Well Bitcoin lovers and investors it’s finally happened! Bitcoin finally valued at 100,000 ! Long considered the first and quintessential model of Cryptocurrency, Bitcoin has spawned other wanna be’s and imitators.
But before you go take out a loan to buy one coin remember this: Bitcoin and cryptocurrency has no intrinsic value. It doesn’t produce anything.It’s a speculative asset
Although cryptocurrency is supposed to be is not sanctioned by any Government or subject to any of it’s rules or regulations it’s allure has become even more attractive.
Depending on where you are in the world Bitcoin has allies adversaries
The US financial industry begrudgingly has included Bitcoim to it’s list of financial products and offerings.
Initially during his earlier Presidential bids, former Presidential candidate, Donald Trump once referred to “Bitcoin” as a scam. However after receiving 25 million from some key Crypto holders in the industry he changed his mind and declared, “The United States” will lead the world in Crypto.
Some Senate Republicans are seizing on this and are looking for a chance to payback many in the industry by crafting,”The Bitcoin Reserve” bill. It would be buying hundreds to thousands of bitcoins of bitcoins to be held as an asset like our gold reserve for defined period of time and at the end of the stated period of time the bitcoin reserve fund would pay down or off the Federal deficit
Yeah..Right… The Federal deficit . The big red flag about this is when you start selling off Bitcoin it’s value decreases, a precipitous drop! Oops.
The individuals and institutions who are already in Bitcoin would sell theirs triggering a massive sell off all but making Bitcoin useless.
Let’s hope it doesn’t happen and heaven help us if it does
The next day, Bitcoin dropped back down to under 100,000.
How’s your Bitcoin doin?
