Monday, September 26, 2022

Mark Jeftovic: Bitcoin Is The “Short The Status-Quo” Trade

by John Rubino, Dollar Collapse:

From Mark Jeftovic at BombThrower.com:

During one particular nasty down-day during the April – May crypto-mini winter, I put out an email alert to my premium list telling everybody to remain calm and keep the bigger picture in mind. At the time I said something like “It is not my intention to step in with a calming letter every time cryptos get beat up”.

Since then, we’ve gone on to fresh all-time highs and when cryptos did start moving again, it happened very fast.

El Salvador to Add More Geothermal Energy Sources to Power Bitcoin City

by Sergio Goschenko, Bitcoin:

The president of El Salvador, Nayib Bukele, has confirmed that the country is making investments to secure a geothermal power source for the construction and operation of the upcoming Bitcoin City, which will be financed with the earnings of the so-called “volcano bonds.” Bukele stated there are high chances of finding a well in the area of the Conchagua volcano that will be able to power the whole city by itself.

Prince Philip of Serbia: Bitcoin Is Freedom — Says ‘We Need to Take the Money Away From the State’

by Kevin Helms, Bitcoin:

Prince Philip of Serbia and Yugoslavia says that bitcoin is freedom. Noting that “we need to take the money away from the state,” the prince stressed: “We need to have hard money again. We need to have good quality money that’s not subject to inflation.”

Crypto CONTAGION spreads as Ponzi-like elements of the crypto ecosystem start unwinding uncontrollably

by Mike Adams, Natural News:

Crypto carnage is spreading quickly, with the LUNA token demonstrating a near collapse a few weeks ago, and now the Celsius crypto lending platform declaring what is essentially a “bail-in” freeze of all customer assets.

If you had crypto deposited with Celsius, you no longer technically own it since you no longer control it. Celsius just halted all withdrawals, which is something banks do when they are on the verge of collapse. Now the only real question is how far this systemic purge of the crypto bubble will go: Is Tether about to crater? What about Microstrategies, the largest holder of Bitcoin? CEO Michael Saylor is now publicly trying to assure everyone that Microstrategies won’t collapse. Usually this is the kind of thing CEOs say when they are approaching collapse.

How Banks Are Trying To Discredit Bitcoin

from Great Game India:

Bitcoin’s popularity grows year after year. By every criteria — financial value, adoption rates, transaction volume, you name it — Bitcoin is becoming popular. Fearing its capacity to upset the financial system, banks are trying to discredit Bitcoin and cryptourrency.

However, not everyone is content. Bitcoin adoption is increasing. The banking industry, in particular, sees bitcoin’s rise as a threat and continues to fight the cryptocurrency.

Singapore’s Central Bank: We Want to Be a Responsible Global Crypto Hub

by Kevin Helms, Bitcoin:

The Monetary Authority of Singapore (MAS), the country’s central bank and the regulator of the crypto sector, says that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” said the central bank chief.

IMF urges El Salvador to strip Bitcoin’s legal tender status

from Al Jazeera:

The International Monetary Fund’s board urged El Salvador to strip Bitcoin of its status as legal currency due to its large risks, highlighting a major obstacle for the nation’s efforts to get a loan from the institution.

El Salvador last year sought a $1.3 billion IMF loan, but talks have been stymied by the lender’s Bitcoin concerns, and any program would need to be approved by the board.

As Bitcoin Breaks Support, Bulls and Bears Pretend to Know the Unknowable

by Mish Shedlock, Mishtalk:

I don’t know where Bitcoin is headed and no one else does either, but margin calls and leverage could easily lead to a rout.

Bitcoin broke technical support at the $35,000 level, but that support was very weak with only one bounce off that level.

Words of Warnings

Technically speaking, the $32,000 level looks far more promising for a bounce.

During Monetary Crises, Gold or BTC?

by J. Kim, Gold Seek:

During real monetary crises, do you think citizens should want gold or bitcoin? Of course, bitcoin advocates are always preaching how BTC is the money of freedom that serves citizens best during crises and that physical gold is fool’s gold when compared to bitcoin. For example, Mark Cuban, among others, is among the community of crypto HODLers that sincerely believe that ownership of BTC will serve citizens better than gold during real economic and monetary crises. Cuban has flat out stated multiple times that “bitcoin is better than gold”. On the other hand, the majority of members of the “only gold is sound money” community has always stated that gold performs best during true economic and monetary crisis.