Crypto Recovery Update 9.24.2017 + Global Dedollarization Accelerates

tylerdurden000(44)

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Cryptos are making a gradual recovery since the mini sell-off.!

After the Chinese Government's announcement to ban ICO's and shut down bitcoin exchanges, cryptos have understandably taken a large beating. Considering the massive interest from Chinese miners and investors, this was to be expected. Slowly, but surely, the cryptos are making a comeback, despite the additional recent attacks from Jamie Dimon, essentially calling Bitcoin a Fraud(https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html). I guess people do not like when you take away their corporate monopoly and monopoly money. Cryptos will probably wax and wane for a while as more ICO's and interest continue to inject capital in the cryptomarkets. Bitcoin is holding steady, trading in the $3500 to $4000 range, which it will probably hold for a while. Ethereum, also trading in the range of $250 to $300. These trends will likely continue until more positive news develops about adoption and utilization of cryptos.

More likely, however, the price will be affected by countries struggling with economic depression and social unrest--which is just about every country. People will be seeking refuge to store any wealth they might have left as central banks and governments hyperinflate their currencies to get out of debt. For example, Venezuelans are mining Bitcoin because cash is useless in their country(https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in-venezuela-because-of-hyperinflation.html). Moreover, Venezuela is also sending shock-waves through the global economic system as it has decided to end receiving US Dollars are payment for their oil. This acceleration in the removal of the US Dollar from Global Reserve Currency status is most likely a direct command from Russian and China, whom are seeking to end the monopoly of the USD in the global oil market. On the same note, China has recently decided to offer oil futures contracts, redeemable in gold, to circumvent the Petrodollar as well. More details on this as it develops.

Furthermore, the political tensions in North Korea and now Venezuela(currently butting heads with President Trump) will continue to create instability and chaos in the financial and political systems around the world. These wild cards might end in long term disaster and, in the short term, probably result in some form of tit-for-tat economic assaults on all parties involved. It is becoming very clear that instability is the name of the game in the global markets these days. Unfortunately, it appears these nascent trends are beginning to escalate in aggression, and will probably continue to do so as more and more countries find themselves grappling with widespread economic realities. In this case, catastrophic failure of the global financial system. Coincidentally, the global currency system has tended to reset every 30-40 years.

Additionally, the wildest news about cryptocurrencies this week comes from central banks and governments around the world. It seems that global institutions will opt for their own cryptocurrencies, as more and more countries are investigating its usefulness and efficacy in replacing traditional currencies--primarily the US Dollar. From a recent Cointelegraph article:

"According to a recent study by the Cambridge Centre for Alternative Finance, central banks around the world are strongly in favor of Blockchain technology. This, in spite of the recent report by the ECB that Blockchain technology is too immature for widespread use. According to the study, central banks surveyed indicated that 20 percent of central banks will be using Blockchain technology by 2019, and 40 percent will have active Blockchain applications within a decade."
-- (https://cointelegraph.com/news/central-banks-and-govts-are-pro-blockchain-80-consider-centralized-cryptocurrency).

Here is a PDF of the Cambridge study: https://cointelegraph.com/storage/uploads/view/2017-global-cryptocurrency-benchmarking-study.pdf

In conclusion, as the invisible global war heats up, expect banks to adopt some version of their own cryptocurrencies to minimize exposure to the USD. This will undoubtedly cause great instability as the USD begins to take major losses against other currency pairs. This spiral of chaos seems incredibly unstable at the moment, but in reality, it is just a good buying opportunity for alternative currencies. If you found this article useful, or would like me to write about other topics, please comment below! And don't forget to use soap! And consider getting some free bitcoin through the programs I have listed below :)