In Switzerland, a project was recently launched, with the goal of helping adoption by getting the general population acquainted with cryptocurrencies. It’s a deck of playing cards, but not any deck. Instead of playing poker or blackjack with spades, hearts, diamonds or clubs, you’re now playing with Bitcoin, Ethereum, Litecoin and NEO.
Every suit has different dominant colors and each character was specifically designed to proudly represent its cryptocurrency. The playing cards are crafted from premium cardstock and coated with extra smooth finish.
Nevertheless, one might say “Playing cards aren’t new, they’re not revolutionary and they’re not about to reshape our future”. Definitely not. But Cryptocurrencies are. As for any revolution, the People need to know about it. They need to talk about it and learn why and how it might change their life and the life of their children.
What better way to get acquainted with cryptos than to see new names and start asking questions? That’s precisely the goal of this deck of custom Crypto Playing Cards: to make people wonder, have them raise questions and objections, which in turn are going to elicit answers and interest, and eventually increase adoption.
As most people still live in a very materialized world, little projects such as this one, are a great way to introduce the amazing crypto-universe to the general population.
A single deck of Crypto Playing Cards costs 14.90 Swiss francs with free shipping (which is about the same amount in USD). It’s possible to buy multiple decks at a cheaper price to have some for Christmas gifts for friends, family or colleagues. Payments are possible with Bitcoin (BTC), Nano, Stellar (XLM), Ripple (XRP), NEO or GAS, Ethereum (ETH) and Litecoin (LTC). Paypal and credit cards also accepted.
This Goldbug Boasts That HE Caused the Bitcoin Price Crash
Goldbug Peter Schiff boasts that he has cracked the case of the plunging Bitcoin price. No, it wasn’t the US government’s sudden crypto scrutiny that triggered the decline – it was Peter Schiff himself!
Schiff, the CEO of investment firm Euro Pacific Capital, advised a YouTube audience on Monday to buy silver and sell Bitcoin. Subsequently, the Bitcoin price went down as silver appreciated. That, he claims, is no coincidence.
A closer look at the charts, however, suggests that Schiff might be full of hot air.
While there are individuals who can certainly move markets simply by the power of their words (think the Federal Reserve Chairman), this was clearly not the case since the prices of the two assets were already trending in the respective directions.
Schiff’s YouTube Bitcoin challenge was held on Monday at 9 pm ET, by which time the cryptocurrency had already fallen below the key $10,000 psychological level.
Silver, on the other hand, had been on an uptrend since May. On the day of the Bitcoin challenge, silver had experienced a slight correction before resuming its upward move.
Schiff remains defiant, will not welcome crypto into his heart
During the YouTube stream where the Bitcoin skeptic had invited the crypto community to turn him, Schiff came away largely unconvinced about the potential of cryptocurrencies.
For instance, he argued that Bitcoin’s short lifespan does not give it a chance to trade places with gold as a store of value, and he would not invest his hard-earned money in the digital asset.
Contrasting it with the yellow metal which has been in use for thousands of years, Schiff said that he owns “a pair of socks that I have had for more than ten years,” a clear jab at Bitcoin.
Schiff: Bitcoin price only goes up when there’s a greater fool
Schiff also argued that demand for Bitcoin was being generated by the irrational expectations of market participants who are only purchasing it because they expect to sell it to someone else at a later date at a higher price.
Additionally, the goldbug expressed his frustrations at Bitcoin maximalists. He ranted that just because BTC is the first cryptocurrency does not guarantee it a future.
Instead, he insisted that anything manmade can always be improved upon, noting that technological innovation always ensures that all first-generation products get antiquated within a matter of time.
“How many times has the very first invention of something been the best? Zero!”
Goldbug hedges his bet
In the same video, Schiff continued to predict that Bitcoin will “implode.” But even if it succeeds, Schiff argued, it will become a victim of its own success:
“I don’t believe that Bitcoin is actually a threat to the monetary system that we have now… I don’t think it’s a threat to the fiat monetary system ‘cause it’s going to implode on its own. But if I am wrong, if it doesn’t die on its own, the government will kill it because if the government actually thinks it’s a threat they are going to act to protect their monopoly on money.”
Buy Bitcoin? Legendary Investor Dalio Expects “Paradigm Shift” in Finance
Since Bitcoin (BTC) was birthed in the wake of 2008’s Great Recession, the macroeconomy has changed dramatically. Following the brutal collapse of the stock market and the housing bubble, which resulted in mass unemployment and bankruptcy, central banks commenced “easing strategies”.
By keeping Federal Fund and interest rates lows and participating in Open Market Operations (OMOs)/Quantitative Easing (QE), the U.S. Federal Reserve spawned a reflationary environment, during which stocks rallied to new heights and economic indicators flipped positive.
Across the pond, the story was similar, with the European Union also participating in QE and the Bank of Japan forcing interest rates to move under 0%.
In a recent blog post, however, a legendary hedge fund manager warned that a “paradigm shift” is on the horizon, leading him to advise readers to buy gold.
Unsurprisingly, many in the cryptocurrency community have taken that as a suggestion to scoop up Bitcoin. Why is this the case though?
Buy Bitcoin, Buy Gold
According to Ray Dalio’s latest LinkedIn post, titled “Paradigm Shifts”, the world’s economy is poised to enter a tough time. In the essay-esque piece, the Bridgewater Associates co-chairman warned of central banks’ effort to devalue their currencies and inflate the economy somewhat artificially.
He also used historical shifts in the macroeconomic and geopolitical climate, like the World Wars and the Great Depression, to explain that the economy is poised to see a “paradigm shift”.
This paradigm shift, according to Dalio, who has a net worth of $18 billion, will see “the value of money depreciate ” and “significant domestic and international conflicts. In other words, the writing is on the wall for an alternative asset and stores of value, like gold or Bitcoin.
Dalio recommends gold, writing that it may be “risk-reducing and return-enhancing” for investors to add the precious metal to their portfolio, adding that securities and bonds could face diminishing returns.
Arguably, that was also a tacit recommendation to buy Bitcoin. You see, the inflationary policies currently being enlisted are, according to former Wall Streeter Travis Kling, “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means BTC.
Unlike traditional monies and even gold (in some cases), Bitcoin is not susceptible to warrantless, hidden inflation and is not controlled by a central authority. So, if (or when) the economy collapses due to a mishap on the part of central bankers, many, including Kling, are sure that alternatives monies will see massive inflows.
Dalio, Not a Fan of BTC
While Bitcoin arguably exhibits the same properties as gold, Dalio’s isn’t a big fan of digital assets, presumably hence why he didn’t dare to utter BTC.
In fact, as reported by NewsBTC last year, Dalio called cryptocurrencies a “bubble”, noting that the Bitcoin market is based mostly on speculation, meaning that there is a lack of real-world usage.
But one thing is for certain, there is some financial turmoil right on the horizon. As the Bridgewater co-chairman explained in an interview earlier this year:
“There are a lot of parallels between now and the late 1930s. From 1929 to 1932 we had a debt crisis — interest rates hit zero. Then there was a lot of printing of money, and purchases of financial assets brought their prices higher.”
Everyone Is Talking About Bitcoin and Crypto This Week
The attention around Bitcoin and cryptocurrencies this week has been incredible. The focus on both seemed to have stepped up sometime around the time when President Donald Trump (or someone in his media team) tweeted out to the public that he was not a fan of Bitcoin or cryptocurrencies.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
He continued to talk about Facebook and their plans to create their digital asset Libra.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”
After Trump’s quotes about Bitcoin, the cryptocurrency stumbled, briefly falling below $10,000. CNBC was sure that this was in direct relation to the President’s tweets.
Next was Jerome Powell’s statement before the Senate Banking Committee where he compared Bitcoin to gold.
“I think things like that [the obsolescence of today’s reserve currencies] are possible but we really […] haven’t seen widespread adoption. Bitcoin is a good example, almost no one uses it for payments […] it’s a speculative store of value like gold.”
Once again, Bitcoin seemed to regain lost traction, recovering from a similar drop in price, yet again under the $10,000 mark – after prices had reached $13,000 just a few days earlier.
Trump was then joined by Treasury Secretary Steven Mnuchin who stated that he had “very serious concerns” about cryptocurrencies.
So at the beginning of the week, we could see factions in the US government work to bring down Bitcoin and make a bearish case for cryptocurrencies.
Competition from cryptocurrencies and Bitcoin’s decentralized nature are a welcomed addition
Fast forward a couple of days and we could see further fuel being added to the Bitcoin and cryptocurrency discussions.
“I like Bitcoin.” – House Minority Leader Kevin McCarthy
House Minority Leader Kevin McCarthy told CNBC that he was a fan of Bitcoin and the decentralized nature of blockchain, the technology behind it. He also shared his thoughts about the upcoming cryptocurrency from Facebook, Libra. He’s not a fan.
“When I’m on Facebook, I’m not the customer, I’m the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not bitcoin, in this Libra. They’re not decentralized.”
He was joined by former presidential candidate and former Congressman Ron Paul.
“I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated … What I want to do is legalize the freedom of choice, absent blatant fraud.”
Paul, who was less negative about Libra than McCarthy, believes it could help open up the market and bring down the government’s monopoly on fiat currencies.
“Historically, governments always have to have monopoly control over money and credit. That’s why we have a Federal Reserve instead of allowing the market to operate.”