by Jeff Berwick, The Dollar Vigilante:
Bitcoin has risen more than 25% in the last week, from near $430 to a high over $545 today. In that time, it has been pronounced dead at least once and is now at a 20-month high. We gave these three main reasons in the last year for why we thought it would go much higher:
1. Bitcoin and Blockchain are the Future of Money and Banking
Still to this day most other financial analysts either ignore bitcoin or, even stupider, deride it as being some sort of scam or ponzi scheme.
The dollar and government “services” like Social Security are scams and ponzi schemes… but bitcoin clearly is not. It is open source and so anyone who cares to look can see there is nothing nefarious about it. Therefore, anyone who says it is a scam or ponzi scheme is just showing willful ignorance as they could very easily look at it themselves and see it is not.
More than $1 billion was invested into bitcoin or blockchain related companies in 2015 from some of the biggest financial institutions in the world. They realize that bitcoin and the blockchain have changed the world of money and banking. They are just trying to keep up now.
Bitcoin is the biggest thing to be developed since the internet itself. And, in fact, blockchain related technologies, like The DAO, which just raised $132 million and became the biggest crowdfund in history, are creating the next generation of the internet itself… a more decentralized one.
It has now risen more than 100% since last summer when we said it was a screaming buy.
1. Bitcoin and Blockchain are the Future of Money and Banking
Still to this day most other financial analysts either ignore bitcoin or, even stupider, deride it as being some sort of scam or ponzi scheme.
The dollar and government “services” like Social Security are scams and ponzi schemes… but bitcoin clearly is not. It is open source and so anyone who cares to look can see there is nothing nefarious about it. Therefore, anyone who says it is a scam or ponzi scheme is just showing willful ignorance as they could very easily look at it themselves and see it is not.
More than $1 billion was invested into bitcoin or blockchain related companies in 2015 from some of the biggest financial institutions in the world. They realize that bitcoin and the blockchain have changed the world of money and banking. They are just trying to keep up now.
Bitcoin is the biggest thing to be developed since the internet itself. And, in fact, blockchain related technologies, like The DAO, which just raised $132 million and became the biggest crowdfund in history, are creating the next generation of the internet itself… a more decentralized one.
2. Capital Control Crackdowns, Bank Bail-Ins and Worldwide Taxation Schemes to Drive Bitcoin Growth
We have been one of the biggest sites following the War on Cash, bank bail-ins and the move towards a one world taxation system.
We said that governments will continue to crack down on capital and its flow across borders. In the US, the Foreign Account Tax Compliance Act (FATCA) continues to cause massive problems for banks worldwide that often end up opting out of the US dollar system.
Bank bail-in clauses have now been written into law in every major Western country in advance of the next great crisis. And schemes like the Panama Papers are making it harder to operate in offshore jurisdictions.
We said that this will lead a lot of people to bitcoin which cannot be sequestered, controlled or regulated.
Speculation on the latest breakout on bitcoin has to do with demand from China, which continues to be subject to heavy capital controls.
3. The Coming Debt Jubilee Could Send Bitcoin Easily above $10,000… Maybe $100,000… Maybe More
Probably the biggest reason we will see bitcoin go exponential in the coming months and years is due to the coming debt jubilee. All Western governments are bankrupt and all Western banks are bankrupt.
As this comes to a head and we have a crisis that makes 2008 look like a wonderful time we will see currencies collapse, banks collapse and potentially the entire financial and monetary systems collapse. It’s actually all been planned as we have shown in our Shemitah and Jubilee video series (see here).
When that collapse happens there is no telling how high bitcoin will rise as people panic and try to salvage some of their wealth… but for most it will be too late.
Read More @ TheDollarVigilante.com
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