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Bitcoin crashed through an all-time record high against other currencies last week. This move was simultaneous with mass capital flights in both the US and EU stock markets. One might ask whether the smart money is betting on massive stock market corrections happening soon.

The imminent raising of the US Government’s debt ceiling necessitates further dollar debasement. Some say that the inevitable inflation can only continue to feed the crypto bull market that we’ve been seeing.

However, no sooner had BTC roared past $5,000 when China’s central bank officially declared ICOs (initial coin offerings for cryptocurrencies) to be illegal, announcing that these had “Seriously disrupted the economic and financial order,” demanding entities which had raised money for these to refund their investors immediately.

This caused a massive sell-off in the cryptocurrency market, with Bitcoin now off 5% from its record high and the altcoins down by between 9%-23%. The Dollar Vigilante’s Jeff Berwick says, “While many ICOs and altcoins could be greatly damaged the more that governments attack them, they can’t attack Bitcoin. There is no central Bitcoin office. No CEO. It’s a self-running application. The only way to stop Bitcoin is to turn off the Internet.”

He also notes that a lawyer at the firm that’s been representing the Winkelvoss twins since 2013 in their bid to get their Bitcoin exchange-traded fund (ETF) approved by the US Securities and Exchange Commission (SEC) recently gained a position within the SEC’s Division of Investment Management that regulates ETFs, which could mean that the Winkelvoss twins might finally prevail.

The SEC rejected the last round of ETFs in March 2017, which Berwick says deprived Americans of $40 billion in capital gains but of course, nobody needs the approval of the SEC to buy Bitcoin directly.

In this clip, CryptoSpark reports that Standpoint Research Founder, Ronnie Moas predicts that Bitcoin will go to $20,000 in the next three years; with a market capitalization of $2 trillion within the next ten years. For his part, CryptoSpark is betting on a market cap closer to $1 trillion, which is still a long ways from the current capitalization of $160 billion+.

Alexandra Bruce

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Alexandra Bruce

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17 comments

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  • I’m wondering about Litecoin. If the ICO ban doesn’t effect Bitcoin it shouldn’t affect Litecoin because it’s built the same but easier to process and it mirrors Bitcoin like silver does gold some what. I’ve only heard that other cryptos like Ethereum will be.

  • I would be very very careful with Bitcoin and all the other crypto currencies. It all functions on computer code, and a skilled coder can make your wallet do anything. “Money” can disappear in the twinkling of an eye. Sure, it may seem great right now, and for that reason a lot of suckers may invest. If they are lucky with their timing, they may even make a lot of money, as with any Ponzi scheme. But I predict that the day will come when the rug is pulled out from under their feet. I say, invest only what you can afford to lose. Remember the golden rule…”If you can’t hold it in your hand, you don’t really own it”.

  • TIP-TOE through the TULIPS, through the TULIPS…a mania is a mania…anyone who believes that that system can’t be hacked, or like the Chinese, made illegal, through utter violence and force does remain living in the Dizzyland TPTSB dropped us/US into with the advent of the Industrial Revolution.
    Jus’ sayin’…

    • I have to say that I agree with your sentiments on belief in Bitcoin and what is to come. It’s all beginning to look like the doctom mania, rip-off and subsequent crash of the 90’s to me. I knew people who lost hundreds of thousands. Anything can be hacked–your wallet. Anything can be co-opted–cryptocurrency. Invest while you can but never “believe” you are safe. (Worlwide there are already “laws” being rolled-out to protect a monetary system in flux.) More likely? Somehow (I don’t pretend to know how.) cryptocurrency will be slowly co-opted and may even end up as that one-world digital currency we all dread. I know the notion sounds nuts at this juncture. However, as the Zen Master said, “We’ll see.”

    • You can go to an online exchange, such as Bitfinex.com open an account, create a Bitcoin wallet and buy Bitcoin there (not hard).

      I originally opened an account at Coinbase.com and bought my Bitcoin there, but moved everything over to Bitfinex which is a better platform.

      I should put my wallet into cold storage, as I don’t expect to buy or sell Bitcoin any time soon. I am definitely keeping what I have for the long term.

      • That’s great thanks I’ll check this out. I got confused information by web searching on this subject. I think you’re right to put it aside who knows what will happen in the future. I only hope we survive it, people are already struggling especially with housing in my city. There are employed people with jobs sleeping rough! Its a total scandal.

    • I like my stack. I can hold it all in my hands with just a little bit of work. And I know it’s paid for, and it’s mine, all mine. As long as no thief digs it up, which is very unlikely, I worry not one bit about a currency collapse, or a depression, or an EMP strike destroying computers, or a Fire, or flood. I know it will always be there to see me through. I don’t even worry about thieves digging it up because, well, never mind. All I have to do is stay alive. And when I pass on, my heirs will gain the knowledge of where it is, and they won’t have to worry about anything either. All they will have to do is stay alive.

  • I feel like my dog when these guys fast talk about whatever they’re predicting in the investment world. My dog looks at me cocking his head left and right trying so hard to understand what I’m telling him. But what he hears: “blah, blah, blah, Raleigh! Eck, oh, boom-a-loom, blah, blah, blah, Raleigh!”

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