Hey everyone!
Yesterday, the Federal Reserve Chairman Jerome Powell had some comments on Bitcoin which I thought were really interesting.
If you don’t know who Jerome “Money Printer” Powell is, he’s the guy that has sparked this World famous meme, because he is essentially in charge of the Government Money Printer in the U.S.
Yesterday, Powell said the Fed prefers to call crypto coins “crypto assets,” because their volatility undermines their ability to store value, a basic function of a currency.
I actually like that he called them ASSETS not CURRENCIES.
Michael Saylor has been using this tactic for a while now….
The word CURRENCY is simply way too super charged….
Currencies only exist (and people like Powell only exist by extension) because the U.S. Government will bomb you into smitherenes if you don’t agree to their world-view.
ASSETS on the other hand, are traded day to day, by nearly everyone.
So this is actually GREAT news for Bitcoin.
Whether or not Bitcoin actually becomes the World Reserve Currency or not, the fact that Powell is classifying it as an asset is incredible news.
That means he doesn’t see it as a threat to his currency monopoly (which is hilarious because he’s doomed).
Oh, to his point about VOLATILITY and that “Bitcoin isn’t a store of Value….” I would like to properly LAUGH MY A** OFF.
That is the purchasing power of a U.S. dollar since Jerome’s FED was created…
LOL. “Not a store of value…”
So gaining 200% in Value YEAR AFTER YEAR FOR 10 STRAIGHT YEARS (BITCOIN) isn’t storing value?
I guess he’s right, it isn’t storing value, it’s INCREASING value…
Here’s the rest of his comments….
“cryptoassets - they're highly volatile - see bitcoin - and therefore not really useful as a store of value, and they're not backed by anything. They're more of an asset for speculation. So they're also not particularly in use as a means of payment; it's more a speculative asset that's essentially a substitute for gold rather than for the dollar. And I think with cryptoassets, the public needs to understand the risks. The principle thing is, there's the volatility, there's also the outsized energy requirements for mining, and the fact that they're not backed by anything.”
Let’s just break them all down real quick…
1) We already talked about store of value - LOL IS HE SERIOUS.
2) “Not backed by anything”
HAHAHAHAHAH whoa hold the phone.
You do realize the DOLLAR isn’t backed by anything, right?
I will refer our good friend Jerome to WTFHAPPENEDIN1971.com
In 1971, we went OFF the Gold standard, meaning the dollar is QUITE LITERALLY backed by nothing.
Saying that Bitcoin isn’t backed by anything is quite hilariously hypocritical.
It might actually be the definition of hypocritical.
3) “Not in use as a means of payment…”
Hmmm…
What about this then?
50% of Visa seems KIND OF LIKE a medium of exchange….
4) “Speculative Asset”
Yes, we are “speculating” that you are full of crap, your government has gone insane, and you will continue printing dollars until they are worthless.
Thus, things that are SCARCE (and Bitcoin is the SCARCEST) will go up in value.
It’s not “speculation” and it’s not rocket science either.
5) “essentially a substitute for gold rather than for the dollar.”
Well that’s pretty incredible.
You’re finally making sense Jerome!
I’ve been saying this on this letter for a year now, thank you for finally catching on!
Just so those in the back can understand the significance of this….
GOLD MARKET CAP = 10 TRILLION
BITCOIN MARKET CAP = 1 TRILLION
10x difference between them, right?
THE PERSON THAT IS THE LEAST LIKELY TO WANT BITCOIN TO SUCCEED (JEROME POWELL) JUST SAID THAT BITCOIN IS A SUBSTITUTE FOR GOLD.
That means Bitcoin is going 10x up from here.
Are you prepared for that?
6) “And I think with cryptoassets, the public needs to understand the risks.”
Yes, they need to understand the risk that you are a psychopath and think that printing money can solve the World’s problems.
Printing money steals HUMAN TIME.
Don’t believe me? PROOF -> https://breedlove22.medium.com/masters-and-slaves-of-money-255ecc93404f
7) “principle thing is, there's the volatility”
yes, we know Jerome, we are likely to get extremely rich due to the violent VOLATILITY of Bitcoin to the UPSIDE.
I think this is something we can put up with in exchange for 200% year over year gains… thanks for your concern though… :)
8) “here's also the outsized energy requirements for mining”
LOL this has been so thoroughly debunked I’m not going to waste my time on it.
Bitcoin will be the #1 way to REDUCE waste and maximize stranded energy sources, by a wide margin.
Also, it LITERALLY INCENTIVIZES CLEAN, RENEWABLE, CHEAP ENERGY.
Which is everything the World needs.
Shut up on this one Jerome you are out of your league.
9) “and the fact that they're not backed by anything.”
Hahaha he really has never heard the phrase “Men in glass houses shouldn’t throw rocks” has he…
THE US DOLLAR IS NOT BACKED BY ANYTHING.
If you want to get technical, it’s backed by our MILITARY.
If you want to get technical for Bitcoin, it’s backed by the strongest, most DECENTRALIZED computer network in the WORLD.
So yes, they are both backed by “something” Jerome…
But you are missing the point…
SO BADLY MISSING THE POINT IT’S HILARIOUS.
With MONEY, the MOST IMPORTANT THING IS IT’S VALUE, RIGHT?
This (made up thing) can buy me something else.
That’s why money is useful.
No one actually wants green dollars, they want what it can BUY THEM.
Same thing with Bitcoin.
NOT BACKED BY ANYTHING is the most hilarious argument because, that’s the ACTUAL POINT OF BITCOIN!
News flash, Jerome, we don’t WANT your backing!
Your “backing” results in ENDLESS MONEY PRINTING.
So much in fact, that we’ve turned you into the most famous meme of all time!!!
Your “backing” DESTROYS the VALUE of the MONEY you say is so well “BACKED UP!”
How dumb is that???
What we want is something that is NOT BACKED by YOU, or ANYONE.
That has a FIXED SUPPLY.
That can NEVER BE CHANGED OR ALTERED.
That actually serves the ONLY PURPOSE OF MONEY. —> TO BE WORTH SOMETHING.
Your money printer fugazzi is not going to last forever Jerome.
People don’t trust you.
We don’t want your “BACKING” and the fact that “Bitcoin isn’t backed by anything” is EXACTLY why it’s valuable.
The fact that you don’t understand this is exactly why it’s already too late and we’ve already won.
—
I’m not sure why I wrote that letter to Jerome but it felt damn good.
If you enjoyed this rant I’m definitely going to write another Bitcoin letter this week and you will miss it if you aren’t subscribed.
So subscribe here, it’s FREE for 30 days goofball.
Kale
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