The US dollar has seen record lows against Bitcoin, so much so that even the Fed can’t help but take notice. Fed Vice Chairman for Supervision Randal Quarles made the following comments:
“The ‘currency’ or asset at the centre of some of these systems is not backed by other secure assets, has no intrinsic value, is not the liability of a regulated banking institution, and in leading cases, is not the liability of any institution at all,”
Which is of course quite an ironic statement coming from someone who’s entire job revolves around the US Dollar, a piece of paper which has no intrinsic value, is backed by nothing and is controlled by a criminal organisation.
Just this year alone with have seen a 1000% increase in the value of bitcoin, which in affect is a 1000% collapse for the dollar against bitcoin, as the Fed continue to print more fiat and perpetuate the cycle of debt that the US is now finding themselves in, is it any wonder more and more people are looking to alternative currencies like Bitcoin?
At the time of writing Bitcoin is trading at around $10,850, over the past 24 hours we have seen some big swings following the initial spike past $10k which topped of at over $11,500 on some exchanges. The markets seem to be slowly settling down, though we shouldnt be to surprised if we have another sell off within the next 48 hours. Monday morning will be the key.
Also this week we heard France’s Governor Francois Villeroy de Galhau warn about the dangers of Bitcoin, he also made the bizarre claim that Bitcoin was not a currency, or even a cryptocurrency:
“We need to be clear – bitcoin is in no way a currency, or even a cryptocurrency,”
Unusual comment to make considering Bitcoin is the very first Cryptocurrency and the most viable, but hey who am I to argue, after all this is guy most know what he’s talking about – he is in the employee of the French Government!