digital yuan before cheering a digital Fed dollar. If the government doesn’t like you, it simply shuts down the wallet. You can neither buy nor sell.
It should scare you 100x more than Bitcoin.
Bitcoin doesn’t need any of that crap.
Didn’t I read above government investment funds are looking at investing in bitcoin?
Goldman Sachs filed for a Bitcoin ETF. JPM is creating a basket of Bitcoin exposure tools for their private banking customers. Fidelity filed for a straight BTC ETF.
Dalio is an old school Fed boi. He still thinks the dollar will be the reserve currency in 5 years. He thinks the inflation were are all seeing every day will be transitory. He thinks the big banks manipulation of the bullion markets is going to last forever.
The Chinese and Russians don’t like playing those games.
If people in government (and here) think that Bitcoin is the “problem” they are mistaking a symptom for a problem.
Funny how they have no problem tracking the right wingers using it:
https://blog.chainalysis.com/reports/capitol-riot-bitcoin-donation-alt-right-domestic-extremism
Might as well just send in a report to the government, it appears . . .
From the Yahoo link (https://news.yahoo.com/exclusive-large-bitcoin-payments-to-rightwing-activists-a-month-before-capitol-riot-linked-to-foreign-account-181954668.html)
the digital currency transactions are happening in plain sight. While cryptocurrency has the reputation of being anonymous and shadowy, that’s actually a common misconception, explained Maddie Kennedy, Chainalysis’s communications director. “With the right tools you can follow the money,” she said. “Cryptocurrency was designed to be transparent.”
Sent this article to a friend. Here is his reply. I agree with him.
“Dalio 1. Doesn’t understand crypto and 2. is confounding ‘money’ with ‘store of value’. BTC is past the money phase and is now in the store of value phase. Although, good call on crypto sponsored terrorism. That is how legislation would be pushed through. In the 1930s the gatekeepers were gold deposits at banks, so there was an easily identifiable, tangible valve to halt the flow of gold. In 2020s no one keeps cryptos in banks. Enforcement would be just about impossible as well as a slippery slope. Shut down Coinbase, Paypal, Visa, Mastercard & exchanges? Blacklist / block all other exchanges? Does ETH count as a crypto? If so, there are hundreds (and probably thousands) of use cases for ETH. What about the 1000s of other cryptos, tokens, blockchains and NFTs, all of which require crypto to run. Good luck Dalio.“
I suspect that is probably true.
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