Thursday, October 17, 2019

Venezuela Wants To Use Bitcoins For Oil Transactions

from ZeroHedge:

According to Bloomberg, the Central Bank of Venezuela is examining whether it can receive and transfer cryptocurrencies.

The bank’s investigation follows the news of state-run Petroleos de Venezuela SA (PSDV), which has been running tests to eventually transfer Bitcoin and Etherum to the central bank and have it pay its suppliers with digital currency, according to four people with direct knowledge.

Sources said the central bank has been studying plans that would allow cryptocurrencies to be recorded as international reserves, now near-record-low levels.

Governments Can’t Stop Bitcoin

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by Teeka Tiwari, Casey Research:

Chris’ note: Regular readers know we’re bullish on the cryptocurrency market, especially bitcoin, which is up 169% this year.

But now that cryptos are going mainstream (with companies like Facebook planning to launch their own coins soon), there have been plenty of questions about whether the government sees them as a threat… and whether it will try to shut them down.

So today, we’re once again handing things over to my friend and colleague Teeka Tiwari, editor of Palm Beach Confidential. When it comes to cryptos, Teeka’s seen it all… and he wants you to know that you shouldn’t be worried if the government tries to tighten its grip on the market.

Bitcoin Provides a Haven From the Coming Currency Crisis

by Teeka Tiwari, Casey Research:

Chris’ note: If you’ve been following along in the Dispatch, you know we often warn you about the crises we see around the corner – and the best ways to profit from them.

That’s why you should be paying attention to what’s happening in Argentina. Earlier this month, the government triggered a currency crisis, and hundreds of its citizens lined up at ATMs to get their money out of the bank.

Now, you may think that if you don’t live there, this doesn’t affect you. But as my colleague Teeka Tiwari will tell you, that couldn’t be further from the truth.

Hyperbitcoinization

by JP Koning, BullionStar:

I hear the term hyperbitcoinization a lot these days. It reminds me of some of the narratives that have long underpinned the gold sector.

When I first found a job in the financial industry many years ago, my boss (who was also the owner of the brokerage at which I worked) was a faithful gold bug. Leaning back in his worn chair, he’d map out his vision for the future. It usually went something like this…

Central banks of the world were on the brink of waging a war of competitive currency devaluations. Global hyperinflation would ensue. A crack-up boom would inevitably occur, or what economist Ludwig von Mises referred to as a katastrophenhausse. This would involve a complete break down of the monetary system. Paper money would become mere scrap paper, with gold left to take up the baton as money.

Sorry, I Don’t Want to Pay for More Bombs: Bitcoin as a Hedge Against Funding War

by Graham Smith, Activist Post:

After nearly two decades of U.S.-led coalition bombs falling on the Middle East, peace in the region still has not been achieved. Now the United States is once again bolstering military forces, this time in Saudi Arabia. Meanwhile, taxpayers in multiple countries are being forced to pay for these ill-fated and unethical campaigns, with little to no say in the matter. Bitcoin and cryptocurrency provide a means, however, to store and move value in peaceful ways, in lieu of donating to the murder of strangers overseas.

Keiser Report: A Progressive Case for Hard Money (E1410)

from RT:

In this episode of the Summer Solutions 2019 for the Keiser Report, Max and Stacy are joined by Alasdair Macleod of Goldmoney.com for his hard money pitch as a solution to many of the global economic and monetary woes causing societal unrest (from Occupy Wall Street to the Yellow Vests) and despair (like the more than 75,000 annual opioid overdoses in the U.S.).