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Bitcoin (BTC) remains supported by the American Commedia dell’arte – Cryptocurrencies

Bitcoin carried by comedy in the United States

As anticipated on Cryptocurrencies, the US election did the Bitcoin (BTC) business. And as evidence of massive electoral fraud accumulates, the surrounding uncertainty and the risk of civil war is pushing Bitcoin to levels we haven’t seen since the formidable bull run of 2017.

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Mass media dubbed Biden

article showing Biden's victory
Biden wins White House over Trump, says time to heal

Despite of strong suspicions of fraud, Associated Press (the equivalent of AFP in France) and CNN announced Joe Biden’s final victory last Saturday. Almost all of the Western media have picked up on the news. Even Fox News, normally devoted to the Republican cause, devoted the Democrat without waiting for the official announcement of the general services of the American administration.

The Associated Press (London) is one of the world’s three major news agencies. It is used by more than 12,000 news organizations, reaching half of the world’s population every day. The other two are in Paris (AFP Agence France-Presse) and New York (Reuters).

The media and newspapers are virtually blind without these media octopuses. It is the images and stories of these three sprawling agencies that determine our view of the world. Worse, these agencies have become branches of intelligence agencies, especially the CIA.. They are essential propaganda multipliers for the “system”.

According to Swiss Propaganda Research: ” news agencies are the main supplier of mass media. No daily news outlet can get by without them. Agencies therefore influence our image of the world; what we know is what they selected.

In short, what these agencies don’t talk about has never happened. And they are apparently the democratic kingmakers …

Not so fast …

tweet from donald trump
“We will win”

Emmanuel Macron, Angela Merkel, Giuseppe Conte (Italy), Boris Jonhson, Benyamin Netanyahou, or even Narendra Modi (India) hastened to congratulate the candidate for the 77 winters. A rush that Vladimir Poutine and Xi Jinping did not imitate, only too happy to watch America flirt with civil war.

Three days later, we are still waiting, in awaiting the verdict of the Supreme Court. Indeed, the Minister of Justice William Barr authorized investigations to prove the accusations of fraud. The states of Wisconsin, Pennsylvania, Georgia, Michigan, and possibly Virginia, are in the sights.

Assessors prevented from entering (many testimonies), computer bugs (Operation Scorecard?), Flagrant statistical anomalies etc …

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This highly explosive confusion is probably the main reason why Bitcoin is taking to the skies.

However, the bullish movement found resistance around $ 15,800 following the announcement of a vaccine (48 hours after the coronation of Biden by the media…). This little miracle lifted the stock market and benefited the dollar, in turn weighing down on Bitcoin, which gold also took a bit in its fall.

Be careful, however, because “the chance of a vaccine for an emerging disease becoming a public health tool is close to zero“, Says Professor Raoult. The development of a vaccine usually takes 7 to 15 years. The one against Ebola, for example, required five years of effort.

The stock market euphoria could therefore finally fizzle out and lead the dollar Index (DXY). The latter is scoring a triple bottom on the threshold of 92, saved in extremis by the vaccine from Pfizer (the manufacturer of Viagra). But if the wind changes direction once again, the unbinding of the DXY would certainly allow BTC / USD to continue its march forward with the $ 20,000 in its sights.

DXY dollar index
Dollar Index (DXY) / (Time scale on the abscissa: 1 year)

US Borrowing Rate, Hash Rate, JP Morgan

Watch the 10-year US rate. The latter had strongly withdrawn when Biden seemed to have won the election. It was a pledge of confidence on the part of the “markets” (banks) which weighed on the greenback. And while the chances of seeing Donald trump stay in the white house seem to be firming up, the 10-year rate is climbing back towards 1%. A break above this threshold could help the dollar keep its head above water and slow the rise of BTC.

US 10-year rate
US 10-year loan rate (Time scale on the x-axis: 6 months)

Regarding the Bitcoin hash rate, we are back to the highest since the end of August. Not that the computing power of the network is closely correlated with the value of Bitcoin. But it is reassuring to see that the miners have not deserted the place while mining has never been so profitable since halving.

Let’s end by saying that billionaires keep on braid laurels with Bitcoin:

“I own a lot, a lot more gold than bitcoin. But frankly, if the gold bet works, the bitcoin bet will probably work better. ”

Stanley Druckenmiller (Nov. 9, 2020)

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Even JP Morgan swallowed its hat noting that the fund GrayScale (Bitcoin) had attracted significantly more money than gold-backed ETFs during the month of October. Jamie Dimon’s bank even let go that large fortunes are now abandoning gold in favor of Bitcoin

So Bitcoin would become more prized than the barbaric relic? What more ?! Indeed, the 21,000,000 Bitcoins will be worth around $ 550,000 a piece if called upon to equal the value of the 190,000 tonnes of gold that came out of the earth.

  • BTC / USD weekly chart (one candle = one week)
usd bitcoin price

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