Trump or Biden? Doesn’t Matter. Crypto Prices Are Still Going Up
Strange as it may seem, the cryptocurrency markets couldn’t care less who wins the White House. Or the Senate. Or the U.S. House of Representatives.
Why? Because both sides have sworn to print and spend trillions more in yet ANOTHER attempt to jump-start a sickly economy.
There comes a time in the life cycle of every empire … where common sense and reason give way to laziness and hubris. It’s not as if we haven’t seen reckless money printing before.
The Romans tried it a couple millennia ago, for instance. And all it did was accelerate the collapse.
Looking beyond the election, it’s abundantly clear the unprecedented mismanagement of the U.S. economy is not going to change. For example, all we hear out of Washington is …
▪ Deficits don’t matter.
▪ Spending money doesn’t matter.
▪ And printing reckless amounts of dollars doesn’t bring about inflation.
Gosh, if you believe this … I may have some swampland in Florida you’d like to buy!
The Eve of Destruction
Look, I’m not saying flagrant money-printing is the single cause of all the world’s ills. But it is undeniably a symptom of a financial system on the edge of collapse.
Innovation, investment and honest hard work, all fundamental American values, have given way to corruption, cronyism — and the printing press is being run to pay for it all.
That brings me to recent action taken by the U.S. Dept. of Justice and the Commodity Futures Trading Commission. They charged BitMEX with illegally operating an unlicensed derivatives exchange and violating the Bank Secrecy Act.
BitMEX founder Arthur Hayes was born and raised in America. He practically invented the derivatives contracts that are now used to trade hundreds of billions of dollars every month.
This is American ingenuity at its finest.
How is he rewarded? By being labelled a criminal. And for what? Violating a law that’s mostly used to protect big, politically well-connected banks from uncomfortable competition.
Why do I say this?
Because just as the U.S. government is trying to ruin BitMEX, we learn banking behemoth JPMorgan is quietly settling a lawsuit for knowingly manipulating precious metals markets, causing investors to lose $300 million. No criminal charges whatsoever.
Gimme a break!
Déjà Vu — All Over Again!
Sounds like 2008, doesn’t it? Tens of millions of Americans lost their homes. Dozens of banks knowingly and willingly defrauded investors. And yet no one was charged. Or went to jail.
No matter how bitterly contested, it’s going to take a lot more than a Presidential election to truly solve any of this. And the crypto markets understand this. Perversely perhaps …
▪ The more chaotic the legacy legal and political systems of America become, the more crypto assets thrive.
▪ The more U.S. government officials crack down on crypto trading, the more they push innovation offshore — and make global competitors like China or Russia look good by comparison.
▪ And the more they corrupt the currency, the more people all over the world pull funds out of the legacy fiat money system and into cryptocurrencies, driving them higher and higher.
So, whatever you do, don’t think there’s going to be any kind of return to “normal life” after the election. Regardless of who wins, quiet times do not lie ahead. The revolution is about to erupt. And no power on earth can stop it.
Sock away some of your savings in top Weiss-rated cryptos now — while you still can. Your future — financial and otherwise — may hang in the balance.
Best,
Juan and Bruce
