Bitcoin Rises Sharply Ahead of the First Rate Cut in Its Existence
Banking the unbanked, streamlining international remittances, reducing fees and online transaction times – all sound Bitcoin value propositions. Yet those are not Bitcoin’s raison d’être.
Bitcoin’s origin, its birth, its reason for being is a protest against printing money.
The Keynesian excesses of governments around the world have debased currencies and looted the savings of their citizens. Under the guise of economic growth stimulus, governments have turned a blind eye.
The world economic system has become an undisciplined Keynesian dystopia, and the ever-soaring price of Bitcoin is the yard stick by which this dysfunction is measured.
As a globally traded commodity, a weaker USD will lead to higher Bitcoin prices, even without increases in demand. Of course a new round of easy monetary policy will likely increase demand for the disinflationary safe-haven of Bitcoin – as it does for other real assets like Gold and Real Estate.
Our friend and industry thought leader at Morgan Creek, Anthony Pompliano, probably said it best with his tweet on the topic, “They don’t realize that they’re giving Bitcoin the rocket fuel it was built to consume.”
If you or your clients would like help investing in an asset class fundamentally designed to protect against runaway money printing, please contact us.
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