#49 It's Not Over Yet
#49 It's Not Over Yet
Bitcoin holds $40k as US equities pull back
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Bitcoiners Warn of US Debt Ceiling
We noticed Bitcoin Maxis are talking about the possibility of Congress raising the debt ceiling on October 18th. Why would they care? Surprisingly, when searching for “Bitcoin fixes this” in the post discussing the topic on the Bitcoin subreddit the results came back empty. However, one redditor from this thread appeared, wielding similar rhetoric, to be Bitcoin’s white knight saying, “Bitcoin solves this”.
We’ll spare you the four paragraph long explanation where RouPaulWasR1ght went on to give details how Bitcoin’s ability to be used as remittance payments (so El Salvadorians can avoid high fees from Western Union) was somehow related to US monetary policy.
One Bitcoiner even accuses the US government of conspiring to use the situation with the debt ceiling to “buy the dip”. Presumably, they are suggesting that this will drive Bitcoin’s price lower (intentionally) so that US congress members can buy Bitcoin for personal gain.
The next Bitcoiner takes a stab at the US dollar saying no one wants to get paid with a currency that is less valuable than when you received it. Yes, this is a true statement and in the recent short-term time frames Bitcoin would be the currency you don’t want.
You absolutely cannot trade this! There is no reason to go long Bitcoin here or go short Bitcoin here because of congress’ decision around the debt ceiling. The odds of the US defaulting on its debt is about the same as Bitcoin going to zero. Next time you see a Bitcoiner shouting that a group is spreading FUD (fear uncertainty doubt), think to yourself, What’s more likely an elaborate global conspiracy to reduce Bitcoin’s price or a few Bitcoiners conspiring to hype Bitcoins price through hyperbolic story telling?