Bitcoin has briefly crossed $7,000 for the first time since September 2018 – the tenth anniversary of the banking collapse – with the cryptocurrency overtaking resistance levels to now $6,800.
Its trading volumes keep increasing to $23 billion, while combined volumes for all cryptos are at $70 billion, an all-time high.
The entrance of Latin America might be one big story. A Brazilian exchange, Negocie Coins, keeps having a premium and keeps seeing its volumes rise.
Some of it fake maybe, but inflation keeps increasing in that region. Venezuela’s bitcoin volumes have reached all time high in their own money as they keep on printing. Argentina too, Mexico, Colombia, Peru.
India is also seeing rising OTC volumes as told by Localbitcoins. Crypto-exchanges there have been blockaded. The world’s biggest democracy might become the first to pass a law to ban cryptos.
Old men keep living in old times, but the young will find a way. The Chinese millennials have now laid the infrastructure to bypass restrictions. What may have been the first test to see whether cryptos can be banned, has arguably failed.
That’s for two reasons. First, they probably can’t ban OTC. The Politburo’s kids probably have bitcoins. They know if they pass such law enforcing it would be difficult, and since it would be difficult, their own kids would keep playing. Meaning the elite risks seeing theirs own sons or daughters in prison.
The second reason might be that such ban could risk a fiat outflow because the second theme this year is institutional investors are entering.
The game of the rich has always been simple, one law for them, another for the rest. An act of parliament banning crypto, however, is one law for all. Meaning India’s rich would be forced to get their money out or risk missing the biggest Initial Public Offering in history.
Bitcoin, unlike all these public stocks, was offered to all the people in a first come first served basis. For once, it is the aristocrats that enter second, and they are entering.
First in America. The future is unevenly distributed, but Europe is following, South Asia a bit later, then Arabia, India, South Africa, Latin America, and then all the rest.
That’s the wave of adoption as far as we have seen and that shows the level of advancement. American industry remains first, Europe is trying to play, China’s authoritarian tendencies are now facing a backlash, so the tech we sent them might now come back. Arabia is rich, more an investor than an innovator. South Africa and Kenya could be rising stars. Latin America is in trouble, they need to get a handle on inflation. Listen to the Turk president, the higher the interest rates, the higher the inflation. The former causes the latter, not the other way. So he says, perhaps rightly.
As for India, it appears all of their troubles are caused by their own government. There seems to be no civil society there. No strong rule of law. And there appears to be a significant lack of education as information there seems to travel far too slowly.
It is, in this day and age, by how bitcoin is treated that countries are judged. For, through bitcoin, a generation is learning about the entire system.
It is through this innovation that we are learning of the incompetents and the achievers. Who pretends to be a thinker, and those who are actually thinkers.
For the techies in many ways now rule the world. The carousel is turning.