- 00:03 – Cryptocurrency Is Transforming The Economy
- 01:26 – The Time Of Great Depression Of The Us
- 03:34 – Proofs That Cryptocurrency Is Here To Stay
- 05:50 – Venezuela Is Adopting Cryptocurrency
- 06:00 – Us Government Is Trying To Regulate Bitcoin
- 06:27 – Why Government Might Join Crypto Craze
- 06:55 – The Government Reveals Dollar Proposal Amid Fears Of Cryptocurrency
- 07:20 – Us Dollar Collapse In Crypto
- 08:053 – Google Search Dollar Hyperinflation
- 11: 27 – Imf Chief Envisage Large-Scale Shift Away From Government Fiat To Crypto
- 13:30 – Crypto-Assets Enable Fast Inexpensive Financial Transactions
- 14:39 – Imf Crypto
- 15:39 – Imf Calls For International Cooperation
- 15:59 – Banks Crypto
- 17:50 – Bank Of America Crypto
- 18:25 – Goldman Sachs Is Taking Different Approach
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Hi guys, I’m Dan again from crypto Camacho.
00:03 – CRYPTOCURRENCY IS TRANSFORMING THE ECONOMY
Last time I talked about how crypto was transforming the economy, the world economy, how it’s changing the nature of fiat currency and in its relationship to cryptocurrency and I asked the question what’s going to happen? How is this going to actually end? And I made the claim that there’s proof all around us that this is happening, that fiat is slow, fiat currencies like US dollar, like the Euro, like the Yen they’re slowly being it funneled into cryptocurrency and cryptocurrency, is starting to consume fiat currencies. And I talked before what is that going to do, how is that going to change you know the price of cryptocurrency the price of fiat, is it going to cause inflation, what is it actually going to do? And how is it going to turn out right? So, this is part two of that video that I that I already kind of started talking about and I wanted to dig in a little deeper because I wanted to give you some evidence and proof of what’s actually going to happen. And when I when I talk about this I don’t want to scare you, but I want you to be prepared because I think this is really going to happen in the next you know within our lifetime. I don’t know exactly when but I think it’s going to be a lot sooner than a lot of people realize because it’s going to accelerate right. And I really think what’s going to happen at some point is there’s going to be a digital run on the banks right. and what that means is that people are going to start converting their fiat currency into crypto at such a fast pace that it’s essentially going to be equivalent to a run on the bank right.
01:26 – THE TIME OF GREAT DEPRESSION OF THE US
If you remember like during the Great Depression days of the US right. When you know that the dollar was collapsing, people were making runs on the bank right. And what does that mean? They were actually going to the bank and they were trying to withdraw their physical cash, their physical money, gold, and cash whatever it was. They’re trying to physically you know withdraw it from the banks and the banks had to close down. They couldn’t actually give back the money to the people that wanted it, because there was a run on the bank and there wasn’t enough money to give back to the people right. and so, that was a physical run on the bank and what I think is going to happen now in the in the near years to come is a digital run on the banks. So, what that means is that people will start using cryptocurrency so heavily and it will become so widespread that people will start converting fiat currency into cryptocurrency for the seer you being able to use it in transactions right. And for many things businesses and many, many different things right, and people will also want to invest in cryptocurrency because they won’t want to miss out on price hikes that we’re going to see in the coming years. And so, I think that we’re all ultimately this big kind of Digital run on the banks and how that’s going to take place is you know it’s going to start slowly which it is right now and in December there is a kind of a glimpse of you know as more people put money, as more financial institutions put more money into cryptocurrency, what happens well the price goes way up right. because the market cap goes way up, but what else happens is the media gets a hold of it, the media starts now talking about cryptocurrency and talking about the opportunity in front of people and talking about how the price is going up and the gains that people are getting. And what does that do that perpetuates the momentum that accelerates that trend of upward movement right of pouring more money into cryptocurrency. And it in its snowballs and it just goes and goes and goes and goes and we saw them in December and after that people started to try to kind of say crypto was a scam it was going away it wasn’t going to be around forever. It’s too volatile. All this all BS right. and as now it’s recovering people are starting to wake up and see that you know okay it’s not going anywhere, it’s not going away. So, it can only increase from here and I want to give you some proof.
03:34 – PROOFS THAT CRYPTOCURRENCY IS HERE TO STAY
So, first, run on the bank’s like let’s talk about a run on the banks. When do I say a digital run on the bank, like what is a run of the bank? And have they happened before, is it possible that it could happen again? Just in a different way in this new digital era that we live in okay. So, just go in Google history of run on the banks and you’re going to see a list of run on the banks that have happened. You’re going to see you know bank runs and what they are, and you’re going to look at you know how banks actually go bad and cause runs on the banks. So, in recent times list of run on the banks this is just from Wikipedia in the 1600s, 1800s, 1920s there were always runs on the banks right. People that wanted their money back, governments and banks that failed and could not pay the people back, people you know lost all their savings in hyperinflation, so far that happened in the 20s. It happened in the 1990s. In 1990s Malaysia the bank of Negara Malaysia went bankrupt right. People they saw runs on the bank and people could not get their money back right. In let’s see 1984 the Bank of Spain there was a run on the bank, in the 2000s there was a run on the bank in Argentina. In Uruguay, in Myanmar, in Britain, there was a small one. It looks like you know it looks like there was you know even in 2008 when there was a big financial crisis in the US Lehman Brothers went bankrupt right. In 2010 the Swedbank there was a run on the Swede Bank right. So, there are all these different types of runs on the bank, and here if you look at this other Wikipedia chart in the 21st century. So, this is just to show you a list of banking crises right. And in the 21st century alone Uruguay had a banking crisis, Myanmar had a banking crisis. In the late 2000s, we had the subprime mortgage crisis in the US starting in 2007 right. and the United Kingdom was affected by this. Belgium had a financial crisis, Iceland, Russia Ukraine, Spain these happen all the time. And recently what has happened Venezuela has a banking crisis in 2009, 2010 shortly thereafter they create their own cryptocurrency called the petrol that they’re now trying to get the national audience to adopt as the new form of the Venezuelan currency. How much more clear can it be than that right.
05:50 – VENEZUELA IS ADOPTING CRYPTOCURRENCY
But let me give you some more evidence of this right. So, Venezuela is adopting cryptocurrency, because they know fiat currencies days are limited they know they’re limited right.
06:00 – US GOVERNMENT IS TRYING TO REGULATE BITCOIN
So, when you go and you search for on Google US government cryptocurrency. US government is trying to get coordinated in its efforts to regulate Bitcoin. Why are they trying to regulate Bitcoin right? Because they’re scared of it it’s taking over markets, it’s taking over economies right. It’s starting to show a significant enough market cap that the government is now concerned that it could start affecting businesses and affecting financial sectors of the economy right.
06:27 – WHY GOVERNMENT MIGHT JOIN CRYPTO CRAZE
Okay so, why governments might join the crypto craze right? It’s not if they might it’s when they will right. I mean people are now using cryptocurrency to avoid sanctions. North Korea, Russia right; it’s being adopted even by governments. That’s how transformative this really is and they don’t want you to know that, but it is extremely transformative that governments them themselves are adopting it. Venezuela, North Korea because of the sanctions, Russia because of sanctions. I mean the list goes on and on right.
06:55 – THE GOVERNMENT REVEALS DOLLAR PROPOSAL AMID FEARS OF CRYPTOCURRENCY
The government reveals digital dollar proposal amid fears of cryptocurrency right. So, because they’re fearing cryptocurrency. They’re going to create their own cryptocurrencies at least that’s what they’re trying to do and make you think they’re trying to do right. The government has seized Bitcoin and they’re holding Bitcoin right. All right so this is just a few of the top headlines right that I’m seeing in the news by literally just searching US government cryptocurrency all right.
07:20 – US DOLLAR COLLAPSE IN CRYPTO
So let’s keep going the US now its search for US dollar collapse in crypto right. So, Kaiser just on November 28th, 2017, Kaiser wrote dollar collapsing against Bitcoin. What about a dollar collapse right? If the dollar collapses will the value of cryptocurrencies like Bitcoin go up or down right? And there are all these now searches and people talking about crypto in the dollar collapsing right. so, it doesn’t take a whole lot to know that people are thinking about this, people are thinking about well what would happen if more people adopt cryptocurrency right. Could the dollar collapse? Could the dollar be replaced as the world’s reserve currency right? Okay and there’s videos you know this isn’t completely new people have been talking about this for a while, but just recently people are now talking about it. The dollar collapsing with cryptocurrency, before 2009 people talked about the dollar collapsing all the time right it was a big conspiracy theory. but there was not an alternative currency that could replace the dollar and function as the dollar didn’t exist right. Now we’re seeing that potential with cryptocurrencies there is an alternative currency that may emerge out of this cryptocurrency and Blockchain revolution. And if it does and when it does emerge it will seriously displace the US dollar as the world’s reserve currency. Because there will simply be an alternative, people will not need to use the dollar anymore like governments will not need to rely on and use the dollar anymore, because they’ll have an alternative method cryptocurrency and they’ll just stop using the dollar right. And it will cause the dollar to go down in value. It will cause inflation to set in right. Okay so, that’s a bit more let me keep going right.
08:053 – GOOGLE SEARCH DOLLAR HYPERINFLATION
So, okay so now just go to Google and search for dollar hyperinflation crypto right. crypto BOTS hyperinflation, hyper Bitcoinization, people are talking about it. Dollar hyperinflation from crypto. Why cryptocurrencies could push the US dollar from world reserve status?…taking a little drink here all right. So, our crypto is evidence of dollar hyperinflation right. You can read any of these articles. And I have read several of them and they’re very, very interesting. But as you start looking at this, you’re starting to piece together what’s going on here right. So, people are talking about it and thinking of it and actually consider using cryptocurrencies as an alternative to the dollar right. And the technology is just about there right. There needs to be more merchant adoption. There need to be more UI and UX interfaces built out to allow for ease of use as people you know make it easier for people to transact using cryptocurrencies. But that is all happening and it’s in the works right now as we speak right. So, what’s going to happen if cryptocurrency keeps going up in value? The dollar is going to hyperinflate right because what’s going to happen is the snowball effect right. cryptocurrencies are going to go up and up and up the media’s going to get a hold of it. They’re going to start creating this buzz and fear of missing out or FOMO in the market, people are going to start taking their dollars and start putting it into crypto and as the hype gets more and more and more and more and the price just keeps going up, so much that people can’t resist it anymore. They’re going to go to their bank so they’re going to start they’re going to start taking all their money out in fiat and putting it into cryptocurrency in fear that they’re going to miss out on the opportunity right. And those folks that don’t do that well they’re going to wake up one day. And what’s going to happen is Bitcoin is going to be out like a hundred thousand dollar price point or a two hundred thousand dollar price point or whatever that price point. Maybe they’re going to wake up and be like wow I never bought any Bitcoin, I never bought any cryptocurrency and now the price is so high that my dollars are essentially are effectively worthless right. Because it’s going to cost a lot of money, it’s going to be expensive to buy cryptocurrency if it’s too late right. As it becomes too late, as the price goes up, as adoption sets in, the price of Bitcoin is going to go up so high that your dollars are naturally just going to be worth less money, because the price of cryptocurrency is going to be high and in order to participate in the new economy the cryptocurrency economy, in order to actually just participate in it and to transact in it. What are you going to have to do you’re going to have to buy cryptocurrency right. Using Fiat but at this point, the price is going to be the way; way high that your dollars are going to be worth much less than you thought they ever would be right. This is the reality guys, this is what’s happening.
11: 27 – IMF CHIEF ENVISAGE LARGE-SCALE SHIFT AWAY FROM GOVERNMENT FIAT TO CRYPTO
Let me give you a little bit more proof in the pudding all right. So today the IMF chief Christine Lagarde. The IMF chief envisages large-scale shift away from government Fiat towards crypto. So, the IMF chief today April 17, 2018, has said that large-scale shifts away from government Fiat toward crypto is happening, this is big news guys. This isn’t the first time she said this. Back in I think October last year, she said the same or similar thing right. Let me read a little bit this to you IMF chief Christine Lagarde has dedicated last two blog posts on the official IMF website two cryptocurrencies. And in her latest post, she outlines multiple benefits of crypto and a large-scale shift away from government-issued currencies towards cryptocurrencies right. Two blog posts dedicated to crypto the managing director of the IMF. The International Monetary Fund who basically controls a lot of the world’s financial system is now talking about crypto right. She said in one of her posts recently, that she outlined the drawbacks citing that she previously looked at the dark side of crypto assets including their potential use for money laundering and financial terrorism. Lagarde proceeded to say here I want to examine the promise they [cryptocurrencies] offer. a judicious look at crypto- assets should lead us to neither crypto condemnation nor crypto euphoria. She acknowledged the many cryptocurrencies in circulation and says it’s inevitable that many will not survive the process of creative destruction right. The crypto-assets that survive could have a significant impact on how we save, invest and pay our bills right. she’s telling you right here that they’re going to have an impact on how we pay our bills, how we save money, how we invest money right. Hello, the Internet’s about to turn into a stock market how you’re about to be able to pay your bills when merchants adopt it. Bitcoin platforms to be able to transact in Bitcoin, you’re going to be able to pay your bills in crypto. Hello guys, wake up look hard explorers benefits of crypto right.
13:30 – CRYPTO-ASSETS ENABLE FAST INEXPENSIVE FINANCIAL TRANSACTIONS
Crypto-assets enable fast and inexpensive financial transactions while offering some of the convenience of cash right. The writing’s on the wall. I mean, I don’t know how much clearer can get. There is hope however that decentralized applications spurred by crypto-assets will lead to a diversification of financial landscape. A better balance between centralized and decentralized service providers and a financial ecosystem that is more efficient and potentially more robust in resisting threats right. Moreover, she says banks and other financial institutions will face challenges to their business models. should there be a large-scale shift away from government- issues currencies towards crypto assets, regulators might find it harder to ensure the stability of a more diffuse and decentralized financial system. Central banks might have more trouble acting as the lender of last resort in case of a crisis. There it is guys amen IMF said it best in this last quote. This is what happening guys is, I’m going to go ahead and then I’m going to tweet this after this video because I think it’s very important. Keep these going, let’s keep this going just for a minute okay; I want to make sure you understand what’s happening right.
14:39 – IMF CRYPTO
So, go to Google type in IMF crypto right. And you’re going to see not only what I just read, you’re going to see countless articles of the same thing. IMF Lagarde counters crypto warnings with new praise of potential benefits of crypto. Why IMF wants to enter the crypto market with its own coin. Whoa, that’s weird the IMF is creating its own coin. So, is Venezuela, so is the US government, so is Russia, so is every government the states are starting to propose that they have cryptocurrencies. California, Nevada you name it right. They’re starting to what’s that going to do? It’s crazy because cryptocurrencies can’t be controlled by anybody. There are certain cryptocurrencies that cannot be controlled by anybody, but governments are trying to create their own cryptocurrency to lure people in to buy their cryptocurrency you know making them think it’s a more sanctioned and safe cryptocurrency. But the truth of the matter is they just want to tax it. They just want to regulate it, want to control it as they have always controlled the money supply. That’s what’s going on guys all right.
15:39 – IMF CALLS FOR INTERNATIONAL COOPERATION
Okay so, IMF calls for international cooperation and crypto. let’s see Bitcoin and Ethereum IMF head Christine Lagarde again October 2nd, 2017 says cryptocurrency could be the future right. The future okay, the future of money right; okay so, they’re going back and forth on this but now let’s keep going right.
15:59 – BANKS CRYPTO
Let’s go to Google and search for banks crypto right. Chile government let’s see.
Lithuania let’s see India central bank to stop dealing with all crypto related assets. Why there are government’s that are now starting to ban cryptocurrency. Why because they’re scared of cryptocurrency right. Let’s see who else is doing that. Let’s see Canada banks ban users from buying cryptocurrency. And what actually recently happened in the US Chase Bank, Bank of America, Visa other big, big credit providers, they recently disallowed people to buy cryptocurrency with credit cards. Why? Because people were starting to run, make run on the bank using their credit cards by buying cryptocurrency for fear of missing out that the price would go up right. So we’ve already seen this happen once back in December 2017 when banks decided to ban credit card use for cryptocurrencies right. They’re afraid that there’s going to be a digital run on the bank’s guys. And this is happening and so banks are reacting differently. some banks are banning cryptocurrencies, some banks are you know keeping an open dialogue and trying to work with them, but back to Christine Lagarde’s last quote banks and other financial institutions are going to face challenges in their business models should there be a large-scale shift away from government-issued currencies towards crypto assets right. Central banks may have trouble acting. So, regulators might find it harder to find stability. So, banks are now trying to figure out how to deal with this cryptocurrency revolution. They don’t know if they should ban it, they don’t know if they should create their own, they don’t know if they should kind of embrace it and try to think of a new business model with it. They don’t really know what to do. So, they’re trying to do all these different things and this is proof and writing on the wall that this is happening to go Google this stuff right.
17:50 – BANK OF AMERICA CRYPTO
Next Bank of America crypto right; Bank of America now considers crypto a business risk. The IMF just said that right the other day, but this article was published three, two months ago right. So this is this is slowly happening, guys. Bank of America worried about the threat of cryptocurrency to his business. Bank of America our inability to adapt could see a failure to compete with crypto. Bank of America is a warning, they’re saying this is happening. This is happening guys, this is happening right before our eyes and there are many, many more articles about this and other banks and the same thing happening right.
18:25 – GOLDMAN SACHS IS TAKING DIFFERENT APPROACH
Goldman Sachs is taking a little bit of a different approach right. Goldman Sachs is actually trying to get into the crypto game. They’re actually buying cryptocurrency companies. They bought circle that app that you can text people cryptocurrency on your iPhone, you can text people Bitcoin right. That was purchased by Goldman Sachs. They’re trying to get into the crypto game Goldman Sachs recently also purchased what an exchange Phoenix. They purchased the Phoniex exchange because why? They want to get in the crypto game; they want to start controlling it. They want to change their business model because they see the writing on the wall. Fiat is shifting to crypto; it’s only a matter of time before there is a digital run on the banks and crypto skyrockets in price as it hyperinflates the fiat currencies that it came from the right. There will be a displacement a diffusion of fiat into crypto guys look at what I’m telling you and learn from this right. Goldman Sachs leaves to join crypto. Goldman Sachs joins crypto wallet Blockchain. Goldman Sachs label crypto as a business risk just as Bank of America. JPMorgan Bitcoin jitters right. I mean this is just Goldman Sachs entering crypto will lead to a Bitcoin price surge. What I’m telling you guys is, what I am telling you guys this is happening whether or not you want to like it. There will be a digital run on the banks. Crypto will replace Fiat and in doing so it will hyperinflate fiat currencies when the vast majority people wake up and want to get into crypto. They will realize the price of crypto has gone to the moon and it’s too high and that their precious dollars and fiat currency are essentially worthless. And there’s going to be a lot of sad people on that day. Don’t be one of those sad people follow what I’m trying to tell you, buy a little bit of cryptocurrency. Understand how it works, you’re an early adopter it’s okay it doesn’t need to be perfect right. You don’t have to do all of you spend all of, your life savings just go buy a hundred bucks worth of Bitcoin right, or Bitcoin cash for that matter any of it right. Just go play around with it. This is real guys and I think you guys need to really spread this word as much as you can because this is happening. I’m trying to tell my family, I’m trying to tell my friends, I’m trying to tell people I know because this is happening right before our eyes. I will put these links in the show notes and I hope you guys just take this seriously. Go buy some crypto and have fun make some money and get some money out of this. You know because the prices are going to go up a lot and a lot of people are going to get rich off of this. And I hope you’re one of them. Okay, I’m Dan from cryptocamacho.com hope you enjoyed the video? This is the end of a two-part series. This is part 2 this is the end. You haven’t subscribed guys, click on that red button below and subscribe to crypto Camacho. Visit my website at cryptCamacho.com for more of this goodness and I will talk to you later. See you guys