Bitcoin is now a steal at about $93,000 per. Just days or weeks ago, it was at a record high of about $110K. My, how the mighty have fallen.
Bitcoin, of course, is a digital currency designed to be a hedge against government intrusion, and basically to be there when the dollar inevitably becomes worthless.
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Now, the demise of the almighty dollar is certainly still pretty far off, but….
The Demofiends have already talked of converting all cash into digital denominations, meaning the government would have complete control over your checking, savings, retirement, and even secret accounts.
They would have records of your digital assets, ready to be snatched up for whatever reason the fiends could cook up.
As Canada under Trudeau has shown, a government can shut down accounts and seize your accounts already. Trudeau did it to grandmothers who donated to truckers protesting COVID-19 restrictions in Ottawa, the nation’s capital.
The Bitcoin retreat, coupled with a sinking stock market, is saying something, primarily that all is not well in the economy. Specifically, investors seem to be doubting the AI phenomenon, much as they did for the Internet hysteria in the early 2009s. They are also wary of stretched-out company valuations.
Anyway, does all this add up to the start of the Trumpcession that I keep predicting?
We’ll see. And actually, a recession might just be what the doctor orders to cure inflation.
