Although the Bitcoiners expected total disruption, what has happened in the world economy since this Coronavirus crisis began has been unexpected. Bitcoin is the new weapon of mass destruction for the traditional world, and society is already realizing it.
To avoid, or rather to delay, the devastating effects on the world economies of the Coronavirus, the governments and central banks launched the large money printing machines. With the intention of rescuing everyone left and right.
Today, the G-20 have reached an agreement to temporarily rescue all poor countries that have debts. Among them Latin America and Africa appreciate this.
Meanwhile, a serious enemy to the Status Quo grows strong in the next room. Bitcoin is the new weapon of mass destruction.
Trust fades
For economic theory, one of the most difficult things to recover after such a situation is no more and no less, public confidence. And boy, has she been hit in these months. There has been a growing distrust of the public around the world towards institutions, seeking alternatives, such as the world’s new weapon, Bitcoin.
Trying to raise awareness, and throwing gasoline on the fire, in a recent interview a notable crypto bull, Chamath Palihapitiya, CEO of Social Capital and one of the first leaders of Facebook, lashed out with evidence against hedge funds, and the corporations that are rescuing the governments.
“The United States should not bail out billionaires and their hedge funds during the Coronavirus pandemic. Quién Who cares? Let the jobs of over 16 million Americans fade away and be rescued. ”
Many of the great analysts and investors who don’t see the bright side of staying in the Status Quo are creating large-scale social awareness. They are beginning to call for a new system, or a new order to replace failed institutions.
Guess what is one of those tools? “Bitcoin is the new weapon of mass destruction for everything that has failed us and oppressed us for hundreds of years“
Bitcoin emerges as a new weapon
Cryptocurrencies, and Blockchain technology, emerge as humanity’s weapons in the face of all this crisis.
One of them is the investor and billionaire who manages hedge funds in the traditional world, Michael Novogratz. This character cannot help defending the importance of new technologies, and their role in all the disruption that can occur after the Coronavirus crisis.
Novogratz, is one of the most optimistic characters within our cryptoverse. It is he who has given the title to our content.
Bitcoin is the new weapon of mass destruction that can protect investors from further economic harm. These damages will inevitably be a reality. ”
Michael Novogratz
Thus, the major investor has blamed the monstrous amount of fiat money that has been created without any backing in recent years. It also adds another variable, the accumulation of debts being carried out by the United States and other large economies.
In the interview, the billionaire also explained that he has seen Bitcoin become a “weapon of mass destruction”, with hedge funds, large investors, and other forms of “smart money.” “These are the tools that give hope of protecting against the impacts of the pending economic crisis.”
“I have a lot of gold, I have a lot of Bitcoin: we are seeing debt monetization like we have never seen before in our time … For me, in the long term, that has to make safe havens the best option.”
Obsolescence is yet to come
Solid global finances have become salt and water as central banks have printed billions of dollars in a matter of 3 months.
This led Ray Dalio, the co-director of the world’s largest hedge fund, to comment in a recent TED digital talk that a new monetary system could be created in the midst of this crisis, calling it a “new world order.” Noting that his comments are similar to those alleging that Bitcoin is the new weapon of mass destruction.
Although it is true that this character is not a fan of Bitcoin (BTC), for example, he stated at the World Economic Forum in Davos, earlier this year that, BTC is not a currency because it is not a widely used unit of account, nor a store of value. But, he is not stupid.
“Bitcoin could be the answer, although the cryptocurrency is still in the early stages, and many prominent investors think that the ongoing crisis will push the industry to be the center of attention as a possible competitor to take over much of the society industries“
On the other hand, Raoul Pal, a former Goldman Sachs executive and hedge fund manager, recently commented that:
“Many of you do not know. Well, they are still debating whether Bitcoin is real or not, but there are literally hundreds of thousands of people and billions of dollars rushing to build a new system, be it a payment mechanism, storage mechanism, a mechanism of custody, a verification mechanism. Everything is coming, and Bitcoin is the new weapon of mass destruction. ”
