World leaders are embracing bitcoin because they're scared of losing control

Business Insider | 11/28/2017 | James Stafford, OilPrice.com
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World leaders are embracing cryptocurrencies so that they have some say in its future.

Russian President Vladamir Putin pulled a complete 180. Last yea rthe country considered jailing bitcoin owners, but now has invested in crypto mining companies.

Cryptocurrency - Threats - Governments - Security - System

Cryptocurrency may be one of the biggest threats to governments, security and the entire financial system that we’ve ever seen. It can help fund terrorism and its anonymity makes it almost impossible to track. Most importantly, it is poised to revolutionize global finance and banking.

But our new Enemy No. 1 can’t be fought; it can perhaps be controlled. Banks have figured that out and are bringing crypto currency into the fold.

Superpowers—US - China - Russia - Reality - Enemy

The superpowers—U.S., China and Russia--will have to face the new reality. They love to hate it and hate to love it. Regardless, if they don’t embrace it, they won’t be able to control it. An enemy you don’t control is a much bigger threat.

So, welcome to the new balance of power, funded by cryptocurrency.

Banking - Extent - Banks - Billions - Blockchain

"This will ‘uberize’ banking to the extent that the major banks are spending billions to get into this Blockchain," says Frank Holmes, legendary gold investor, CEO of US Global Investors and Chairman of HIVE Blockchain Technologies, the first public company where investors can participate in the build-up and infrastructure of crypto-mining.

Russia is embracing it, with an eye to dominating it. China has banned it. The U.S. is struggling to figure out how to regulate it. But nothing can hold it back.

Uncertainty

And now, many believe the uncertainty is over.

China tried to ban it in September, making it illegal for residents to trade in cryptocurrencies or start-ups to raise funds through ICOs, completely shutting down local cryptocurrency exchanges.

Bitcoin - Price - Percent

Bitcoin’s price plunged 40 percent. Then it recovered almost immediately.

This was a reminder that cryptocurrency is an autonomous system that can’t be knocked out.

Ethos

"The ethos...
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