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Peter Zeihan is in the spotlight because he has claimed that Bitcoin is a “Dumpster Fire,” and Anthony Pompliano, one of the world’s top voices on tech innovation and digital assets, is addressing his thoughts on the global and political landscape of Bitcoin on his Youtube channel.
Here are the highlights.
As we all know, Peter Zeihan is one of the most well-known American geopolitical experts. He recently gave a presentation to the folks at arkhanvest, and bitcoin, of course, came up as part of his work. As many people know, Zeihan believes bitcoin is an absolute dumpster fire! why?
Anthony while addressing his views said he is fascinated with his thought process that goes behind his conclusion so here’s part of the conversation where peter was talking exactly about bitcoin and why he thinks it is a dumpster fight you think that bitcoin is a “dumpster fire” here is what he said
Peter said, “so the boomers right now are in the most liberal investment environment of their lives they’re the largest generation this world has ever had so capital costs for the last couple years have been the lowest they’ve ever been and in a couple years they’ll be the lowest they’ve ever been and in a couple years they’ll be the lowest they’ve ever been and in a couple years they’ll be going to be very very high because all that boomer liquid capital is going to go away it’ll be locked into t-bills in cash.”
Bitcoin is emerging in this environment where money is free; it will not be here in a couple of years; it is not a store of value; it is not a method of exchange; it is not readily shiftable into the real economy. We’ve discovered with the Russian sanctions that it is completely reliant on the normal financial system for access. This means it is vulnerable to anything the government might do; it has already been banned in ten of the world’s top twenty economies; and in terms of currency. If you ever get a carbon tax it will be having a negative value so yes there’s nothing about bitcoin that’s been here for a long now as mentioned by Peter.
Though Anothony and many other analysts disagree with the fact check behind Zeihan’s comments as he went on to say even more, and his conclusion was that many of the different use cases that people highlight as to why bitcoin could be valuable, especially on a global stage, especially when there is geopolitical risk, uncertainty, or chaos, he ultimately decides that it is akin to money laundering.
Though Peter is convinced that Bitcoin is nothing more than a tool for illegal trading and money laundering and that it is unfit for use in any civilized economy.
He pointed out the recent global situations where anyone living in a war zone country like Ukraine where people are fleeing and cannot access the ATM, here Bitcoin comes as a savior as if they can get across the borders they can easily access their private wallet from anywhere and that’s what brings the Bitcoin on the radar of government regulations and that’s why it is being banned in many countries. It is a sure-shot case of money laundering and it’s certainly not good enough to be used regularly in any sort of civilized system.
Situations like this are also deemed as expanding economic horizons.
Anthony on countering Peter here was adamant in his assertion that neither his nor anybody else’s view matters; the market will determine the true value of bitcoin.
“What I believe is missing from the conversation is that bitcoin continues to gain adoption despite the fact that so many countries have attempted to ban it, outlawed taxes that are regulated, and so many different individuals around the world turn to bitcoin to protect their wealth, move it as seamlessly and frictionlessly as possible, and give them some security.”
Anthony also mentioned that the ECB will not be following the Federal Reserve’s plan of making capital more expensive and hiking interest rates. It’s in instances like these when bitcoin’s programmed monetary policy and the incapacity of any individual or organization to truly modify bitcoin, that bitcoin’s value to so many diverse people throughout the world are highlighted.
In his closing remarks, Anthony stated that while he does not agree with many of Peter’s ideas and cannot predict what will happen in the space, he believes that on a probabilistic basis, bitcoin will continue to be embraced by people all around the world. It’s beyond control; no one can modify the rules, and that, in today’s world, with all of the geopolitical uncertainties and irresponsible monetary and fiscal policies, is likely to be pretty useful.
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