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Crypto Vs Central Banks- Let the Battle Begin

Crypto Vs Central Banks- Let the Battle Begin

In today's episode, Dave Russell of GoldCore TV talks about how the rise of cryptocurrencies has become a threat to government-issued currencies worldwide, and are the central banks targeting #cryptocurrencies?

He talks about Elon Musk's comment on Saturday Night Live lead Dogecoin, a cryptocurrency to initially rally before promptly losing 40% of its value. Previously tweets by Elon Musk sparked a bitcoin buying spree when he revealed that Tesla was diversifying a portion of its cash assets by purchasing the cryptocurrency.

He also discusses Andrew Baily, the Governor of the Bank of England's comment about cryptocurrencies suggesting that people should invest if they are prepared to lose all their money. Such series of comments and actions have been implied by many central bankers, regulators, and legislators.

#DavidBrady of Global Pro Traders and legendary investor and former business partner of George Soros, #JimRogers previously appeared on GCTV discussing how government’s view cryptocurrencies and how they might react in the future.

As per Jim Rogers, if Bitcoin becomes a viable currency the government would immediately ban those since the government would not want to lose its control over their own currency.

According to David Brady, the central banks might ban these cryptocurrencies in the future paving the way for the government to introduce their own Central Bank Digital Coins #CBDC. He also implies that the tax authorities might tax these transactions.

The emergence of cryptocurrencies has become a danger to all government-issued currencies around the world. And, if left unchecked, it would be a growing challenge to the US dollar's position as the world's reserve currency. There are also unsubstantiated rumors that the Biden administrations are planning to introduce an 80% capital gains tax on cryptocurrency profits.

Other countries are also taking action too. India has not only planning to ban their possession but also the trading, mining, and transfer of them as well and made a criminal offense.

Ireland has introduced more stringent anti-money laundering rules. Whereas Iran has stated that any transactions of cryptocurrencies that were mined outside of Iran are now restricted.
Meanwhile, in China, the China Citic Bank has now announced that Bitcoin-related transactions are prohibited.

Dave believes that cryptocurrencies have rallied because of the mismanagement of monetary policy by the world’s central banks and not due to technology.

The popularity of cryptocurrencies has in no small part been fueled by unprecedented money printing and fears of inflation.

However, these regulations on cryptocurrencies won't make these problems go away it would just remove one canaries in the coal mine. But there are other canaries like gold and silver, which will continue to perform this function.

00:00- Intro
00:31- Elon Musk on Dogecoin
01:24- A battle between crypto and central banks
02:19- Jim Roger's views on how government might react to cryptocurrencies
03:34- David Brady's views on how government might react to cryptocurrencies
05:48- A threat to government issues currencies
06:40- Cryptocurrency market in India
06:51- Cryptocurrency market in Ireland
07:16- Cryptocurrency market in Iran
07:27- Cryptocurrency market in China
08:14- Other canaries like gold and silver

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