QUESTION: Why Bitcoin has been strong in recent weeks??
ANSWER: Bitcoin is the primary vehicle for money laundering. Even Canadians are using it to withdraw cash from the country. It is the same instrument as gold in all countries. Europeans are also using it to circumvent capital controls. There are rumors that a kill switch exists in Bitcoin, which could wipe out all accounts in the years ahead. I would not consider Bitcoin a store of value when the government created it. I still prefer precious metals as a safe haven for my money. Bitcoin is a trading vehicle.
Nevertheless, this pattern does not yet indicate a final, exhaustive, and isolated high. The new highs may be seen in war, as it is primarily used to extract money from countries. That is how it began, with most of the volume from China.
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Author: Martin Armstrong
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