Bitcoin
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Longtime Bitcoin proponent and former MicroStrategy CEO Michael Saylor tweeted an article from the Wall Street Journal suggesting that the Bank of England was buying bonds in an attempt to avert a financial crisis.
When central banks step in to support their own bonds, they hurt capital markets and bring down their own currencies.
Sovereign debt is becoming an increasingly inefficient Treasury reserve asset. Bitcoin offers a reliable economic and ethical alternative.
Saylor’s article indicated that the Bank of England would buy any amount of long-term government bonds issued by the United Kingdom necessary to stabilize markets and prevent economic damage from the financial crisis.
The price of bonds rose across the board, including in the UK and other markets, pushing down borrowing rates. The yield on 30-year UK government bonds fell sharply to 3.93% from 5% before the announcement.
Because of this, Saylor expects Bitcoin to return to its November high of around $69,000 over the next four years. He believes the token could approach $500,000 over the next decade.
The next logical step for bitcoin will be to replace gold as a non-sovereign store of value,” the top manager added.
#bitcoin #reliable #economic #alternative #bonds
