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Bitcoin exploded UP on Friday:
We’d be looking at the 3rd highest 1D return in Bitcoin’s history (38%), surpassed only by 11/6/10 (54%) and 5/10/11 (48%) – @coinmetrics
Initially I caught the market-moving news and retweeted it before the price exploded without grasping the significance.
In further research and review, I moved into the mindset that that this move is in its Early Innings and a major ‘Sputnick’ moment in the US versus China race for Economic Superiority.
Basically, China is moving into Blockchain (and by association Bitcoin). And ANY real alternative to dollar based transactions is a threat to US financial hegemony (and by association USD world reserve status). Some believe it is more strategic than military superiority.
In his first major comments on blockchain, Chinese President Xi Jinping said the country should implement the technology across the economy – @wsfoxley
While sipping my tea Friday morning two hours before market open, I saw this headline and retweeted. Bitcoin proceeded to spike 38%.
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Here’s the longer reaching potential consequence:
New Narrative likely appears as Top Risk to Capital Markets: Stealth China Redemption of US equities /assets – not just from Trade War, Chinese Deleveraging, Renewed Nationalism or USD De-risking BUT for alpha – as money flows into $BTC + crypto’s.
Top Reads / Videos
Along this theme today of All Things Bitcoin, here is a quick and concisely written take on Bitcoin.
There is no blockchain without Bitcoin or bitcoin without blockchain. – @skwp
Read Inventing Bitcoin: The Technology Behind the First Truly Scarce and Decentralized Money Explained
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
