With the endless FUD from China, written up with relish by the world’s media and seconded by all those that said that Bitcoin and crypto would come to a bad end. To be able to say “I told you so”, must be comforting indeed. So, Bitcoin enters a nice long bear market where it can be swept under the carpet and forgotten about for a good while – but did it, or can it?
According to just about any internet analyst, supposedly worth their salt, Bitcoin has now entered a bear market. The death cross on the daily time frame happened a few days ago, and bears have been pounding the price lower, well under the 200-day moving average, two generally accepted indicators that confirm a bear market.
So, is that it then? Should we no-good crypto believers just throw in the towel and wait for a recovery in two or three years. In that time the Chinese could have thoroughly established their wonderful central bank digital currency (CBDC) that will be an amazing enslavement (sorry) boon to the long-suffering Chinese people.
The Federal Reserve will be able to print more coloured paper to their heart’s content, safe in the knowledge that people will have to use it. Jerome Powell and his buddies would be able to stay behind that curtain, like the Wizards of Oz, continuing the game until crypto came back again and lifted the curtain aside.
The banks can carry on with their nefarious practices under the opaque screen provided by fiat and its baffling accounting practices. Jamie Dimon, CEO of JP Morgan, the biggest bank in the world, can smile at Elizabeth Warren again and whisper through cherubic lips “Hit me with a fine, my bank can afford it”.
All these righteous pillars of our societies can carry on their games until finally, finally, finally, the average Joe realises that he’s been scammed out of practically everything he has by a system that he trusted, a system rotten to the core, and one that is rigged like a casino, whereby the house always wins.
We are always told by very wealthy people, who are heads of banks, global monetary organisations, and those with a drip feed straight out of the fiat system, that we mustn’t touch cryptocurrencies, that they are a scam and used mainly for money laundering and terrorist activities.
We actually have to humour them because they are powerful beyond measure. Society still puts them on a pedestal because they have a high position and they have high friends who sup from the same trough.
The common man believes them and doffs the cap whenever in their presence. Most people interviewed in the United States on what they thought of cryptocurrencies would likely spout the same nonsense. The media has done its job well.
However, the excesses can only go on so long. How much will the common person have to lose before they turn to Bitcoin, a store of wealth completely outside of the existing monetary system? Unmanipulable, mathematical, and transparent.
All this aside, and back to the beginning of this article. Don’t write Bitcoin off yet. The price is back above the line-in-the-sand support of $30,000. Long wicks down tell us that buyers are not allowing the price go under. Could this be another miraculous phoenix-from-the-ashes type escape from Bitcoin?
Even if it isn’t, and Bitcoin does indeed succumb to all the FUD and nonsense said about it, it will rise again. Satoshi Nakamoto put the Bitcoin network in motion for precisely the financial mess that we are in. Freedom lies within it; we just need to discover it and find out for ourselves what it means.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.