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VenturisticAussie
VenturisticAussie

01/12/2021

The Probability And Impacts of Bitcoin - Part 2/3

To make things even worst, this disappearing act of fiat into Bitcoin is starting to accelerate since the 2020 halving event in May. Not a day goes by when we don’t hear of multiple billions being sunk into the Bitcoin by a new financial institution, while much fewer of the cryptocurrency is being sold than bought. The Federal Reserve saw weakness in the economy, and Congress announced that they are printing another 1 trillion dollars to hand out to theAmericans. Naturally, on the same day, Bitcoin skyrocketed to an all-time high. At a certain point, the exponential flow into Bitcoin will begin to affect the fiat supply by reducing it significantly. This will cause deflation, and the central bank will print orders of magnitude more fiat, which encourages more panicked Bitcoin purchases ever to preserve wealth, and the cycle continues. This “Bitcoin Option” presents the leaks in the system that our monetary planners didn’t anticipate. They either still do not see them or feel as if they are impossible to stop due to their completely decentralized nature. There is no CEO to drag before congress, no central server to shut down. These leaks may ultimately disrupt the entire banking system through hyperinflation with Bitcoin as an accelerant, without any shots being fired. I see a very uncomfortable future for those who don’t own Bitcoin. The transition to the new system will impoverish many of the middle class that were dangling on the edge of poverty before. The price of a whole coin is accelerating away from the financial reach of a middle-class person, and it seems like it will continue to do so, with its value per coin being $24,000 as of today. As Bitcoin appreciates higher and higher, the US dollar and other currencies continue to debase themselves, trying to catch up in overall value. The planners persist infilling the gas tank faster as it continues to pour out onto the road.

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