These last days the attacks against Bitcoin (BTC) have been intense and relentless by the two economic 'Super Powers' of the 21st Century, I am referring to the United States of America and the People's Republic of China, two supposed enemies that join forces to sink the leader of the digital economy. The war against the work of Satoshi Nakamoto and therefore against cryptocurrencies is intense and relentless, they use trickery and lies through the press and social networks, all to stop the remarkable advance of decentralized money.
To begin with, the mainstream media seems very interested in destroying the image of BTC, always attributing to it adjectives such as 'very risky', 'unstable' or 'impact against the environment' the most recent slander that the owner of Tesla, an undercover agent of the centralized world recently said against the main cryptocurrency, but despite the intense persecution, confidence in this currency continues to resist the onslaught of the fiat world.
Both the USA and China seem very determined to destroy BTC, as a function of making the dominance of their respective currencies prevail as both monetary signs are going through crucial times, therefore, the dominant groups representing and benefiting from these currencies feel the threat that the main of the cryptocurrencies on their skin. It is clear that those responsible for the dollar and the yuan urgently require time to establish a new financial framework towards a digital fiat version.
In the Chinese case there is already the project of a digital Yuan or 'Cryptoyuan', a process in which the physical part of the local currency (banknotes and coins) is dispensed with in order to maintain only electronic processes or transactions based on blockchain. This monetary concept will be the basis of the new international financial model that will govern the world when China formally initiates the transition to digital fiat, a step that will also be taken by the rest of the world's countries.
The problem of the cryptoyuan is that it does not have the confidence of the Chinese people, the Chinese government has had difficulties to make this currency to the taste of the population, which prefers electronic payments through systems dedicated to these purposes such as WeChat or Alipay, which enjoy the appreciation of the population of the Asian giant. But at any cost the Chinese government will impose its electronic fiat currency, furthermore, under this system the control it will exert over society will increase to levels that even Orwell would not be able to imagine.
The Chinese government has exerted pressure on the BTC since 2014 when it made public a series of sanctions against the possession and transaction in its territory of this cryptocurrency, while mining of the same is allowed given the low cost of electricity in that country. Now they are also jumping on the bandwagon of statements about the environmental impact of BTC and the high electricity consumption to justify this hoax, while they know that 65% of the hashrate of the leading cryptocurrency comes from the Asian giant, this according to a study conducted by the Center for Alternative Finance at the University of Cambridge.
From the point of view of the United States, the comfort of owning the currency of international trade has generated a terrible addiction to debt, while it has become a country with a serious problem of economic productivity as its leaders believe that the solution to all problems lies in the infinite issuance of dollars. Even this excess of dollars does not result in a tremendous hyperinflation due to the fact that dollars do not stay in the USA but circulate throughout the world, since this monetary sign is currently the main reserve of value and exchange of goods and services in the world.
But the excess issuance of dollars is generating a great devaluation of the currency, assuming that at the same time it is influencing the increase in consumer prices. On the other hand, the Federal Reserve (FED) has expressed its little intention to stop issuing money, therefore they will not lift a finger to reduce inflation as long as the dollar continues to be in demand in the world, however, the devaluation of the American currency has made the BTC become a valuable asset capable of efficiently protecting the savings of individuals, companies and nations. If the dollar continues to give way to cryptocurrencies, it runs the risk of losing its international power and, at the same time, the country will be immersed in a very serious inflationary crisis that not even the dollar 2.0 will be able to stop.
Chinese and Americans will not stop in their fight against BTC and cryptocurrencies, as long as they have the power to defame this currency due to their inability to control it. Precisely in the face of their inability to tame the monster as they do with gold, they will try to go after the users, starting with wallets and centralized exchanges, outlawing BTC and decentralized digital currencies held in cold wallets or offline knowing that it is an almost impossible task. It is clear that both countries are following the agreements that emerged at the beginning of the year in Davos, where the fiat masters decided that it is time to change the system for another (Great Reset), or rather, to make up with blockchain technology what they have.
While the BTC with its comings and goings, lows and highs continues to demonstrate an extraordinary health despite the comments of Yahoo Finance, Bloomberg or the press in general that diagnose it with each fall a death from which it will never recover.
