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Bitcoin price is melting down and this is your fault Brazil Market

Bitcoin price is melting down and this is your fault

Lucas Bassotto
Lucas Bassotto

We learned nothing from Bitcoin

Taken by the profit thirst during the insane highs in the second half of 2017, we become addicted to absurd profits of 10% a day, I am included in that. At the top of irrational exuberance, the market turned, came despair and abstinence. We completely forget the purpose and principles behind the emergence of Bitcoin.

It was created to be an alternative to the financial system that has led us to the greatest crisis in history. Satoshi, through his creation, gave us the possibility of having a free high-inflation, scarce money, without the need for banks, governments and unconquerable by any authority.

With Bitcoin we are the owners of our own wealth, being able to transfer to whomever we want, without giving satisfaction to anyone, in just a few minutes to anywhere in the world.

I’m not saying that everyone who buys Bitcoin has to be libertarian, or something like that. You are totally free to buy the currency for speculative purposes and fast enrichment, after all, we all like to make money. But we need to understand the purpose of the asset in which we are investing.

A sweet illusion

Now we are getting to the point of begging to  SEC in order to approve the Bitcoin ETF. We are thrilled when we see news that Goldman Sachs is going to buy trillions in Bitcoin.

We celebrated when future contracts arrived in Chicago and coincidentally the correction began the same day. Soon we will be asking for the regulation of Bitcoin to give greater security to the market.

The big question is, did Bitcoin needed some help from the state and the financial system to reach US$ 19,000? Did he needed an ETF to get millions of users making transactions? Do not.

Bitcoin got there by himself because he is a disruption as an asset and technology. It was to be an alternative to the financial system, not a tentacle of it.

The only thing that Goldman Sachs did was almost bring the world economy into the abyss. Now we want him to invest part of his funds in Bitcoin, because we are simply thinking of a valuation. We celebrate any news that can make the price go up without having any thought about it.

How the banks are destroying Bitcoin

The big banks will not put pressure on the states, with authority, to ban Bitcoin. They would incur the same mistake made previously: the prohibition and confiscation of gold. When you want to destroy an asset, this is a bad strategy because people sympathize with the asset in question, as it was with gold.

If you want to destroy an asset effectively, it should make people hate you. This is very easy, with future markets, large banks can easily manipulate the price. This already exists in the precious metals market and is now beginning to take place in the crypto-coins market, the name of this practice is: price suppression.

Through this practice, you keep prices always under control, avoiding major rallies like last year. Investors are increasingly frustrated with continued lows until they get rid of their Bitcoins. Thus, investors lose their faith and confidence in the asset, until they come to hate it.

In this way, the financial market begins to accumulate more and more currencies, until they force a new rally, selling the currencies at a more expensive price for those who previously discarded them. The banks are winning this battle, and we’re not even realizing it.

Do not trust. Verify.

If you have Bitcoin and think about selling, do not sell it cheap. We have been through major crashes, attacks, attempts at banning and he is still resilient and getting stronger. Bitcoin’s value comes from its scarcity, encryption and math, which is better than any coverage. Bank currency can be created indefinitely through fractional reserves.

Our money has no other coverage than in state words written on paper. One hour this account will no longer close, and may cause serious consequences for the financial system. At this time, you will want Bitcoin. Learn to value him more.

texto bitcoin

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Lucas Bassotto
Lucas Bassotto

Sou Lucas Bassotto, graduando em Economia. Um grande entusiasta do mundo da criptoeconomia. Atualmente trabalho na Foxbit produzindo conteúdo.