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Bitcoin [BTC] is the solution after the collapse of the financial system, says CEO of Overstock

Priya

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Bitcoin [BTC] is the solution after the collapse of the financial system, says CEO of Overstock
Sourc: Max Pixel

Patrick Byrne, CEO of Overstock spoke about Bitcoin [BTC], the biggest cryptocurrency in the market, becoming a world currency, in an interview with Noami Brockwell on Youtube.

The CEO stated that people turn to Bitcoin when their country’s financial system collapses, like the Venezuela or Syria. He said that this is when people start entering the cryptocurrency space. He also added that the entire modern financial system is a “big Keynesian magic money tree Ponzi scheme.”

Byrne spoke about the usual narratives of governments that Bitcoin is a Ponzi scheme, whereas the central banking system of the United States pretends that the US dollar is real. He went on to say that the money loaned by the Federal Reserve to the United States is fake money and that people are currently paying back the real money.

“We can all dispute any dollar is real but we have angent in our society who’s een given a special patent a special priviledge, they get a loan, our governments fake money,  they have a checking account with zero in it that they write checks on to buy Treasury bonds and by law those checks don’t bounce. So, that’s kind of you know astronomical terms”

The CEO went on to say that the global financial system is a specific checking account that the United States Federal Reserve has, which by law is never overdrawn, creating fake money, he added. However, after a few years, the United States citizens are taxed in order to pay off the bonds drawn by them. He said:

“Now, in a sense, we can all say that Dollars aren’t real either. Some private company, private entity has that right doesn’t seem. I would love the right to be able to create fake money loan at the United Sates government and have them have to pay me back with real dollars.”

Byrne further added that no one knows about the private corporation which owns the Federal Reserve. He remarked that the nuclear launch codes could be discovered before getting to the bottom of the system.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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