The fangs of Bitcoin have finally emerged! Americans are really ruthless when it comes to playing this game of capital.
The fangs of Bitcoin have finally emerged! Americans are really ruthless when it comes to playing this game of capital. By constantly pushing the price up, it has risen to a point that people can't extricate themselves, believing it will continue to rise, and it really might!
Americans play Bitcoin as a strategy, relying on judicial harvesting. If there were no domestic ban on Bitcoin trading, it would be at least $300,000 now. The infighting might not just involve Sun Yuchen and Zhao Changpeng!
Bitcoin might very well be the ultimate solution to American national debt!
The U.S. national debt now stands at $36 trillion, with interest payments alone reaching $1 trillion each year. Those folks in Washington came up with a new trick: stuffing 200,000 seized Bitcoins into the treasury as reserves, which could cover over $30 billion of the national debt hole at current market prices. BlackRock's Bitcoin fund has surged to $20 billion, with daily net inflows enough to buy eight Boeing passenger planes.
There's a catch in the executive order Trump signed last year, requiring all dollar stablecoins to be tied to American banks. Now, 95% of stablecoins globally are dollar-denominated, and even Southeast Asian vendors using Tether for purchases have to look to New York for approval. El Salvador tried using Bitcoin as legal tender for three years, but ended up losing everything and switched back to the dollar.
The U.S. Department of Justice is slowly selling off 70,000 Bitcoins seized from the dark web, listing them on exchanges. They specifically time their sell-offs when the price hits $100,000, with single transactions cashing out over $200 million, faster than a printing press. There was a black market account called Silk Road that had 50,000 coins seized and locked for five years; when it was unfrozen, the value had increased twentyfold.
Last year, Bitcoin's price skyrocketed from $54,000 to $106,000, with volatility more thrilling than a roller coaster. The day after Trump announced plans to treat Bitcoin as a reserve asset, the price plummeted by 15%, causing Wall Street hedge funds to close their positions and flee overnight. Now that U.S. national debt includes Bitcoin components, if the price halves, global pension accounts will shrink accordingly.
The EU has just included Bitcoin mining in carbon emission trading, and miners have to pay an additional €8,000 environmental fee for each coin mined. Mining machines made in China are now exported under Malaysian labels, with the monthly salary of modification technicians in Huaqiangbei, Shenzhen, rising to 35,000 yuan.
Last year, Japan's Mitsubishi Group exchanged 300 tons of gold reserves for Bitcoin, only to face a price crash and lose $4 billion directly. The Tokyo Stock Exchange now requires Bitcoin ETFs to be settled in yen, leading Osaka futures traders to collectively shift to Singapore. India has just legislated the confiscation of 40,000 Bitcoins privately held by citizens, which they then sold to Goldman Sachs for cash.