While many of the largest cryptocurrencies are fading modestly this morning, Bitcoin is holding on to dramatic gains which saw the largest virtual currency spike to as high as $4190 as Yen, Yuan, and Won trading activity dominated volumes.
Bitcoin Cash remains in 4th place overall by market cap but Bitcoin is the only currency higher among the top 5 this morning.
I would like to put forth two points for your consideration:
- Bitcoin is not manipulated by central banks; gold is manipulated by central banks and banks. What happens to the price of gold when it is no longer manipulated?
- If people are putting their faith into a cryptocurrency instead of government backed currencies, how much faith do people have in the future of existing governments being able to “redeem” their full faith and credit for currencies such as the dollar?
Time to read (reread) Atlas Shrugged. Understand where the world is and what is coming.