by Brad Sebion, SGT Report:
Edward Karr was a guest on the Frank Curzio podcast. The discussion at hand was Bitcoin and the rest of the crypto currencies. Mr. Karr stated the rise of the crypto currencies is the canary in the coal mine for a major economic event to unfold in the future. Edward stated the rise in Bitcoin was a put on the Chinese economy. Wealthy Chinese people have bid up other assets like Vancouver real estate as well as many crypto currencies.
image credit: news.bitcoin.com
Japan and Korea have put a vast amount of wealth in bitcoin and other blockchain currencies. Investors in Japan, with good reason, are nervous about the undertakings of the Bank of Japan. The BOJ owns more than 40% of government bonds and has been buying stocks for some time. There are days where no bonds are traded in Japan. If the Japanese currency rapidly begins to lose value like in Venezuela, people holding bitcoin will maintain some form of wealth, while those holding the yen will have much less.
The block chain technology is what makes these currencies so intriguing. Mr. Karr gave the example of settling trades. It takes three trading days to transfer funds from one account and put it into ownership in another. With the rise of financial technology, these transactions will occur instantaneously.
Reggie Middleton, the creator of Veritaseum, went to Jamaica at the end of June. He presented the blockchain technology to the leaders in business and those employed in the financial industry. If Veritaseum was to be successfully implemented in a small market, companies like Euroclear, that settle trillions of dollars in transactions everyday are in trouble.
He also pointed out block chain currencies are extremely clean and transparent. That is completely opposite of how central banks, fiat money, and fractional reserve banking operate.
Frank Curzio and Edward Karr both felt governments pose a huge threat to the crypto currencies in the future. At the moment they can’t be taxed. I think there will be day where the central banks and governments are going to take a bold stance against crypto currencies. For a speculative investor this might be the time to buy.
Contrary to that opinion, Nevada is leading the way for blockchain startups to become the new Silicon Valley of block chain technology. Bill 398 was passed 41-0 to make sure local governments can’t tax or impose any other requirements that would stop blockchain use.
To hear this interview check out the June 14th edition of the Frank Curzio Show:
Ep. 525: What’s Really Moving Bitcoin? http://www.frankcurzio.com/whats-really-moving-bitcoin/
If only a few countries legalise it, domino's will start to fall!
And fiat will perish!
nice read, thanks for sharing
well now that was some interesting news and i will re steem it
Interesting headline...Like anything in life, there is always a spiritual polarity (or duality) to everything materialistic. It is prophecised that the end of days will be like the days of Nimrod... so in other words, one religion, one government and one currency... It should come as no surprise that cryptocurrency will one day replace actual currency. Its easier to control. The system of the beast draws neareth
The mark of the beast applies a serial number being given to everyone and for them to be forced to use it. That doesn't really reflect how cryptocurrencies work. If I can change my mark to that of a different beast, what power does the first beast have over me? If I do it right, can the beast even know that my prime number is associated with my soul?
If your holding BTC, it means you have a good financial future. so hold a good portion of it for a while and watch it make you financially secure!
Crypto. Truly the future of Money!
Very good approach. It is trough that the governments may pose a huge threat to the crypto currencies in the future and take a bold stance against them. Remains to see what will happen at the end. Thanks for posting.
On the downside, I think cryptos are taking a significant chunk of the precious metal investments, especially with the youngsters.
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STOPI am glad that I live in Las Vegas :)
Whoa, I am so behind on all the crypto news; I had no idea Reggie Middleton had a horse in this race, I need to look into that. Haven't seen much of his stuff 'popping' up on some of the diff blogs I read recently, but now I see he's been busy.
I absolutely agree on the threat facing cryptocurrencies, I am trying to start laying a foundation to work toward 'front-running' the threat, or at the least becoming more prepared to 'meet' it.
Great article! Upvoted and followed