How many fingers did people lose yesterday on bitcoin and other crypto$.
Probably a lot of digits hit the floor in a bloody mess.
This morning I was reading about the demise of bitcoin and blockchain in general in an opinion piece in the Telegraph written by some bloke in "tHE cITY".
He was of the opinion that because of the China restrictions on moving fiat from banks to exchanges (and vice versa) and moves by other governments to potentially do the same - that crypto$ was essentially doomed...
But exsqueeze me.
Two things spring to mind!
1. Decentralisation ... obviously the author hasn't got his head around the concept that unless governments close down the electricity and communications grids of the world then that train has already left the station - in that crypto$ cannot be closed down unless governments close down the world.
2. The reddit/robinhood generation has now got sharp teeth and they really don't give a hoot about opinion pieces in The Telegraph or otherwise (I'm referring to the retail investor reddit/robinhood assault on Wall Street hedge funds over shorting GameStop shares recently).
3. (I know I said two!) but imagine a world where your crypto$ NEVER gets converted back to fiat (read the reddit/robinhood generation) and instead crypto$ is bartered electronically via BLE (bluetooth low energy) on your phone for stuff (just like gold coins used to be, and then paper money and now ... oh my gosh! fiat via google/apple/samsung pay). If crypto$ wallets circumvent fiat wallets because bankers are just, well, bankers, and because governments are just, well, governments, then that is the beginning of the end for the financial system as we know it... and closing down/restricting peeps from converting their crypto$ to fiat and vice versa (usually on the grounds of tax evasion or money laundering* concerns [READ - the authorities are panicking and losing control]) is only going to speed this process up...
I never even mentioned inflation or QE either...
*top tip.. fiat cash is best for money laundering (this is not financial advice)