In March 2011 DaVinci Jeremy, guest of Davincij15 on YouTube, he bought a Bitcoin for 67 cents. Now, more than a decade later, with Bitcoin trading at around $16,500, Jeremy said he still holds his he Bitcoin, as it’s a “money system that governments can’t stop.”
“[With Bitcoin]you can transfer wealth to anyone around the world instantly without a third party,” he said. “This is mind-boggling technology.”
These qualities of Bitcoin will become particularly evident as governments begin implementing central bank digital currencies, according to Jeremy.
“I think governments will create their own digital currencies and make it impossible for people [transact] blocking what they buy, as well as telling them what they can and can’t buy,” he said.
He suggested that people would later turn to Bitcoin to get around the government’s override, using it in day-to-day transactions.
Jeremy spoke with Kitco News host and producer David Lin.
Servitude of central banks
Part of Jeremy’s zeal for Bitcoin is based on his avowed disdain for the current banking system, which he says has led to “complete slavery.”
“Central banking is the worst kind of slavery that has affected all of humanity,” he said. “If I can print money and you have to work for it, then that makes you a slave.”
He suggested that the ability of central banks to make money available causes wealth to be redistributed to the elites.
“The ability to print money is evil … because it sucks the wealth out of everyone else,” he said. “Only criminals… want to be able to steal wealth from everyone. The best way to do that is to become a bank.”
Jeremy also said that our current financial system causes inflation to erode people’s wealth.
“You can’t save money and claim it will save you until you retire, because inflation could get out of control and wipe you out,” he said. “We need a monetary system that allows you to save X amount of money…and you know you’ll be able to survive on that.”
Bitcoin price manipulation
Bitcoin’s price is manipulated through derivatives markets and ETFs, said Jeremie, who also said gold and silver are manipulated.
“Bitcoin is the only commodity on the commodity exchange where you can’t get delivery,” he said. “However, it’s the easiest commodity to deliver… if the Bitcoin contract expires, all you get is cash.”
Jeremy suggested that buy and sell orders could be placed on the exchange to move the price of Bitcoin within intraday trading.
“The other way [they manipulate price] it’s with ETFs,” he said. “People could buy what they thought was Bitcoin, on an ETF, but it’s not Bitcoin… you just have price exposure with the ETF.”
Bitcoin price projection
Suggesting a low of $12,000 Jeremy said Bitcoin would eventually recover to reach $100,000.
“I think we will probably see $12K [for Bitcoin],” he said. “It will take until 2024 for the [Crypto] Winter will really start to subside as the Bitcoin halving goes through.”
To find Jeremy’s perspective on the price of Bitcoin, watch the video above
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