Zero Hedge: And it may, just not in ways anyone bullish on crypto should be comfortable with.
Finally the SEC approved a Bitcoin ETF, the ProShares Bitcoin Futures ETF (BITO) began trading this week to great fanfare in the cryptocurrency community. There was much rejoicing as Bitcoin hit a new all-time high which it has since given back.
On the heels of that announcement Valkyrie changed the proposed ticker symbol for its Bitcoin Strategies ETF, another futures-based product, to BTFD. Gotta love the cheek, there.
And while that’s all well and good, I have to tell you that I have sincere reservations about popping the virtual champagne here.
Because I’ve seen this story before… in gold and silver.
Opinion: When the masses pile in, the pros are usually getting out. While old adages like that work often, I think the crypto rise has Biblical implications.
In my last interview with Jimmy DeYoung Jr. I said this:
The Chinese government in the past year has issued a digital yuan and has been circulating it in the Chinese economy. It didn’t take long for China to outlaw non-government crypto coins as a way to keep track of every transaction in the Communist nation.
Joe Biden’s Treasury Secretary Janet Yellen has been vocal in her disdain for cryptos and even recommended taxing them at 80%.
Progressive officials want all transactions controlled by the government and I think that is exactly what Biden’s crypto czar will be assigned to do: to explain why crypto currencies are dangerous for people to own – and recommend that the Federal Reserve issue a coin to completely control the nation’s money supply.
That said, what will make Bitcoin and the thousands of others even more daunting to Biden’s financial advisers and central bankers is a continued rise in price.
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success.
“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it.”
Prophesying on the tribulation, Ezekiel 7:19 says this.
“’They will throw their silver into the streets, and their gold will be treated as a thing unclean. Their silver and gold will not be able to deliver them in the day of the LORD’s wrath. It will not satisfy their hunger or fill their stomachs, for it has caused them to stumble into sin.”
Only one currency will be used in the Great Tribulation and that will be controlled by Antichrist (Rev. 13:16-17). Between now and then we can expect extreme volatility in Bitcoin.