The main central banks of the world are increasing money supply in an uncontrolled and unjustified way in what is so far the largest transfer of wealth from savers to governments ever. While savers see their deposits disappear with negative real rates and devaluations, while central banks seek at all costs to impoverish their neighbors through devaluations to benefit deficit-ridden states, financial repression continues to generate responses from citizens, who seek to safeguard their savings from the monster confiscator: devaluation and inflation.
The main factor that has led Bitcoin to skyrocket is the global fiat currency debasement. In a year where headlines talked about a weak dollar, the US currency has strengthened relative to 67 currencies. It is not weak dollar, but weak fiat currencies.
Bitcoin and other cryptocurrencies like Ethereum become as an alternative to financial repression and a store of value, especially for citizens in emerging economies where currency depreciation is not a risk but a certainty….
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