Financial, Economic and Social Mood Update (July 1, 2021)
Financial, Economic and Social Mood Update (July 1, 2021) The record high price for a Bitcoin BTC Internet domain name reached USD $11,020,500.00 as of June 2, 2021. The cryptocurrency crash in effect since April 14, 2021 reduced total cryptocurrency market capitalization by 44.99 percent by July 1, 2021. This engineered crash is serving to scare off retail investors (small investors and new investors) and add to the holdings of large investors – institutions, governments, billionaires, millionaires and whales. Wealth is being transferred into ever fewer hands, and the global wealth gap is widening. The middle class is disappearing, old industries / families / companies are dying out, and the fewer wealthy younger people will be heavily concentrated in high technology, biotechnology, nanotechnology, the Blockchain and cryptocurrency. The top 9 holders of cryptocurrencies own or manage 71 percent of all cryptocurrency market value worldwide. The other factor is that Bitcoin BTC and other currencies are coming under worldwide governmental regulation. Once this phase passes, their values will soar. There is finally a ranking of sovereign countries likely to accept cryptocurrency as legal tender: https://coinmarketcap.com/legal-tender-countries/. El Salvador has become the very first country to adopt Bitcoin BTC as legal tender no different from how El Salvador accepts the US Dollar. They have been followed by Paraguay and Panama. Every country should do this, but most national governments are leaning in the direction of launching their own CBDC (Central Bank Digital Currency). A CBDC differs from Bitcoin BTC and more than 10,732 privately-launched cryptocurrencies in that it will be controlled by a sovereign government, which more than likely will want to control how, when, where and how much its citizens will spend. Such control is not good – it takes away individual liberty, it tends to be very inflationary by nature (example:…