Unsound Advice

Honestly, where do these leaders of cryptocurrency get their education?

Jesse Powell of Kraken, he’s the CEO, says that the dollar is going to zero.

Therefore he urges us to stock up on milk and gasoline.

He also tells us to go out and borrow money, presumably because money will be worthless in the coming months.

He wants us to pre-pay our tuition and healthcare costs.

Does this guy live on the planet?

Surely he must be exaggerating.

Or maybe he got his degree in bullshit.

How much milk and gasoline can we stock up on?

And how long would the milk last?

Where would we store the gasoline? In our bathtub?

As far as healthcare and tuition costs are concerned what bank is going to loan the working stiff hundreds of thousands for those items?

Does this guy have any idea what kind of budget people live on?

At the same time that he is telling us that the dollar is going to zero, he tells us that Bitcoin will crash.

I need to be educated. There’s clearly something I don’t understand here.

If the dollar crashes, presumably it’s because people believe that the dollar is more worthless.

So why would Bitcoin, which is used by many people as a store of value, go down?

Since people are using Bitcoin as they would gold, the price of Bitcoin should go up.

If people think the dollar is worthless, they’re going to try to get rid of it in one way or the other.

They will either commoditize to the degree that they can, or they will put their dollars in an inflation hedge or a stock that they think will go up.

Am I missing something? Shouldn’t the value of Bitcoin go up?

It should.

But let’s never underestimate the elites.

We shouldn’t underestimate their evil nature, nor should we underestimate just how truly stupid they are.

Now, if the elites were smart they would put a nice portion of their money in Bitcoin.

Maybe they are on the sly.

If the United States government were smart it would store some of its money in Bitcoin.

This makes sense.

Instead of fighting Bitcoin, the US government should embrace it and ask each citizen to store some of their value in Bitcoin.

Why not?

Why wouldn’t the US government, if it truly represented us, want a hedge against inflation?

Gold is no longer as good an option.

Gold is clumsy, and quite frankly, a little scary.

Do you really want to keep $100,000 in gold bars around your house?

I don’t.

Well, then don’t.

Here comes Bitcoin with many advantages over gold. 1) It is much easier to store. 2) You don’t have to worry about someone breaking into your house and killing you in order to get it. 3) It is easy to buy and sell.

In truth Bitcoin has always been with us. We just never invested the energy to fully follow through with it.

Bitcoin at one time was called the banking system where the local banks acted as middlemen to handle accounts and transactions.

The only thing that was missing was the blockchain, which could have been handled by scribes. We just chose not to write everything down.

Instead we floated dollar bills in which the bearer was theoretically the legitimate owner.

That system, the one we currently use now, could’ve worked had it not been for counterfeiters big and small.

The biggest counterfeiters were the government and its crony capitalists in the large corporations. They printed up money and gave it to themselves.

Thus Bitcoin.

What Bitcoin does is add accountability into the system that we already have. Now, we can know where people are getting their Bitcoin. Now we know when someone is fabricating Bitcoins.

This is why Warren Buffett and Charles Munger oppose Bitcoin.

These two knuckleheads, Tweedledee and Tweedledum want you to fear Bitcoin. They believe that Bitcoin will be the end of the universe.

We’ll, maybe it will end their crooked enterprises.

Bitcoin does not cause economic catastrophe; Bitcoin prevents economic catastrophe.

As to why Jesse Powell is stating that Bitcoin will crash is anybody’s guess. He attended a regular school, so he may be just another goofball who wants to sit with the cool kids in the cafeteria.

Walk away, Jesse.

You are a second class citizen in their world. And you always will be.

Sincerely,

Archer Crosley

Copyright 2021 Archer Crosley All Rights Reserved

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