Today, I had my last attempt at explaining Bitcoin and cryptocurrency to anyone. I've realized that my closest friends and family have a minimal understanding of it, and I no longer feel the need to test my patience with anyone who is trapped in the current system.
I am no longer a crypto advocate; I am now a crypto individual. I live off crypto and believe that Bitcoin, along with several other projects, will play an essential role in the future of the internet and the digital economy. I have no incentive to persuade others to understand what I'm experiencing on a daily basis.
As the saying goes, "everyone buys Bitcoin at the price they deserve." These "clever" people who believe they have it all figured out will flock to Bitcoin once everything falls apart (metaphorically speaking). So why am I so frustrated? I recently had a ten-minute conversation with an accountant, trying to convince him of my case, only for him to end the discussion with the statement that "crypto is not palpable."
Well, is your money in your bank account palpable? I don't think so. It's not even yours if, by some chance, you disobey the law or the crooked fiscal system. Imagine, this guy didn't even know what fractional reserve means. What kind of education do these people receive to obtain these positions?
The financial and political system as we know it is collapsing due to its own design flaws, and everything that belonged to the old system is about to get destroyed. The missiles won't come from North Korea; they will come from the flawed system itself.
There are rumors that Saudi Arabia is selling oil for yuan, which they convert into gold on the Shanghai International Gold Exchange (SGEI). This news, along with other clues, points to a potential de-dollarization process, currently being pushed by China and Russia, which will mostly benefit the BRICS countries, especially China.
And more news like this is coming out. The Brazilian President recently announced his support for creating a new currency for BRICS nations to trade with.
Meanwhile, First Republic lost over 40% of its deposits, approximately $72 billion, in the first quarter of this year. Its shares sank nearly 50%, and it's expected to be seized by the US government. This is the bank that Jim Cramer praised a few weeks ago, calling it solid, while at the same time trashing Bitcoin and urging investors to sell it.
It seems like Bitcoin is a better alternative to bank stocks, and sooner rather than later, it will be a better alternative to any savings account. And speaking of savings, the "have fun staying poor" saying is finally starting to make sense for the average Brit.
According to Huw Pill, the Bank of England's chief economist, British households and businesses "need to accept" that they are poorer and stop seeking pay increases and pushing prices higher. Wasn't taming inflation the purpose of increasing rates? I see no sign of that, except for paying more for credit and banks collapsing in the US, with probably major ones in the EU to follow.
Christine Lagarde, the ECB President, has recently come to a bright conclusion. However, same as Elizabeth Warren, she has proven to be probably as knowledgeable as I am or even worse when it comes to understanding "how money and power works." Lagarde believes that China's trade partners holding more yuan in reserve could reduce the dominance of "our Western payment system."
Why does she think Xi Jinping paid visits to countries such as Russia, UAE, and other major political and economic players for the past few months? It's not like they were playing monopoly; they are somehow playing a game but with real money, real guns and real people...
So, back to the accountant who refuses to see value in Bitcoin and crypto, what is he missing? Probably a one in a lifetime chance for early access to digital monetary sovereignty. Probably...
Thanks for your attention,
Adrian
