There will be no turning back for thee Bitcoin (BTC). We’ll probably never see the $ 20,000 again. Even narrow, technophobic minds swearing by the barbaric relic begin to doubt …
Bitcoin comes to the NFL
This new rally is probably linked to the decision of a famous American National Football League player to get paid in Bitcoin. Panthers offensive lineman Russell Okung will now receive half of his salary ($ 13 million per year) in Bitcoin. He had made his request in May 2019.
Several professional athletes in the world of Baseball and Basketball also intend to take the plunge. The prospect of an absolutely massive advertisement for Bitcoin may explain this great start for 2021 …
Russel Okung went through Jack Mallers to manage his Bitcoins (ZAP Wallet Lightning Network). The founder of this wallet gave a powerful speech on Fox News to explain the choice of his foal:
” Everyone is losing money to exponential inflation of assets. The Covid crisis and the fact that the Fed needs to print so much money makes everything come to light. Inflation is defined by the CPI (Consumer Price Index) and is believed to reflect rising prices. But the basket of products chosen by the government does not reflect the real rise in the cost of living. They say there is no inflation because the price of my Netflix subscription is not going up. But I also need a house and send my kids to college. My father paid $ 9,000 for his college education 30 years ago while my little brother had to pay $ 250,000. This is almost 100% annualized inflation. True inflation in the United States is currently between 15% and 20%. Which means that if your savings don’t earn you 20%, you get poorer. “
This is exactly what we write regularly on Thecointribune. Exchanging your fiat money for a currency available in strictly limited quantities (Bitcoin) is the best way to protect your savings. Bitcoin is not only a hedge against inflation, but that is obviously its main function. Especially at this moment in time when global debt is at an all-time high compared to GDP.
The specter of anti-Bitcoin legislation
The US and French governments are pushing for new legislation around Bitcoin. They will of course not be able to ban Bitcoin because it is already a perfectly legal existence. It is considered in the United States as a “commodity”, just like gold. The banks will therefore not be able to pass legislation allowing them to cut ties with exchanges.
However, they will try to regulate private wallets. Which would be a terrible idea. Indeed, maintaining a database with the names (and addresses) of all those who have Bitcoin can be very dangerous.
The recent cyberattack on the US government, including the US Treasury (the equivalent of the Department of Finance), shows that it would be madness. Such a file would be a real honeypot that hackers will not resist. Imagine that the addresses of people with hundreds of thousands of dollars in Bitcoin, or even more, fall into the hands of the mafia …
We will see, but remember that Bitcoin was built so that no government can control it.
And in the meantime, Bitcoin has posted a performance of 300%. To compare with:
- Silver: + 47%
- Gold: + 24%
- US stock market: + 15%
- Emerging market stock market: + 14%
- US Real Estate: -8.4%
- Raw materials : -6.8%
- Dollar: -6.6%
- Oil : -21.5%
It is February 02, and as of this writing, the value of Bitcoin has fallen from $ 29,000 to $ 33,000. Bitcoin is now worth $ 585 billion, more than the gold reserves of the American Empire (261 million ounces of gold, or $ 494 billion) …
- BTC / USD weekly chart (One week = one candle)