This report was originally published by Michael Snyder at The Economic Collapse Blog
Demonization is the first step toward making something illegal. Over the past couple of months, Bitcoin and other cryptocurrencies have experienced a tremendous surge in popularity. Personally, I was completely floored the other day when my nephew wanted to ask me questions about investing in Bitcoin. It seems like the whole world is getting caught up in the cryptocurrency revolution, and needless to say, the powers that be cannot be thrilled about this. Independently-controlled cryptocurrencies represent an existential threat to the global debt-based central banking system that we have today, and so the elite have a very strong incentive to bring about the demise of Bitcoin and other emerging cryptocurrencies.
So it is no surprise that one of the key mouthpieces for the elite, the Washington Post, has begun to demonize Bitcoin. And if you are going to demonize something, one of the fastest ways to do that is to link it with racists. The following is an excerpt from an article that the Post just published entitled “Bitcoin’s Boom Is A Boon For Extremist Groups”…
Even before Charlottesville, Richard Spencer, a prominent member of the alt-right, a group that espouses racist, anti-Semitic and sexist views and seeks a whites-only state, had gone as far as declaring bitcoin “the currency of the alt right.” But far-right political leaders and experts on extremist movements alike say the adoption of bitcoin gained new urgency after Charlottesville as extremists looked for ways to operate beyond the reach of government control and the shifting policies of U.S. tech companies.
For those of us that are accustomed to thinking critically, we see right through what the Washington Post is trying to do. The Bitcoin phenomenon has absolutely nothing to do with Richard Spencer and his ilk, but every time the liberal elite want to demonize someone or something they trot out their favorite boogeyman once again.
Just like every other currency, Bitcoin can be used for good purposes or for bad purposes. But the Washington Post article would have us believe that Bitcoin is at the core of some great “racist conspiracy” that is about to take America by storm…
Extremist figures who invested in bitcoin as a bulwark against efforts to block their political activity now find themselves holding what amount to winning lottery tickets. The proceeds could be used to communicate political messages, organize events and keep websites online even as most mainstream hosting services shun them, experts say.
The truth, of course, is that these sorts of racists are a very, very small fraction of one percent of the U.S. population. They are so small in numbers that they are not even worth mentioning, but the Washington Post and other liberal outlets love to give them attention because they make the perfect enemies for the narratives that they are trying to promote.
Later on in the article, there was an effort to link Bitcoin to drug traffickers, money launderers and those who use the Internet for other dark purposes…
Extremists are hardly alone in benefiting from surging bitcoin values. Early buyers include cryptography enthusiasts, libertarians and professional investors – as well as drug traffickers, money launderers and others who regularly conduct transactions on the “dark Web,” a part of the Internet only accessible using specialized software that helps shield online activity.
The “logical conclusion” that many on the left are going to come to after reading such an article is that Bitcoin must be banned.
In the months and years ahead, I would expect to see a major push to crack down on cryptocurrencies. And once independent cryptocurrencies have been dealt with, the elite will promote their own versions as the long-term solution.
According to the Post article, the Southern Poverty Law Center is currently tracking 200 Bitcoin wallets that they believe are owned by extremists. Apparently, every single transaction that involves these accounts is being monitored…
Public blockchain records make such monitoring possible. Researchers can study the times, dates and amounts of any transaction, along with what accounts are involved. That does not include the actual names of account holders, but such records can illuminate identities. The SPLC, for example, looks on the donation pages of extremist websites for bitcoin accounts that are seeking contributions.
If the elite are ultimately able to convince the general public that Bitcoin and other cryptocurrencies are for racists, criminals, tax evaders and drug dealers, that will make it much easier to crack down on them.
But of course blockchain technology is here to stay. Once the elite are able to move the public away from “unregulated cryptocurrencies”, they will simply introduce “Fedcoin”, “Utility Settlement Coin” or whichever other digital currency that they want to promote at the time.
For the moment, however, the cryptocurrency revolution is still raging. Even as I write this article, the price of Bitcoin is flying all over the place. At the moment it is sitting at $14,730, but that will change in a few moments.
I would anticipate even more volatility as we head into 2018, and other experts seem to be of the same opinion. For example, just consider what Nick Colas is saying…
Nick Colas, co-founder of DataTrek Research, has been following the bitcoin phenomenon for at least four years. Looking ahead to 2018, he sees more volatility for an asset that has soared nearly 1,600 percent over the past year.
In fact, he figures bitcoin could slosh in a range between $6,500 and $22,000; it was around $15,750 in Wednesday morning trade.
“Bottom line: bitcoin can rally to $22,000 and still be reasonably priced, or plummet to $6,500 and also be correctly valued,” Colas said in his daily note. “We expect to see bitcoin trade for both prices in 2018.”
But as I have said before, the key to this phenomenon is not how high the price of Bitcoin can climb.
Rather, the key is if Bitcoin or other cryptocurrencies can truly become methods of exchange that are widely used outside of the control of national governments and global central banks.
If we can create a truly autonomous financial system that is independent of the current debt-based system, that would be a wonderful thing for humanity.
Unfortunately, the elite are going to fight very hard to keep that from happening, because control over currencies is one of the main factors that allows them to have so much control over the entire planet.
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
If you want to know what is coming and what you can do to prepare, read his latest book [amazon text=Get Prepared Now!: Why A Great Crisis Is Coming & How You Can Survive It&asin=150522599X].
Anything that bypasses TPTB I would support.
No BH76 – anything of a totally digital nature as regards financial ability to conduct business is tantamount to a total loss of personal control. If you’re worried about TPTB, which I am too, consider what better way they’d have to keep track of every single facet of your life. No, Bitcoin is diametrically opposed to freedom.
I call BS on this article and on Bit Coin being the currency of the Alt Right. The REAL Alt Right prefers gold & silver.
“Richard Spencer, a prominent member of the alt-right, a group that espouses racist, anti-Semitic and sexist views and seeks a whites-only state, had gone as far as declaring bitcoin “the currency of the alt right.”
This shows you what a moron Richard Spencer is and how ill informed Michael Snyder is about Bit Coin. To begin with, Bit Coin is too expensive and there are to few of them to be a real currency: so much so that they can never be ubiquitous.
Bit Coin is a digital commodity.
Second, studies show that Bit Coin is held predominately by currency TRADERS speculating in this commodity; not by the rank and file, average person. TRADERS are interested in the VOLATILITY of Bit Coin to profit on both the upside when they can drive demand (with bogus articles), and the downside when they pull the rug out from underneath the market by shorting it on the exchanges.This article is just hype to encourage the masses to join in the hysteria before it crashes: classic pump & dump.
Most Americans cannot afford BitCoin as they have about $1,000 in their checking account. Bit Coin operates on the “Bigger Fool Theory” much like desert land promoters. Don’t be a bigger fool. 🙂
Well, you knew that was coming.
“If we can create a truly autonomous financial system that is independent of the current debt-based system, that would be a wonderful thing for humanity.”
… and that is why it ain’t gonna happen.
Anyone that still believes that our government is “for the people” is a fool. Their use of the word “people” is the same as the Communist Party of China.
Forget Bitcoin, etc. as the answer to official intrusion into your life. Buy PM’s instead.
The Washington Post is an extremist group.
Wash Post=central banks mouthpiece
to Fritz; Here here!
Will the Democrats stop at NOTHING?
It is a neutral medium of exchange, or speculative, not a long term store of wealth.
Bitcoin is a Fraud. A Pump and Dump Scheme.
they’re right !
i’m a bible thumping, gun toting, climate denying extremist and I use bitcoin !
Even so when Obama wanted to give millions to Iran to fund their nuclear program, Obama chose to send several foot lockers full of cash on a private jet to Tehran.
This proves that cash is still king among criminals.
Those investing now are in for a rude awaking. Anyone know where I can buy a loaf of bread with a Bitcoin? Fools Gold.
b/c follows the socalled banking rules, to the satisfaction of the banks, or else, you would not be able to debit frns, back and forth.
Bitcoin is right wing? now I’ve heard everything!