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On March 28, I published in this blog the work "Bitcoin will not be able to become the world reserve currency." On that occasion, I explained, from my point of view, what were the arguments that led me to make such a statement.
Which it was the result?
In fact, the work did not have much acceptance by the readers. BTC was trading at more than 58K USD at the time and we did not imagine that it would reach its highest candle soon after exceeding 64K.
What then infuriated the reading hordes and more than one writer and PUBLISH0X expert?
Just three of those arguments:
1- Decentralization.
The governments of this planet "jungle" will not allow long life to anything that goes beyond the limits of their control. The large financial institutions representing these (or vice versa) will make war on them until they are exterminated or subject to their laws, their centralization and control. It's their nature!
The democratization of "money" is inversely proportional to the laws of the States. They will marginalize, persecute and even ban crypto assets in some countries, but they will march firmly towards a state cryptocurrency. Ironic, right?
Poor world !!!
Last Tuesday the Chinese Government prohibited its financial institutions and their companies from offering services with transactions in cryptocurrencies. War declaration!
2- Volatility.
China stated that sharp changes in cryptocurrency prices "seriously violate the safety of people's assets" and are disrupting the "normal economic and financial order."
And what could be classified as "normal economic and financial order"?
It is clear that everything that cannot be predictable (bitcoin is not predictable at all) goes against the regulation dictated by governments. They label it as unsafe and nothing that is unsafe is attractive.
War declaration!
3- Excessive energy consumption.
Elon Musk announced to the world that his company would not accept payments in BTC for ecological reasons as bitcoin mining consumes too much energy.
The great influence of a man on a community is evident, yes, it is. Every tweet from Elon is reflected in the price of BTC, if favorable, bullish; if unfavorable, bearish. This should not happen.
My conclusion.
I particularly like bitcoin a lot. It proposes a new future, no doubts, it has exposed the failures of the current economic-financial system. But, for that future to become a reality, bitcoin will have to become IMMUNE.
Governments have power and laws, bitcoin and other crypto assets true freedom.
It will be an interesting battle! I really believe that the best is yet to come.
Stay informed.
Thanks for joining me.
Resources
https://www.coingecko.com/en/coins/bitcoin
https://m.dw.com/es/el-creador-de-ethereum-vitalik-buterin-elon-musk-no-va-a-tener-esta-influencia-para-siempre/a-57625894
https://www.eluniverso.com/
