“Hart believes that the Chinese crawling devaluation is an error as it carries with its the latent threat of much more devaluation in the future, thus encouraging even more outflows, which in turn forces China to sell even more reserves, which destabilizes the economy even further, forcing even more devaluation and so on”
- “So what is one trade that can be put on to bet on further Chinese devaluation (or outright economic collapse) with limited downside, with unlimited upside, and one which is guaranteed to be profitable if and when the local Chinese depositor herd gets out of Yuan en masse after the next 10%, 20%, 50% or more devaluation and rushes into bitcoin?”
[Editors note: The writing is on the wall as the war on cash goes global; with latest news that the ECB has voted to scrap €500 bills which amounts to 30% of all physical cash in the eurozone area.
For central and retail banks, the ability to prevent large scale capital flight when implementing negative rates will be essential to prevent/delay insolvency on leveraged balance sheets, as the bankers try to ‘kick the failed monetary policy can’ one more time.
All of these actions continue to add to the strengthening fundamentals of owning alternative money and currencies, such as precious metals and Bitcoin, that do not carry these counterparty risks.]
Check out this article from trunews.com which documents just how global the war on cash has become:
Read more here…
- “Andy Hoffman from Miles Franklin helps us frame up the severity of today’s global economic picture: “There is going to be nothing left that the bankers can do except create hyperinflation. That’s their only tool left. This is the end game”
- “Several lines found on Steam’s translation servers indicate Valve will be implementing bitcoin payment in their game DRM platform in future versions. They’ll be using the Bitpay API for handling in-store transactions”
- “The most recent metric for the number of active Steam users is 125 million. It is currently the largest gaming platform in the world, with more than three times as many users as there are current-gen console owners. If bitcoin garners widespread adoption in this community, other DRM platforms are likely to follow suit”
- “The bid for precious metals is accelerating. Gold just broke above its October 2015 highs to 8-month highs. Silver is also bursting higher, soaring above its 200-day moving-average.”
Excellent infographic by r/bitcoin contributor – u/cryptoconomy.