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Peter Thiel expressed: Bitcoin is the most honest market we have in the country, and it’s telling us that this decrepit regime is just about to blow up. He also stated, but surely the fact that Bitcoin is at $60,000 is an extremely hopeful sign. It is the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit regime is just about to blow up.
Noteworthy, Thiel, the venture capitalist and conservative political donor, urged the US government to consider tighter regulations on cryptocurrencies on the past.
Community response: How can a bubble be an honest market? There’s a saying that says, “As good as Gold”. If you want an honest market that’s not in a bubble, Gold is it.
In theory, gold should be the best and the most sound money, and it has been historically. The problem now is that the US treasury and ECB has the largest holdings in the world and can drive the price down to manipulate fiats value. Google “gold price suppression scheme.”
But note that this is not a comment about fundamental value. Important distinction. Hard Money, Sound Money, Bitcoin has nothing to do with “fundamental value” or “intrinsic value,’ it has everything to do with human civilization making it the most saleable asset in the world.
The question is why do they let Bitcoin be a honest market if they have made all others dishonest-stocks, real estate, gold, etc.?
Because it is decentralized. They cannot make paper bitcoin and transact with it as long as there is real demand to spot and people use self-storage. Bitcoin is here to destroy and reinvent, not to repair, so there will be pain and resistance.
Bitcoin is up because cash has to go somewhere, speculators rule the markets, and risk is on. HODLers would love it to be more than that, something existential and paradigm shifting, but it’s not.
If by “this regime” he means this mildly centrist Biden administration, then Thiel is parading his ignorance. If he means the entire petrodollar-based, US ‘superpower with no industrial production’ regime. Well, no duh. That is what Bitcoin at 60k is screaming about.
Doesn’t the US have the highest hash rate and they are adding more. You blow up the regime with it goes the hash rate back to China. It’s just 1924 Germany redux.
You need to understand the difference between US the state aka government and the people that inhabit the US.
Bitcoin cartel of wealthy figures is taking advantage of the worst parts of today’s capitalist system run away from interventions and regulations that serve as safety nets for the average person. Let that sink in.
What interventions and regulations do you personally require for Bitcoin? I’m assuming you believe the average person is unable to make a sound decision for themselves and need “help” living.
