Crypto-currency - China crackdown (General)
I predict fairly intense attacks on cryptocurrency technologies from the leading financial powers in the coming months and years, including the media. El Salvador has fired the first shot in a war, make no mistake about that.
The IMF, the World Bank, and all the other world banking bodies are terrified of Bitcoin and the technology it represents. These bodies, countries in general, depend on their currencies as expressions of their wealth. Bitcoin upends that. It completely fucks things up.
It's not just Bitcoin, but the blockchain tech behind it, so there's nothing sacred about BTC, but the fact is that blockchain technology means that people can exchange value without banks. That's the bottom line. We no longer need banks to exchange value internationally. This freaks out the big boys.
So we're going to see a lot of media attacks on Bitcoin and everything else that isn't mainstream BANK. Because the Man doesn't make money off of Bitcoin, and that pisses him off.
What has happened in El Salvador is truly revolutionary. It's a big deal. It's very historical.
My fear is that there's going to be a reaction. El Salvador is messing with the big boys, the Man. By making BTC a national currency, they are reclaiming their independence. It's a bold move. How will the Man react? Will he declare El Salvador a state sponsor of terrorism? Will he just fuck with the country in any number of ways?
One thing is for sure. Whatever the Man decides to do, it won't, it can't, stop Bitcoin.