Hey There Income Hunters,
Very big news yesterday as El Salvador became the first nation to add Bitcoin as legal tender — and pushed the dollar aside as a tag along.
Seems like a pretty good day for my Digital Currency Arms Race webinar!!
El Salvador’s legislative assembly officially approved making Bitcoin legal tender in the country only a couple of days after new president Nayib Bukele proposed the solution.
Washington must be furious!
I don’t think they will take this lightly … don’t forget we went into Iraq and initiated a war simply because they were going to ditch the dollar for the Euro.
Ditching dollars will continue to be an ongoing theme…
Tune in today at noon when I reveal new information on much more powerful countries not only ditching the Dollar but planning to destroy it!
What Does This Mean for Bitcoin
I always felt Bitcoin could be a niche market. El Salvador and other countries that lack the infrastructure to have their own viable currency could benefit from its use.
The question is, will Washington allow it to succeed? I mean, as hedge fund star Ray Dalio said, Bitcoin’s greatest risk is its success. Central banks hate it because it’s competition for them
There are ways Washington can make Bitcoin a miserable proposition by penalizing people for using it.
As you can see in the chart below, Bitcoin’s technicals have taken a hit and are now bearish …
I do think Bitcoin can recover… and if it can regain its bullish trend, then once the US asset bubbles burst, it could attract flows as a safe haven, regain strength and make new highs.
The Dollar Is Hanging by a Thread
The dollar is a different story. There will be pressure on the dollar from so many angles that collapse is inevitable…
When volume begins to build at the lows like this, it makes it hard to overcome the pressure.
The scary part is who wants to come to the dollar’s rescue? Every nation is in a similar situation …
I actually think the Fed needs the dollar to collapse, but they may want to keep kicking the can down the road to stave off a stock and bond collapse for now.
However, I don’t think the Fed is in control of its own destiny…
Join me today at noon to find out why …
Until then …
Live and Trade With Passion My Friends,