Reggie Middleton warns of Bitcoin pullback, then explains how practically the whole mainstream media machine is wrong
Bitcoin has dropped precipitously, and as is usual, we have the cacophony of instant digital currency pundits cackling about as if they had a clue. This is the inaugural post for the re-opening of BoomBustBlog's proprietary research (fresh paid content will be added over the next 24 hrs) and as such I want to kick it off with an indepth analysis of my Twitter stream on Bitcoin from this week.
Bitcoin has been on a tear in 2016, particularly for the second half. 2017 started off strong, a bit too strong, so a pullback was obvious and inevitable. This is what I Tweeted on the 4th. If I'm not mistaken, it pulled back on the 5th.
Of course, previous to that it roared. It actually roared for macro and fundamental reasons that many "experts" insisted on denying.
Seeing is believing...
2017 promises to be a tumultous year of geopolitical uncertainty and macro risk. This is an environment in which Bitcoin thrives.
China's remnimbi has finally received reserve currency status, but with said status comes certain responsbilities that is running counter to the controlling methods China has employed in the past. Oh no! It's.... the Trilemma!
Mucho yuan fiat was leaking (gushing?) into the bitcoin blockchain. Bitcoin's blockchain is already a global, anitfragile, counterparty risk-free P2P value exchange. This is what our technology, Veritaseum, is built upon.
Here, I warned that the Chinese government would likely step in. Quite the prescient comment, since lo and hehold several days later...
Chinese Regulators Exploring Bitcoin Connection to Capital Flight, and then we got China to Restrict Bitcoin Marketing, But Blockchain Firms Unaffected. Again, I was right on point!Restrict Bitcoin Marketing, But Blockchain Firms Unaffected
As I've been warnng, think tanks and research firms interviewed by Bloomberg agree.
Reference my notes above...
This is something you dont' see in the mainstream media or most research notes. If China doesn't completely shut down bitcoin AND get the cooperation of other major offshore centers, any half assed attempt will simply increase the draw to bitcoin due to its very unique properties. China can actually usher in the P2P economy, by mistake. Reference The Onramp to Peer-to-Peer Capital Markets...
The Macro Truth About The Big Bitcoin Pop and Drop: The Mainstream Media Doesn't Have A Clue
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