by Jeff Berwick, The Dollar Vigilante:
As I write, bitcoin is currently yet again at an all-time high, now over $5,800 with a $97 billion market cap.
And the cryptocurrency space as a sector is on the cusp of an all-time high as well, sitting at $177 billion, just shy of the $178 billion high hit six weeks ago.
People who are against bitcoin – and why in the world would you be against a free market money unless you are an immoral statist or a paid government troll? – like to make themselves feel better about missing out on the biggest thing since the internet by saying, “The government will shut it down!”
First, if you really believe the government will do that AND you are not doing everything within your power to end government then you are a pathetic slave of epic proportions.
But, there really isn’t a lot, short of shutting down the power and/or internet, the government can do to stop bitcoin.
And, again, if you think the government will soon cut off the internet or power to try to keep people enslaved and you aren’t spending every waking minute trying to get rid of government… then, again, you are a pathetic slave who likely deserves all the oppression coming to you.
That said, aside from trying to bring the world back to the stone age the government and the central banks don’t have a lot they can do.
Look what happens when they try to get rid of Wikileaks, for example.
I am still not entirely sure what to make of Wikileaks, but agents of the state have tried everything they can to stop it… and what happened? They made Wikileaks exponentially wealthier in the process.
At the end of 2010, bitcoin was trading at less than $0.30. If Wikileaks even had $10,000 worth of bitcoin then and hadn’t sold it since they’d have $200 million in funds that cannot be stolen by the government.
Whoops, that really backfired on demented McCain.
Another whistleblower, Edward Snowden, has also been active on Twitter advocating for an even more private cryptocurrency, ZCash.
Considering how ostracized he has been by the US government it is not hard to imagine that he also moved all of his capital into bitcoin years ago as well.
If so, those are two attempts by the US government to stop the flow of real information that ended up massively enriching their targets.
While Jamie Demon may be trying to talk down bitcoin I know, personally, of numerous JPMorgan employees that have been heavily involved in cryptocurrencies who either have or will soon be quitting their jobs with JPMorgan.
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