Bitcoin Jumps Back to $47,000

Previously: The Bitcoin ETF Approval Tweet from the SEC was a Hack, But the Price was Real

Bitcoin is back on top again after having dropped as a result of the hacking of the SEC’s Twitter account.

A few minutes ago (at time of writing) it crossed the $47,000 threshold once again.

The stock market is up today too, so Bitcoin is moving with that.

I don’t give investment advice. But everyone knows I’m very pro-Bitcoin, for a number of different reasons. I support it for all of the basic libertarian Ron Paul type reasons relating to “sound money.” Everyone knows all of that stuff and it’s boring, but I do generally support libertarian economics (with several qualifiers). And I support Bitcoin for personal reasons; it’s the only way I am able to do business, because in 2017, I was banned for life from all financial institutions in the world (rofl, this is literally true, but it still makes me laugh every time I type it).

I can’t say whether it is a good investment. No one knows. I don’t give that advice.

Here’s some advice I will give: if you’re married, you should secretly be buying Bitcoin and keeping it in a private wallet. If it goes up, it goes up, if not, you’ll still be happy to have something of your own stored away if/when the divorce happens.

I’m at the point now where I don’t think Bitcoin is going to zero, which means it ultimately could be worth infinity against the US dollar, which could very well go to zero.

My estimate is always that when the US is officially knocked off its high horse as the global overlord, the dollar will lose 70% of its value. I just pulled that number out of nowhere, but it makes logical sense based on basic guesstimates as regards how much of the value of the dollar is based on its status as global currency and how much of it is real value based on the American economy. I think it’s a 70-30 split.

However: in the case that this did happen, the government would immediately respond by mass-printing money, which would further drive down the value of the dollar against Bitcoin.

We don’t know exactly how China is going to choose to run the international financial system when that becomes their job, but we can assume they will not do it as the US has done it. The US did it in a very Jewish way, because the US is a country run by Jews, whereas China is run by Chinamen, and therefore will run the economy in a Chinese way.

This is to say: I doubt they will want to simply have their own yuan replace the dollar as “global reserve currency,” and will instead come up with a different system, maybe based on gold.

The Chinese do not seek the kind of domination that the US has thrived on. They really do just want to say “China #1,” and be the richest country, that trades with every other country. That won’t change. They are not all of a sudden going to start trying to force other countries to conform to “Chinese values.” I promise that will not happen.

So… you can do the math. I don’t know.