If you’ve been reading my articles and tweets for the past five years; and understand what fiat currency, Precious Metals, and fiat currency ARE; you knew it was coming, and sense we’re on the cusp of something BIG.
Which is, the historic moment when Bitcoin officially becomes a MAJOR, MUST-OWN ASSET CLASS; en route to becoming the DOMINANT STORE-OF-VALUE ASSET – and potentially, a de facto GLOBAL RESERVE CURRENCY.
When I first entered Precious Metals in 2002, Bitcoin didn’t even exist – as it wasn’t until 2008, when Central banks PERMANENTLY BROKE history’s largest, most destructive fiat Ponzi scheme, that it arrived.
No, it wasn’t until 2008 when Mother Nature decided enough was enough – and like the gender-switching frogs in Jurassic Park, “found a way” to destroy the bankers, and their fiat Frankenstein creation, at one fell swoop. Bitcoin was born, requiring only a decade to build itself out, and a pin to pop the bankers’ balloon.
When the COVID-19 panic commenced, global debt had ALREADY spiraled parabolically; interest rates were ALREADY near, at, or below zero; and QE was ALREADY in full force in many major economies. Which is why the bankers’ predictable response has been so catastrophic for fiat currency (and the billions that rely on it), and powerfully mega-bullish for Bitcoin.
Last week’s insane monetary and fiscal stimulus actions, by the Fed and ALL Central banks, were bad enough – causing mass destruction of ALL global currencies, and not even helping financial markets stabilize. However, it was the Fed’s actions Sunday night – cutting rates 100 bps to zero, and launching a fresh $700 billion of QE - that was immediately mirrored by ALL other banks - that finally, irreversibly, ended the fiat façade; woke the “Bitcoin vigilantes”; and once and for all, demonstrated Precious Metals no longer play a role in a modern, DIGITAL society. I thus deemed it the “culmination of my life’s work, and start of the new monetary paradigm.”
Whether it becomes a global pandemic, or fizzles out quickly matters not – as COVID-19’s timing was incredibly prescient, emerging two months before what was already to be an historic Bitcoin halving. Thus, enabling the global investment community to understand the stark difference between Bitcoin’s scarcity and fiat’s worthlessness; not to mention, Precious Metals’ opaque physical supply, and limitless “paper” supply.
OG Bitcoiners have known this was coming for years – and now, the rest of the world is about to understand it, too. I fully believe Bitcoin – which AGAIN found support at the OLD HOFFMAN LINE of a $100 billion market cap – will challenge the NEW HOFFMAN LINE of a $1 trillion market cap by year-end…and the ULTIMATE HOFFMAN LINE of gold’s $8 trillion market cap in the not-too-distant future.
Very rarely do we get to witness a KEY INFLECTION POINT IN HISTORY – and this week’s BITCOIN COMING OUT PARTY is one of them!
Join the community in our migration to Hive, a community built blockchain for the community. All Steem account holders will receive equivalent stake on the new Hive blockchain.
Please follow @innerhive on twitter for more information.
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