Cryptocurrencies, and especially bitcoin, may be undergoing a phase of correction, but the ten years of its life it has only given positively to those who believed it.
In fact, this was despite the coordinated and general attack it received from the otherwise official bodies of the world economy.
This is stated by One River Asset Management, emphasizing that for the first time we saw the wild beauty of truly free markets operating on a scale. Efficiently.
Unscrupulous.
These assets live in a world without a buyer of the last resort to rescue bankers.
It was a remarkable display of fragility, says One River Asset Management.
Like Galileo…
“Technology based on the use of highly polluting fossil fuels must be replaced without delay.
“There is reason to hope that humanity at the dawn of the 21st century would remember that it had generously shoulder its serious responsibilities,” Pope Francis wrote, condemning Bitcoin and its heretical “descendants”, causing another panic blast.
Another opponent of Bitcoin is Paul Krugman.
“Bitcoin is not a new innovation.
It has been created since 2009, and during this time no one seems to have found good legal use for it.
It is not a convenient medium of exchange.
It is not a fixed value stock.
It is definitely not an account unit, “Krugman wrote, forgetting that bitcoin has grown by 6,000% since 2013.
Of course, he was also against the internet.
He even wrote in 1998 that “by 2005, it will be clear that the impact of the Internet on the economy has not been greater than the fax machine.”
Just ask Galileo who died in prison and then waited 300 years for an apology from the Vatican…
Coordinated attack
Of course, this is natural.
Critics are always stronger.
But this time it was packed with officials from the Fed, the IRS, the US Treasury Department and the Chinese Communist Party.
In human history, no single asset has been so attacked by coordinated global institutions that constantly inflate asset prices in the name of ensuring prosperity.
And yet, through all of this, digital asset trading has continued, removing leverage.
This independence and resilience support the long-term attractiveness of digital currencies.
But like all powerful new technologies, their targeting is not understood by most experts.
And among the many benefits that such technologies will produce, one of the most ironic is that, despite the current outcry, they have already begun to push and finance an accelerating global transition to renewable energy, concludes One River Asset Management.
