Bitcoin Hits New All-Time High Above $5,000 As Lagarde Concedes Defeat and Jamie Demon Shuts Up

by Jeff Berwick, The Dollar Vigilante:

Bitcoin has just soared through $5,000 USD for the first time ever topping its old high of $4,950.72 on September 1st.

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It rose over $500, or 10%, today to hit a high of $5,341.

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Combined with Bitcoin Cash it now sits near $5,700.

This isn’t an all-time high for the cryptocurrency space as a whole, though, as it hit a high of nearly $180 billion on September 1st and currently stands at just over $160 billion.

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That may be due, partially, to people moving back into bitcoin prior to the next big fork in November.

Bitcoin has been gaining back market dominance against the rest of the cryptocurrencies since June and again claims more than 50% share of the entire market.

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While bitcoin is still small in the grand scheme of things no one can avoid having to comment on it… from the IMF to the Federal Reserve to JPMorgan.

Recently, Christine Lagarde said that bitcoin could ultimately give central banks a run for their money. Not sure if the pun was intended or not, but it is apropos.

Of course, being the television puppet for the IMF, a communist style central planning agency, Lagarde has serious concerns about how governments will be able to extort bitcoin.

But, in the interview, she showed her massive lack of knowledge of the space. When asked about China banning Initial Coin Offerings (ICOs) she responded, “China has decided to ban the initial offering of bitcoins.”

She doesn’t even know what an ICO is!

Another commie, Axel Weber, who previously served as head of Germany's central bank displayed even more ignorance this week saying bitcoin is not a currency because it is not a store of value. That’s quite laughable considering his predecessors oversaw the Weimar Republic hyperinflation and the euro has lost about 99.999% of value versus bitcoin in the last eight years.

He said in 2015 that bitcoin was set to fail, "because there is no lender of last resort – there will always be boom and bust."

Not only has he been wrong on bitcoin’s failure, having risen 2,000% since his remark, but he doesn’t even realize that the reason bitcoin isn’t failing is BECAUSE there is no “lender of last resort” who can print up bitcoin on a whim and give to their commie friends.

Not to mention, central banks are the cause of booms and busts due to their manipulation of interest rates and counterfeiting of money.

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