Mining and market analyst Michael Ballanger argues today that the success of bitcoin signifies in large part recognition by the wealthy that government currencies are unreliable.
Ballanger writes: "Very large holders of American dollar wealth have decided that they want to have control of the currencies to which they transfer wealth, keeping it away from the interference and meddling of politicians and the global banking cartel. Whereas gold and silver, by way of physical possession, were once the stores of value within which wealth sought sanctuary, government intervention and manipulation by way of the derivative exchanges sent the members of this elite class of billionaires scurrying for the ultimate alternative to the precious metals, and herein lies the genesis of bitcoin.
"In my opinion, bitcoin represents the final chapter of the repudiation of fiat currencies by those of the super-wealth fraternity. They own all the prime real estate around the world; they own all the publicly traded behemoths listed on global stock exchanges; and they own every politician and every court of law. Ergo, there was only one glaring vulnerability to which the elite class were exposed: currency risk."
Ballanger's commentary is headlined "The True Meaning of Bitcoin's Success" and it's posted at 24hGold here:
http://www.24hgold.com/english/news-gold-silv...ning-of-bitc...
