India has recently made a move to ban privately held ‘currencies’
China did this in Sept 21 suddenly.
India will debate a ban on private crypto currency in the Winter session of Parliament 21.
El Salvador is using Bitcoin as national currency.
Millions of people are ‘invested’ in various cryptos.
No viable country will hand over currency, monetary policy and stability to a privately held, volatile digital token. We might see national crypto currencies issued by governments and possibly a global one that has oversight of G20 or some such.
There is no underlying asset to a digital token. Shares have firms that make products and services. Bonds have borrowers and lenders. Gold and commodities have intrinsic use. Metals are valuable because we give them that value.
It would need a giant global consensus on ONE private crypto for it to become the global currency that some people think will happen. It is very likely that such a thing will NOT happen. Limited circle currencies will be there and may have value in those circles. Meme coins will not replace the dollar.
There is a price rise today because there is demand. Cryptocurrency has been called a ‘limited supply of nothing’. The minute the demand goes away, the price crashes since there is NO underlying asset.
Climate change activists, specially the young, please count the environmental cost of crypto
Stay away.
My Investment Notes 