Why The Elites Hate Cryptocurrencies
A while back, I wrote this article about the war on cash. In it, I described how the elites, all over the world, have an utter hatred of cash, since you can use your cash without them tracking it, controlling it, or taxing it.
Take all that hatred the elites have towards cash and triple it for cryptocurrencies like bitcoin. As much as the elites hate cash, they can at least control how much is in circulation, can make certain denominations illegal whenever they like (as what just happened in India), can pay the thugs at airports to x-ray you to see if you’re carrying too much out of the country, and even confiscate it without a warrant via asset fortitude laws as part of the insane war on drugs.
Virtually none of this stuff is possible with cryptocurrencies. They exist digitally, and thus can be sent anywhere over the internet without the elites being able to do a damn thing about it. The best the elites can do is control large bitcoin exchanges within their own countries, but that’s it There are many of these exchanges and you don’t necessarily have to use the ones located in your country. Moreover, even if you do use one of these exchanges, once you use your bitcoin to buy something like ethereum, and then use the ethereum to buy some other crypto (even if it’s bitcoin again!), the elites cant do anything to see what you’re doing or stop you.
Ohhhhhh they fucking hate that.
So now, as I expected, they’re starting to crack down. China’s overloads announced they would be shutting down some exchanges in China. Jamie Dimon, CEO of JP Morgan Chase and one of the most powerful bankers in the world, made recent statements essentially saying that bitcoin and other cryptos were a scam.
In both cases, bitcoin’s price dropped sharply, but within just a few weeks it’s already climbed back up.
Can they make cryptos illegal? No. I don’t see any way they can really do that, as I analyzed here. I think the elites are going to be forced to tolerate cryptos the same way right-wingers have to tolerate marijuana and left-wingers have to tolerate hundreds of millions of guns in the US. Cryptocurrencies are already too common and entrenched into the decentralized internet or any government, or even group of governments, to ban or abolish.
Instead, they can bash it and fight it every step of the way. Expect more laws, crackdowns, and negative rhetoric from the elites bashing cryptocurrencies like bitcoin in the coming months and years. The elites absolutely despise anything like this that gives private citizens more freedom.
One last thing. It’s entirely likely that the US government or Federal Reserve will eventually create their own version of the “digital dollar” to compete against cryptos like bitcoin. As a matter of fact, I think something like this is likely. There are crypto currencies that are tethered to the value of the US Dollar, like NuBits, Tether, and Realcoin, but I’m talking here about a literal digital version of the dollar. This will be controlled through Federal Reserve servers so that they can track all transactions, just like they can now through the traditional banking system.
This digital dollar might be something worthwhile to use in some day-to-day transactions from a convenience point of view (like using PayPal), but as an investment or store of any sort of wealth, it will be just as crappy as keeping your money in a bank. No thanks.
It will be interesting to see what the elites come up with next. They won’t go down without a fight.