Three things this morning: Russia officially confirmed it wants to adopt crypto as legal tender, BTC reclaims $45,000 and Fitch, the American credit rating agency, has decided to lower El Salvador’s score due to bitcoin adoption.
Please take a moment to consider and remember this: back in 2007 and 2008, right before the financial crisis, credit rating agencies kept concealing the risks of CDOs by assigning high-value rankings to mortgage-backed securities, even though the underlying mortgages were collapsing. I’m gonna give them the benefit of the doubt here but even the most bank-loving, rose-tinted glass wearing person in the world will have to admit that they were either seriously wrong or they were lying. So do you trust them with bitcoin now?
I don’t want to sound like a crazy conspiracy theorist so I’ll just stick to what I know and that’s crypto. Little by little, day by day, the lies – or let’s call them ‘mistruths’ – and myths about bitcoin have been debunked. Everyone knows bitcoin is immune to inflation but it is also immune to censorship and, more importantly, it is immune to opinion. And that, in this modern day and age where people think their feelings and opinions are truths and facts, is hugely important.
Speaking of inflation, some have even tried to argue that bitcoin is actually not that great as a hedge against of inflation, but their argument is weak. First of all, bitcoin shouldn’t be described as a ‘hedge against’ inflation, it should be described as ‘immune to inflation in the long run’, because that’s what it is. Because it means that bitcoin’s value can be impacted by global events, yes, but it can’t – and it won’t – be altered by the arbitrary inflation of its supply. Which is exactly what we’ve seen with the U.S. Dollar.
Banks and governments don’t like bitcoin because they’re quickly realising they can’t really control it. At least not the same with efficacy and power they control FIAT money. So they try to fight it or, that’s the case with El Salvador and Russia, they join in.
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