'As gold marches its way above $10,000, bitcoin will march its way to $1,000,000,' the Bitmex co-founder said in his blog post.
The blog post written by Hayes is extremely long, but comprehensive and filled with sourced data. Hayes stresses that historians will likely call February 26, 2022, as the end of the monetary system controlled by the “Petro Dollar” and “Euro Dollar.”
You cannot remove the world’s largest energy producer — and the collateral these commodity resources represent — from the financial system without serious unimagined and unintended consequences.The blog post written by the Bitmex co-founder details how the U.S. and the dollar became a dominant force in the world of finance. At one time America was dominant in industrial and manufacturing businesses, but Hayes says these days “America exports finance, not goods, to the world on a macro scale.
Hayes explains that there are vulnerabilities when a ruling nation “decides to block access to the network to any participants.” He says that the point begs the question: “Should you ‘save’ in assets that ride on this centralised, permissioned digital monetary network?” The blog post highlights that there’s a level of trust given that a nation state will not “expropriate your ‘savings.
Gold jumping to $10K per ounce or higher will “psychologically shock” the world’s asset markets, Hayes notes. Hayes wholeheartedly believes that most hard assets that people use to hedge will skyrocket in value and this includes“As gold marches its way above $10,000, bitcoin will march its way to $1,000,000. The bear market in fiat currencies will trigger the largest wealth transfer the world has ever seen,” Hayes explains.
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