Illicit Cryptocurrency Transactions Reach All-Time High |

Cryptocurrencies are a playground for fraudsters. In another article, I argued that cryptocurrency fraud and scandals would usher in regulation, leading to criminalization and a CBDC. The central bank of India wants to skip the regulation part and jump to all private cryptocurrencies becoming illegal internationally. Read the article here.

Are there legitimate ways to make money in cryptocurrencies? It depends on what is meant by legitimate because legal and legitimate are not synonymous. There are legal ways to make money in cryptos, but that doesn’t mean it is legitimate. Cryptocurrencies are a limited supply of nothing. In contrast, fiat currencies, like the Dollar, are an unlimited supply of nothing. A tangible asset backs neither currency in a legal way. Still, the most critical function of government is regulating the currency. The government can only enforce taxes if it controls the currency. If it can’t get taxes, everything else is a moot point. As they say, “don’t steal. The government hates competition.” For this reason, governments will prohibit private cryptocurrencies just as China has.

The cryptocurrency lie is the same as the fiat currency lie. The lie says, “nothing is worth something.” The word fiat is Latin and means “by degree.” Fiat currency has value because the government says it does. Cryptocurrencies have value because companies say they do. Since both can go to zero, neither is true wealth. True wealth can never go to zero, which is why people keep a portion of their assets in durable assets like precious metals, collectibles, and real estate. Most people want enduring wealth, not fleeting paper or digital “riches.” How about you? Do you choose enduring wealth or the digital playground?

Suppose you won a contest. You can choose a suitcase with $100,000 worth of gold or $100,000 worth of cash. The catch is that you can’t touch it for five years. Which one do you choose? In our hypothetical situation, most people choose gold. They say it’s a no-brainer. The Dollar will have less purchasing power in five years due to inflation, so the price of gold will increase. So, how about the money sitting in the bank? Will it have more value as cash or gold five years from now?

Call the U.S. Gold Bureau Today

(800) 775-3504

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *