THE FED LIKES BITCOIN?

THE FED LIKES BITCOIN?



the Federal Reserve of the United States has capitulated in my opinion this means that bitcoin will inevitably go much higher from here so is it time to buy well if you enjoy the content don't forget to leave a like and subscribe this is I financed so let's get into it this is a historic day guys this is the first day that I see members of Congress openly discussing the possibility of Bitcoin overthrowing the US dollar as the world's reserve currency this will be one of those days that we will look back in history and remember it was a turning point for Bitcoin Jerome Powell today discussed Bitcoin and Libra in a session in front of Congress and what I find funny is that everybody seems to be focusing on Powell's call for regulation on Libra and it is true that regulation on Libra will indeed translate into a slower implementation and adoption of the cryptocurrency and obviously this in turn will tell us that Libra won't be bitcoins gateway drug for the foreseeable future after all the wheels of US regulation turn very slowly and we all know that in the cryptocurrencies base but the fact that the market sold off due to Powell's comments on Libra tells us that the market is indeed expecting Libra to be a positive catalyst for Bitcoin otherwise the price of Bitcoin wouldn't have declined so I suppose the market was expecting Libra to be a gateway to Bitcoin and after all Libra would indeed bring 2.38 billion people into the cryptocurrency space and it is reasonable to expect that a good portion of those people would buy Bitcoin you know after they start dabbling into cryptocurrencies with Libra as a result Bitcoin price should be much higher than it is today still we all know that the u.s. doesn't want to regulate Libra because of money laundering or anything of the sort come on guys after all many big banks have been caught doing just that and nobody seems to care in Congress no the u.s. wants to regulate Libra because these would jeopardize the dollar status as the world to reserve currency and this would in turn put endangered the u.s. ability to have a perpetually a commodity of monetary policy at the expense of those who hold the USD meaning the 99% of people who hold dollars but as much as I think a delay in libras release is negative for Bitcoin I do think that people are forgetting a more important piece of news and this is why I think the market is getting this wrong you see the correct headline should be quote the US government realizes that Bitcoin could eventually overthrow the dollar as the world's reserve currency in fact chairman Powell noted that the US dollar has been the world's reserve currency because of certain circumstances and it is not set in stone for example he mentioned that usually the world tends to gravitate towards the currency of the most influential country or the one that has the strongest military the most resilient financial institutions etc for the past few decades the world has indeed chosen the dollar as the world's reserve currency for these reasons however he noted that this could theoretically change depending on the fundamentals of the economy and the viability of other alternative currencies in other words this could change if the world rises up and ditches the dollar in favor of Bitcoin Powell also said that so far he doesn't think that there's any other competitor for the dollar however he did note that the US shouldn't assume that the dollar will remain as the world reserve currency because quote unquote it won't as I was listening to the speech I just felt this was a surreal moment for me because I've been following these types of testimonials for years and quite frankly I can't remember one in which they openly discussed the possibility of the dollar not be in the world of currency anymore so this whole speech was so surreal for me it felt almost as if I was watching a movie a documentary and this was the highlight reel of how Bitcoin changed the world but anyways lastly mr. Powell mentioned two more critical things one it is possible for two or more currencies to share the reserve status this means that maybe we could see a u.s. dollar sharing their serf status with the Euro sure or maybe with Bitcoin correct could be or may be a crypto currency backed by the US dollar issued by the US government share the reserve status with Bitcoin who knows but mr. Powell noted that this is entirely possible and two that bitcoin is being used as a store of value just like old and this is huge guys think about it these are historical remarks after all now bitcoin is not only aiming at gold market cap of about seven trillion dollars which would mean it is 35 times bigger than Bitcoin no it is actually targeting now the US dollar itself and the US dollar has 20 trillion dollar market cap it's almost three times as big as gold itself not to mention that if Bitcoin can replace the dollar as the world's reserve currency then it might as well just replace all fiat currencies and that's a lot of money guys we're talking probably in the hundreds of trillions of dollars around a hundred trillion dollars but it gets even better because at that point all that and all derivative instruments like options and all that are in play as well and they have a collective market cap of well over a quadrillion dollars so if you price all of these instruments in Bitcoin it is very possible it is realistic to imagine a 10 million dollar Bitcoin at this point we're talking about a hundred x to a thousand x increase from the current bitcoin price so the fact that people are worrying about a liberal so the fact that people are worrying about Liberatore is laughable in my opinion quite frankly Libre will never be a competitor to Bitcoin and in fact it will only help Bitcoin also people are focusing on short-term fluctuations and are missing out on potentially life-changing opportunities think about it guys we're talking about certain types of returns that you can't find anywhere else in the stock market or anywhere else so I don't want to start the formal or anything of the sort but I I just want to tell you don't get left behind guys remember Fiat is always losing its value and you're being roughed by central bank's while they keep printing more money out of thin air so by definition you're going to lose value while you hold Fiat conversely this means that the price of Bitcoin due to its deflationary nature and the fact that it is price on dollars will inevitably keep going higher so that's just food for thought guys anyways that's it for today guys don't forget to leave a like and subscribe it really helps a lot thank you for watching and I'll see you in the next video

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