“The swarm is headed towards us” – Satoshi Nakamoto, when WikiLeaks started accepting Bitcoin donations
By Catherine Austin Fitts
This week on the Solari Report, join me for a fascinating conversation with Sarah Wiesner of Bitcoin Embassy TLV.
Interest in bitcoin is growing. One reason is the price. Bitcoin prices are rising, with market capitalization approaching approximately $25 billion – almost five times greater than the market cap of the next largest cryptocurrency.
Another reason is government policy. With central banks and governments engaged in liberal monetary and fiscal policies, involving both debasement of sovereign currencies and encouraging the creation of paper gold and silver investment vehicles, a stateless currency that limits its issue appeals to investors weary of inflation and market intervention.
The bitcoin market is tiny by financial market standards – we are still at the early stages of the development of it and other cryptocurrencies. At a market capitalization of approximately $35 billion, the entire cryptocurrency market is approximately one-third of the market capitalization of Starbucks.
The market is growing fast – it grew from $30 to $35 billion in the five day since Sarah and I recorded this interview. If the SEC approves the first Bitcoin ETF capital flow will accelerate. We could also face the same paper problem we have experienced in precious metals.
Whatever happens next, digital currency volumes are likely to grow supported by communities passionate about decentralization and financial privacy. According to research produced in 2017 by Cambridge University, there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet, most of them using bitcoin.
The $64,000 question is whether or not a trustworthy digital currency with encryption can operate on a digital infrastructure and platforms that lack integrity, controlled ultimately by the leadership promoting a global war on cash and eager to be relieved of liabilities for sovereign deposit insurance. No less than the The Economist declared on its cover this month “Why computers will never be safe.”
In Money & Markets this week I will discuss the latest in financial and geopolitical news. Please post or e-mail your questions for Ask Catherine.
Talk to you Thursday!