Cryptocurrencies – Coming of Age!

I’m not exactly sure when Chairman Powell emerged from his most recent ether binge, but sometime after, he said, “This type of new currency raises ‘many serious concerns’ including potential risks to the stability of the financial system.” Wow! Thank you, Captain Obvious. I don’t suppose there was any concern when he poured $4 trillion onto Wall Street over a six week period near the end of last year. Or that our national debt is rising faster than Fourth of July fireworks. Or that the cheap money the Fed’s been providing to public companies has supported stock buyback programs, which are now the only thing providing lift to the stock market, but nothing of value to the companies. And as usual, there is no economic foundation to this economic house of cards. Meanwhile, the dollar has become an obvious target for most intelligent countries, while China is preparing to assume the premier global reserve currency position.

Russia will put the brakes on that soon enough, but there is absolutely nothing to stop Bitcoin and other trusted cryptocurrencies from stealing the global currency show long before the end of the year, when unbeknownst to most Americans, the administration intends to recall and burn our paper fiat currency and replace it with a new digital currency, probably to be called “Fedcoin.” Zuckerberg, Gates, Bezos, Cook, Page and Brin also have plans for digital currencies. And as Patrick McHenry, a Republican Senator from North Carolina, so aptly put it. “There’s no capacity to kill [these new currencies].” The Republican led FCC targeted Facebook and Google specifically, insinuating it’s time for “government oversight.” Go figure. Obviously, operating a rigged currency game is the government’s job. How dare these companies to attempt to interfere.

U.S. Treasury Secretary, Steven Mnuchin, recently state that, “[Cryptocurrencies are] indeed a national security issue. We will not allow digital asset service providers to operate in the shadows.” Regardless of who wins the November election, there is not and will not be a way for the government to prevent American citizens from participating in digital currencies, without the approval of the American citizenry and that’s not likely, especially since tremendous fortunes will be made and lost in the coming transition. As far back as 2014, Forbes Magazine warned that, “Apple has twice as much cash as the U.S. government.” Our government’s ignorance and total lack of fiduciary responsibility is preparing to bite us where it counts.

As this new cashless society begins to take shape, gold, silver and other physical precious metals will become more valuable than ever before. As has already been seen, digital currencies will have varying degrees of acceptance and those investing wisely can make tremendous profits, but gold and other precious metals offer investors the opportunity to protect assets, portfolios and legacies. However, today’s prices, still well below previous highs should be seen as a beacon of safety in a turbulent and unforgiving economic storm. Call the precious metal experts at American Bullion now for assistance. Call (800) 653-GOLD (4653)!

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