Bitcoin has invented a new kind of artificial scarcity FOMO that outside of the banana republic stock of 2020, Tesla, went up 1,100% since the March lows and is the best deal around — for Whales. that is.
Bitcoin, once heralded as a decentralized token of note, is now just a way that rich people can get richer, faster. It’s literally sad to see blockchain technology come to this, where Bitcoin is the FOMO asset, in 2021, a year when the American dollar is set to depreciate as much as 20% and real inflation could occur in the once great United States.
What does Bitcoin at $41,000 say about the world? It says we live in a world where central banks thought the best fiscal policy was to print more money and prop up the stock market, and give an almost unlimited liquidity pump to the rich.
“Bitcoin whales, addresses with more than 100 bitcoin, accumulated an additional 47,500 bitcoin amid bitcoin’s ruthless rally throughout December,” researchers at the San Francisco-based bitcoin and cryptocurrency exchange Kraken wrote in a report out Thursday. So why is this worrying? It shows Bitcoin doesn’t need many addresses or real people to go up, with the sense of artificial scarcity the asset has created.
When you can run from 40k to 200k likely in 18 months, Bitcoin isn’t just the next gold, it’s the elevator asset of a world addicted to FOMO investing.
All the Robinhood investors aren’t doing options and trading penny stocks because they can’t afford cheap cryptocurrencies. They aren’t that stupid. Crypto has become an even more scammy world now that Paypal, institutional investors and the rich have warmed again to Bitcoin and other altcoins.
ICOs were the biggest wave of fraudulent startups I have ever seen in my lifetime, but Bitcoin is becoming an asset that needs to be regulated by Governments, because it’s destroying the financial system.
2020 and 2021 will be the biggest fraudulent transfer of wealth in the history of money, in the history of a world addicted to accelerating wealth inequality that will result in a huge class warfare revolution of the 2060s. The Last Futurist has often been blogging about wealth inequality for a reason.
It’s what will topple the very way we think of free-market capitalism and democracy, institutions that are being degraded by the fall of the middle class and the standard of living of young people around the world.
Bitcoin Isn’t Digital Gold, It’s Digital FOMO
Bitcoin is not part of the great mechanisms of deceit. Bitcoin addresses with a balance of more than 100 bitcoin surpassed 16,300 — a reading last seen on March 16, 2020.
Bitcoin is the 2021 hedge against inflation, and that’s why it will keep rising past $40,000 to the moon, as the kids like to say. That’s not a financial system that’s serving the majority of people. Whales are buying the majority of Bitcoins in late 2020 and early 2021 and it’s an elevator asset for the super rich.
It should be outlawed, but in an era where the Fed bailed out the super-rich by printing money, with too much liquidity around, you cannot blame Bitcoin. Fiscal policy itself has officially been hacked.
In 2017, Bitcoin soared from around $1k to $20k for roughly a 20x return over a short period. This time Bitcoin made a low of around $5k during the pandemic lows of the spring of 2020. Now, at $40k, that’s an 8x return over a similar span as the 2017 run. However in 2021, the ultra-rich whales are participating and the majority of Bitcoin is “centralized” in just a few thousand wallets.
Bitcoin is not mainstream, it’s not owned by many people nor is it used as a method of payment. That’s all part of the scam and allure of Bitcoin. Own a Tesla or own Bitcoin? Welcome to a financial world of FOMO. That Bitcoin is a digital gold is outrageous, it’s volatility and price index actually is more comparable to copper. It’s not a defensive asset, it’s a growth asset without any intrinsic value but the perceived scarcity of its FOMO culture.
Experts believe the bull run is due in large part to increasing institutional investment in digital currency from established firms such as PayPal and Ruffer Investment Management, which purchased around $745 million in Bitcoin in November.
The problem is the biggest Bitcoin wallets by far are whales that mean the ultra-rich, people like tech entrepreneurs and the Elon Musks of the world. There’s no transparency also with Bitcoin ownership, making it a dangerous asset in the fight against wealth inequality. Or Bitcoin is the perfect hack of how the richer get richer in the corrupt capitalism of America.
The 2017 Bitcoin rally was followed by an approximately 80% decline after the top into 2018. In 2021 Bitcoin is recognized as becoming as likely a permanent fixture of the world as Covid-19 will be, like the common flu. When you have a FOMO digital asset that was worth pennies before, and could be worth $200,000, the new mainstream media consensus, you stoke FOMO to get richer faster.
People like Jack Dorsey or Chamath Palihapitiya aren’t exactly great custodians of Bitcoin. They just have dollars in their eyes. The reality is that Bitcoin is far from being a magic money tree, nor is it free from downward price swings, but it is a full-on FOMO scam. Bitcoin was the asset that the billionaire class used during the Covid-19 crisis to manipulate the future of our financial system.
Bitcoin is the banana republic currency. Easy to manipulate, with inverse inflation, pumped scarcity and all that benefits the wealthy. Thanks, guys! The crypto revolution is really an even more efficient means of financial corruption.
The Fed printing money and stimulus is also responsible for Bitcoin’s horrible ascent in a world where a plummeting U.S. dollar and real inflation is not just a possibility but a near certainty. An America with 10 million less jobs and the rich that just got a few trillion dollars richer.