Dec. 12, 2021 - Health Ranger - Mike Adams
10:17
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| Time | Text |
|---|---|
| All right, quick update about crypto here. | |
| I just finished interviewing John Perez for the second time in about three days, and he's predicting a target price of Bitcoin going to $4,200. | |
| Now, whether you agree or disagree with that, and I don't know. | |
| I don't know where Bitcoin's going. | |
| The truth is that even the crypto ecosystem leaders, they just testified before Congress a couple days ago, and they are begging the United States government to regulate them so that there can be a level playing field and they can get all the fraudsters and crooks and hucksters and con artists out of that system. | |
| Because what's going to be necessary for crypto to go to mainstream acceptance is it has to become Honest. | |
| They've got a clean house. | |
| And I completely agree with that. | |
| And I advocate for that. | |
| I think this is the next step to making crypto more universally acceptable. | |
| But during this cleaning house operation, which will probably see a major crash of highly inflated crypto assets. | |
| And, you know, again, Perez thinks it's going to $4,200. | |
| Maybe that's the case. | |
| Could go a lot lower, actually, come to think of it. | |
| But wherever it's going, there's going to be kind of a reset of the crypto economy with regulation that then removes that question. | |
| Because right now the big question is, well, Will the Federal Reserve agree to coexist with the crypto economy? | |
| Or will governments allow crypto to, you know, to function in their jurisdictions and so on? | |
| And the US is, of course, the biggest answer to that. | |
| Now, China has already decided that they don't like crypto, that they don't control, probably because they're going to roll out their own digital wallet systems and they don't want competition. | |
| So China's really declared war on, you know, Bitcoin and other peer-to-peer currencies. | |
| Will the U.S. follow that route or will the U.S. decide to coexist with it? | |
| That is the key question. | |
| And if the U.S. decides to coexist with crypto, then will there be regulations that bring stablecoins in particular up to the standards that banks are required to uphold? | |
| That is, FDIC-insured banks, you know, and SEC regulations, and even FTC regulations about marketing claims and so on. | |
| If there is a strong regulatory oversight effort that is applied to crypto, then it would significantly clean up the whole thing. | |
| And it would probably, in my view, result in the collapse of Tether, which is a digital fiat currency printing machine that just floods the entire ecosystem with Tether coins that are backed by apparently, well, nothing you can trust because they refuse to submit to an audit. | |
| So nobody knows for sure how much is backing Tether. | |
| And the fact that they will not submit to an audit is, in my view, it's almost like they're admitting that they're guilty. | |
| Because what are they trying to hide? | |
| I mean, they're supposed to show their assets so people can have faith in their coins. | |
| They refuse to show their assets. | |
| It can only mean, in my view, that they have something big to hide, which is probably that they don't have the assets they claim. | |
| Now, if Tether goes down or goes out of existence, that's going to be a lot of asset destruction. | |
| It's going to strongly affect the other cryptos in the entire ecosystem and bring a lot of them down quite dramatically. | |
| And that may be part of the equation that Perez is estimating where he says Bitcoin will go to 4,200. | |
| But once the digital fiat currency printing is swept out of this system and we could get to truly honest free market cryptos and probably would need to have some regulations about You can't hire celebrities to just push your BS crypto coin on YouTube. | |
| There have to be some common sense rules in a free market system so that people don't get suckered into the latest mass hysteria like FOMO. Right now, crypto is just a giant FOMO market. | |
| Everybody's jumping in as speculators. | |
| Most of them have no idea how it works. | |
| They have no idea how they would ever use it. | |
| They just think, oh, it's a get-rich-quick scheme, and that's like 99% of the participants in the system. | |
| That's got to end before crypto can really go mainstream and become useful. | |
| See, what makes a cryptocurrency useful is stability. | |
| Well, among other things, but stability is one of the key things. | |
| So it needs to be stable and it needs to be non-speculative. | |
| It needs to be a means of exchange, which means there can't be digital currency printing operations like Tether as part of that ecosystem. | |
| As long as Tether exists, I will not buy any crypto coin other than maybe something backed by physical gold and silver that can't be inflated by Tether. | |
| But things that can be inflated by Tether should, in my opinion, be utterly avoided like a hot potato. | |
| And that's Bitcoin and that's Ethereum and that's every most, well, nearly every other coin in the system. | |
| You are not seeing their real honest values. | |
| What you're seeing is their hyperinflated values because of digital currency. | |
| Well, I would call it counterfeiting. | |
| Massive money creation spilling into the system the same way that the Fed prints money and drives up stock market prices while Tether prints coins and drives up crypto prices. | |
| So I would steer clear of that until there's this house cleaning operation. | |
| But again, once the house cleaning operation is done and there's a reset, Then that would be the time to really begin implementing and expanding the utility of these cryptocurrencies. | |
| Once they're stable, for example, and you don't have all these ups and downs and booms and busts, then you're going to see a lot more merchants getting involved. | |
| Right now, a lot of merchants don't want to take the price risk or the risk of not being able to sell cryptocurrencies if there is a regulatory clampdown. | |
| But once regulations are in place and price is stable, you're going to see a lot of merchants be more than happy to accept these coins for payment because then they don't have any real risk of losing out on that transaction as they try to convert that coin into fiat currency or something else. | |
| So you understand... | |
| Right now, I hear a lot of people that are kind of pushing the crypto universe. | |
| And some of these people are pretty super sketchy people. | |
| You know, you can see the way they present their information. | |
| It's just all kind of hype-ish, and they almost never reveal their own conflicts of interest. | |
| They never say, or rarely do they say, that they are advocating Bitcoin because they own a lot of Bitcoin, and thus it's in their self-interest. | |
| But And I think that's important for full disclosure. | |
| They should say, what are their holdings? | |
| What do they have? | |
| But their claims that Bitcoin or other cryptos are going to go totally mainstream, those claims, that's impossible until the garbage is cleaned out. | |
| And by the garbage, I mean the fraud, the criminality, the hucksters, the The scams, the money printing, the digital money printing, all of it. | |
| All that's got to get cleaned out for crypto to really have mainstream acceptance. | |
| Until that day comes, it's just going to be a vehicle for fraudsters and booms and busts and speculation and crashes and whatever else happens in that whole realm. | |
| It's going to be a rollercoaster ride for anybody that owns crypto, which is why I don't own any crypto, period. | |
| I'm not interested in it until it's clean. | |
| It's just like I'm a clean food advocate. | |
| I'm actually a clean crypto advocate as well. | |
| And I think there needs to be a major cleanup operation to turn this into something really useful and trustworthy. | |
| I would even say that if you're in crypto right now because you think it's going to make you rich and you're all into the speculation, you're in it for the wrong reasons and you're going to get burned badly. | |
| You're going to get a very expensive lesson in losing everything. | |
| But if in the future, after it's cleaned up, you want to get into crypto because you want to use it as an advantageous means of exchange, then that would be the right reason to get into it. | |
| That's the utilitarian reason. | |
| A justification for crypto. | |
| And that's when I'm going to be in it as well. | |
| And that's going to be a very boring chapter in crypto because it's actually, it's not going to go crazy high in price. | |
| It's not going to make tons of money for everybody. | |
| It's not going to be, you're not going to have instant billionaires off of that. | |
| It's just going to be a means of exchange. | |
| And when there isn't this get rich quick attitude, a lot of the hucksters and fraudsters are going to Go away and try to find something else, and that's great. | |
| That's exactly what we need in this industry so that we can use crypto for its original intended purpose as a means of exchange that's not subject to central bank money printing. | |
| So that's my take on all this, and be sure to check out my interviews with John Perez and David Morgan and others on my channel on brighteon.com. | |
| My channel is HR Report. | |
| I'm Mike Adams, the Health Ranger. | |
| Check out my articles at naturalnews.com. | |
| Thanks for listening. | |
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