Bitcoin (BTC) and other alt-coins are under extreme strain as stablecoins have broken pinnings to the U.S. dollar. Exchanges responsible for these coins or having major investments are in collapse.
Depending upon who you consider an expert, it is either a major calamity or a virtual non-event.
One thing is certain in this environment, and it will be the topic of an upcoming post. The EU and the USA are all eager to establish central bank digital currencies as part of a social credit system, in which it can direct the spending of citizens’ wealth as a part of controlling their behavior. Defi and alt-coins, as I have discussed since the beginnings of cryptocurrencies, have never faced the wrath of governments that do not want to give up their power of the purse. All you have to do is to look at gasoline prices in most of the Western world, and you know that the power to restrict resource exploration can create poverty for those who cannot afford to pay the price of restricted assets. As I have always said, the entity that controls the weapons (financial and self-defense) controls the currency. That entity over history has been the government.
We could be hitting some near-term support for Bitcoin, but if sellers press, we could see a price as low as in the mid-to-low $9000s. It all depends upon which side, seller or buyer, shows up.
More will be coming soon. Thank you for reading this installment.
