Hi all
Bitcoin, like any other currency, functions on people having faith in it. Totally "Fiat" currencies work because members of a civilization agree to honor the currency. The US Dollar is tenuously hanging on as the main international currency, but as we have sold out our manufacturing base to China and other countries over the decades, there has been less and less faith in the US Dollar internationally. Now that the Federal Reserve Bank has gone into hyper money printing, to "paper over" the "pandemic," many are predicting that the US Dollar will crash. The US Dollar is actually the Federal Reserve Note, and the US does not own it. We could at least domestically replace the Federal Reserve Notes with US Treasury notes, but the international banks have taken control of our government to the extent that outside of a revolution, and complete replacement of this silly two party system, we are going to go down the path of severe economic collapse.
Pluto is currently transiting its own position on the US Declaration of Independence chart, and this indicates that the country is coming to a close, at least the country we knew. As we are brought to the crossroads of decision, and the US Dollar, Federal Reserve Note, currency is teetering, it is understandable that alternatives to the US Dollar would be cropping up.
My opinion is that no one knows what is going to happen with things like Bitcoin, as it is unique to the computer age. So, it affords an opportunity for astrological study. The Central Banks, as they are called, which are a group of banks based in England and Europe, have controlled international finance for over a century, and they see things like Bitcoin as a threat to their power. So, it will be interesting to see the astrology play out and if such new currencies as Bitcoin are able to break the power of these international banks.
El Salvador appears to be the first country to adopt Bitcoin as its national currency, and Paraguay seems to be following their lead. What gives any currency value is a large group of people agreeing to honor it for transactions for goods and services. If countries indeed use it as their national currency, then it would tend to maintain a value.
Some economists are saying that Bitcoin will evaporate just like the dot com companies did years ago. However, if Bitcoin use continues to grow, that is unlikely. Countries that don't adopt it as their main currency will have governments that are desperate to track transactions so that they can tax it. Bitcoin has a lot of potential to be an underground, tax free currency, just like in the past when there were a lot of "cash and carry" businesses in the United States. Merchants would be able to hide a lot of their income if they only did a cash business. That may become true of Bitcoin as well, as it seems that it is hard for governments to track.
There was just a big Bitcoin conference in Miami. Max Kaiser was there, and he is one who has been praising Bitcoin for 10 years, when Bitcoin was selling for $1 a coin. He notes that he told people to buy back then, and they would have gotten a fantastic return, and now he is saying that you need to buy it before it goes to $200,000 a coin.
What planet/sign rules Bitcoin? Uranus, perhaps? It seems to have radical fluctuations, but always bounces back to new highs. The trick seems to not panic sell, and to buy when the panic sellers are selling.
The Central Banks will try and destroy it, but it may be a sign of the shift of the Astrological Age. It could vanish, I suppose. If there is World War, and the internet breaks down, then the most valuable assets might be water, food, guns and ammunition. But that is yet another topic.
Interesting stuff.
Ken
