Bitcoin boom buoyed by investor concerns about ‘weaponized dollar,’ US debt mountain

The decentralized cryptocurrency smashed past the $72,000 mark in Monday trading, a month-and-a-half after a watershed US Securities and Exchange Commission ruling approving Bitcoin-based exchange traded funds.

💬 “Now that the Bitcoin ETFs have been pretty much approved by the SEC, it provides a vehicle that institutional money can get into. And that opens the door among Western investors primarily of where to put their money,” Paul Goncharoff, chief manager of consulting firm Goncharoff, LLC, told Sputnik, commenting on the cryptocurrency’s booming value.

While saying he personally wouldn’t invest in the cryptocurrency at this stage due to a market overheated by investments driven by fear and greed, Goncharoff stressed that any investors looking to take the plunge should set strict limits on expected earnings and display self-control.

💬 “Set the limits of what you want to earn – if it’s 5%, 10%, 20% – and act on it. That is discipline. Because it’s going to go up and it’s going to go down, and violently and radically. So it’s not for a pension plan. Although hanging on to it for a period of five, 10, 15 years, I think is a rather good bet – then you will come out ahead,” Goncharoff said.

The search for alternatives to traditional markets and stores of value like Bitcoin isn’t surprising, in the veteran analyst’s estimation, given the “weaponization of the dollar” and the unsustainability of Fed policy and America’s debt load.

“Using an old expression, [the dollar] is not worth the paper it’s printed on. The debt load cannot be serviced, [with] interest rates that are larger than America’s defense spending. This can’t last for long. I wouldn’t venture to say how long it will last, but eventually it will implode. So better to be far away from it when it does,” Goncharoff stressed.

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