Don’t let moral anguish over the deaths of potentially thousands of people get in the way of an opportunity to shill some crypto and pump up the price of bitcoin.
As ever, crisis is opportunity for cryptocurrency lovers.
In the past they’ve seized upon everything from a banking collapse in Cyprus to social breakdown in Venezuela and Brexit to rationalise the case to buy MOAR bitcoin.
Clearly Coronavirus was not going to be different.
But how have they squared the logic this time round?
Duh. Coronavirus is spreading through the exchange of DIRTY FILTHY FIAT banknotes. So don’t be a dummy, protect yourself and turn to digital-only crypto. No lurgies there.
No reference to the point, however, that fiat can be exchanged purely digitally or that China has one of the highest digital transaction rates in the world already…
But the coronavirus/bitcoin connections don’t stop there. For more weird and whacky reasoning on how crypto will profit in the long run do see all crypto press right now.
Bitcoin’s inability to properly break out, for one, is courting a lot of confusion among those convinced it is the ultimate safe haven.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
