Alert! Bitcoin is a bubble, ready to pop

Door Anti-Bitcoin Forum gepubliceerd op Thursday 18 May 20:12

Hi,

Bitcoin finally entered it's bubble stage, right before the predicted downfall. Why should you buy bitcoin at these valuations? There is only one right answer: you shouldn't.

If you do research on youtube you will most likely run into a few channels that predict bitcoin to reach 1 million USD in value rather sooner than later. Based upon the fact that the global monetary system will die. And meaning that if you buy 1 bitcoin today you will be a millionaire soon! Are you really that stupid??? Who wants to be a millionaire in an apocalyptic world?

To promote bitcoin these guys will tell you anything. They even tell you that the bitcoin revolution will finally take over the Federal Reserve Banking System, and will be even more desirable than gold and silver.

What does history tell us?

Well, The Federal Reserve Bank has been around since 1913, and survived quit a few tests. We had a gold standard, a gold exchange standard, Bretton Woods , Petro-Dollar and so one. And don't forget: 2 WW's. Right now there is a need for a new backing of the USD paper bill. It used to be backed by gold, even exchangeable by gold,... so it had a strong backbone. And beeing the first global reserve currency, a backbone indeed is what it needed and again ... needs right now.

Now, to give the USD a revaluation, people have to be able to link it with something they know is valuable. It was gold during several historical timeframes and might be gold again. However, with declining gold reserves compared to China that has a huge appetite for gold, the USD might even be backed by a silverstandard. But then again, silver has lots of industrial characteristics, making it a tough second choice.

Nevertheless, if I can change my USD for a piece of gold or silver, that makes sense to me. But change my USD for some bitcoin or any other cryptocurrency? No way this is going to work out well for me.

The reason is that a bitcoin is just a formula of bits'n bites, you can't see it, you can't hold it and it has no historical proven record.

Moreover, when I hear guys like Cliff High, who even predict a new iceage, whine about bitcoins, I rest my case. I mean: come on. For to long, these individuals have been able to widespread their negative worldviews and fear among people.

What will happen?

China will continue its rise and probably start to use gold as a backing of its currency at one time. The USD will hopefully be able to compete with this future chinese currency. But that's only possible if they have enough gold reserves. And nobody knows who much gold is in the US or in China.

What's the role of bitcoin in our world?

It's money for dreamers and cybernerds. It will never be used by average people.

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