COMMENT: Mr. Armstrong, I am a newcomer. I watched your WEC virtually. It was very eye-opening. I also want to thank you for Socrates and for covering Bitcoin. Your service is the only thing out there that isn’t biased, and you are not trying to sell me some crypto. Also, thank you for explaining that nothing can be fixed and that the sales pitch behind Bitcoin was just false. You have explained it is an asset class and approach it like anything else. It’s just a trade. I look at it in different currencies, as you said. It has opened my mind to a dynamic world, as you put it at the WEC.
Once again, thank you.
Paul
REPLY: With the political chaos surrounding us and the push for war, these are the times that cause capital to move. Look at our map that tracks the capital flows every day. Both the Chinese and Russians are pulling back the capital from the West. The capital is fleeing the Baltics right now, but Brazil is also experiencing political chaos there. When you look at Bitcoin in various currencies, you can see that it is being used as a vehicle to get capital out of Europe right now.
Graver Cleveland was the previous president who, like Trump, was elected to non-consecutive terms. Like Donald Trump, he also stood against his own party. He expressed this best during the Panic of 1893. Capital can flee and move offshore. It is the middle class that cannot hoard their labor or move it offshore without leaving their country.
Bitcoin is a trading vehicle, and it may not be suited for a reserve currency since the money supply MUST increase with population and the expansion of the economy, or else you create deflation. Nevertheless, it has become an international digital means of moving money, and this is happening right now, so it is important to look at anything from a global perspective. Bitcoin has become like gold, which is the same product that is traded internationally. That makes it an interesting, distinct international class.
We have more subscribers to Bitcoin than probably everyone else combined because it is a separate international class like gold.
