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Bitcoin Reality

QUESTION: Mr. Armstrong : Since you have deep knowledge about coins and currencies going back to ancient times, it would be really helpful to get your view of what Bitcoin is or could be as a sort of World Currency. Is it a fad or something that should be taken seriously?
Thank you BH

https://www.armstrongeconomics.com/qa/bitcoin-reality/

martin armstrong on Bitcoin

Nice catch.

I would agree with Armstrong that electronic "money" will NOT become any world currency for a long time. There are NO local businesses that I know of (major US city: metro population over 2,000,000) that even take BTC. NO ONE in Peru takes it that I know of.

Bitcoin may catch on as a popular payment option, I hope so. But, I would expect that to happen in the USA and Europe first. If BTC cannot become widely used in the developed countries, I doubt that it would be worldwide.

TPTB also has raised the issue of Chinese dominance in mining of BTC, a mild negative to BTC IMO.

"world currency" is an insanely high bar. why not address the question of whether cryptocurrencies will find a niche and how big that niche could be? obviously bitcoin is not going to be made the sole "world currency." it's a dumb question to begin with. people are buying bitcoin with the idea that it is playing some role in the global economy and will play a larger role in the coming years. larger than 6 or 10 billion dollars worth. there's a lot of space in between 10 billion and the world's total money supply. if there's a 100-bagger, i won't give a flying fuck about the fact that bitcoin didn't become the world currency or that some governments end up banning it.

i LOVE this article of Martin Armstrong.

This was his chance to back up his previous short interview comments on Bitcoin where he was pointing out that "the government can shut it down anytime they want" without giving further explanation.

Now in this blog post, he does not point out any argument that neglects the potential of Bitcoin. What he is basically saying in the end of his post is that after the next crash (financial meltdown), a new system (blockchain based crypto stuff) will start having it's REAL rise.

From his blog post:

Quote

Bitcoin will eventually clash with government for they are hunting money. They will want their piece of the action. That is just how things evolve. After the crash and burn, the system will be completely new. That is when we will have a chance to reshape the world.

Good times to come.