Ryan Silkes, co-founder of computer and research firm Missari, recently published his 2021 thesis on the cryptocurrency sector, examining the state of the industry and predicting what lies ahead. In this report, Selkis makes clear that the US government is the remaining opponent that he believes should defeat BTC.

“The last president to be defeated is the state,” Silkes wrote in his Tuesday report. “For the United States, Bitcoin is a tool to undermine international sanctions, and 80% of mining capacity is now behind enemy lines in China, Russia and Iran,” he said. “Is the Biden administration the same as a BTC?”

Bitcoin has overcome its fair share of government distress in the 12 years since its inception. Due to commodity condition, Bitcoin’s reputation has been boosted somewhat. There are still concerns about a US government ban, but Acting Head of the Bureau of Currency Control, Brian Brooks, recently made it clear that his unit has a positive attitude towards Bitcoin.

However, in 1933, the government changed the tone of gold and extensively confiscated the precious metals from the population. While it might be difficult for the US government to functionally confiscate Bitcoin, blocking the asset could hurt the price and the money associated with it down the slopes.

In terms of optimism, Selkis supported Bitcoin’s resilience. He wrote, “Bitcoin is an invisible form of private money and it is extremely difficult to kill.” “It has surpassed all major asset classes in every relevant period in history and has perfect overall winds and momentum,” he said, adding:

It would be “safe” to buy from a legal and reliable point of view of a professional wealth manager, and access to it would grow less than the Fed’s target interest rate, regardless of what happens next year. When you look at BTC versus gold, the growth associated with bank balance sheets Central M1 and M2 are attractive investments. ”
Bitcoin rose significantly in 2020 amid massive US efforts to remove monetary pressure and financial uncertainty. A number of major players such as Microstrategy and Paul Tudor Jones have also pledged large sums of money to Bitcoin this year, making the asset a reliable asset.

Bitcoin peaked at nearly $ 20,000 in December 2017, but fell below $ 5,000 several times in the following years. Bitcoin broke its previous record this year and showed a reluctance to die, which is what the usual big players love, according to Selkis’ interview with Anthony Pompigliano published Tuesday.

“Smart money investors knew about Bitcoin in 2017,” Silkes said, explaining Bitcoin’s usual interest at the time, as well as its boom, bust and boom over the past three years. “I think many of them understand things that do not die,” he said.

Major giants like Amazon and eBay have also shown great resilience over the years, rising from the ashes after the dotcom bubble emerged in the early 2000s.

Source: CoinTelegraph