Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. Most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR [1]. Today, a more in-depth look at Bitcoin and other cryptocurrencies.
Cryptos:
When I last checked, Bitcoin had been bouncing around over $22,000 USD per BTC for more than a week. It topped at $24,500 on Christmas Day [2]. I should note that historically Bitcoin tops out each December, in most years. So I expect to see a substantial BTC correction, in January, 2021.
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This Historically Accurate Bitcoin Fractal Now Calls for a Correction to $17,500 [3]
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The Prospects for Bitcoin in 2021 [4]
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$500M in Bitcoin leaves Coinbase as institutions buy more than miners sell [5]
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This was posted back in November: Bitcoin Price Prediction | Will Bitcoin Rise Once Again? [6]
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At Forbes: 2021 Will See An Authoritative Global Registry For Digital Currencies [7]
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ECB warns the future of money is at stake as Facebook preps January crypto launch [8]
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Understanding China’s Digital Yuan [9]. This primer article begins:
“Among the world’s biggest economies, China has become the frontrunner in developing a Central Bank Digital Currency [10] (CBDC). The Asian giant completed a trial [11] of the DC/EP, as its digital currency is known, in September and is currently rolling it out on major e-commerce platforms [12] within the country. Here is a brief primer on the digital currency.
What Is DC/EP?
The Digital Currency Electronic Payment (DC/EP) is a digital version of the yuan [13] – China’s national currency. The DC/EP is backed by yuan deposits held by China’s central bank [14] and has been under development for slightly more than five years. Under the current arrangement, banks are required to convert a part of their yuan holdings into digital form and distribute them to businesses and citizens via mobile technology.”
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Lebanon will launch its own digital currency in 2021: report [16]
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Blockchain trends in 2021: Expect the unexpected [17]. A snippet:
“China will make the fastest progress
From a regional perspective China is leading the global blockchain game and will continue this role in 2021. Blockchain is taking China to the level, which is well beyond the present reach of other global market players. China’s “new infrastructure” national initiative, its state-backed Blockchain Based Service Network, is aimed to make blockchain an integral part of the country’s digital infrastructure. China’s further ambition is to provide a global public infrastructure via this Network. Beyond that, while other countries or regions like Europe are thinking to launch their own Digital currency, China is almost ready to issue their Crypto yuan.”
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TechBuzz China podcast: Episode 78: China’s Digital Currency Electronic Payment (DCEP) Dreams [18]
Provisos:
SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos [19] page for our detailed disclaimers.
News Tips:
Please send your economics and investing news tips to JWR [1]. (Either via e-mail of via our Contact form [20].) These are often especially relevant because they come from folks who closely watch specific markets. If you spot any news that would be of interest to SurvivalBlog readers, then please send it in. News items from local news outlets that are missed by the news wire services are especially appreciated. And it need not be only about commodities and precious metals. Thanks!
Comments Disabled To "Economics & Investing For Preppers"
#1 Comment By Bobcat On January 1, 2021 @ 2:50 pm
George Gammon always has a fun and insightful take on macroeconomic issues.
China is preparing to own the reserve currency:
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#2 Comment By Joe On January 1, 2021 @ 4:25 pm
I have to wonder about digital currency? Seems like we already have it and have had it for 40 years, credit and debit cards. Bitcoin, and all the other would be players are just using the bigger fool theory, I have a great idea. Just send me all your money and I will issue a few key strokes and assure you that they will be worth a lot more in time.
I also have a Bridge in Brooklyn that is for sale, snipe that you will enjoy hunting and a few dozen pyramid schemes that you might want to look at while you are throwing your money away. These types of scams normally benefit the instigators as the figments of their machinations gain value. In the real world this is call PUMP AND DUMP. There is a sound reason that our Constitution tasks the government to provide a national currency. With the demise of precious metal backing government currencies have no solid backing, there is only the faith of their citizens to give the Peso any meaning. I must say that inflation and currency production has ruined my faith in the Dollar. Can you say $25 trillion and climbing? If you think you are going to make a killing by all means get into cryptos, it’s your money to win or lose. Money in cryptos is like a vote in a Dominion voting machine, subject to the hackers skill, and you can bet China has thousands of slaves working overtime on hacking these cryptos to drain the bank. JWR has it right: if you want to play in this mugs game make sure you keep your bets to what you can afford to lose, that way you will not be surprised when it happens. There are no free lunches, just odds on the schemes. ie get in early, get out in time.
#3 Comment By Frosty On January 1, 2021 @ 4:39 pm
So readers have by now seen the movie, about how manipulation of computer hardware, software, and net connections worked wonderfully with regards to their sacred precious right to vote. How and why is anyone using their own financial assets for the purpose of gaining value, storing wealth, transferring of funds by any such computer bit methodolgy. I suppose if one is a gluttunous uber wealth resident of the redoubt and wants to engage in more avarice and greed exercises, just like when giddily visiting the nearby casinos, I guess that is an understandable character trait.