Despite heavy losses by investors who see their money evaporate overnight in what has been called a Ponzi scheme, the faithful never give up hope that cryptocurrencies will save us from the evil clutches of central banks.
Devotion to cryptocurrencies has taken on the form of a new religion. One of the apostles is Conservative leadership candidate Pierre Poilievre.
He said that a government led by him would do more to normalize cryptocurrencies like Bitcoin to “decentralize” the economy and reduce the influence of central bankers.
Poilievre wants to “restore sound money.”
“Sound money” is one of the tenets of the new religion of the Great Reset; when freedom is grasped from the hands of the tyrants who control the world.
The prophets of “sound money” have been around a long time. Sound money or hard currencies are ones that presumably don’t change in value over time, an example being currencies tied to value of gold.
Like all disciples of the Great Reset, Poilievre gets inspiration from the gospel of YouTube. He appeared on a cryptocurrency podcast hosted by a Bitcoin trader who has promoted COVID-19 conspiracies and has compared central banking policies to slavery and Nazi Germany.
Poilievre told the show’s host that he and his wife occasionally watch his cryptocurrency YouTube channel “late into the night.”
“I find it extremely informative and my wife and I have been known to watch YouTube and your channel late into the night once we’ve got the kids to bed,” Poilievre said. “And, I’ve always enjoyed it and I’ve learned a lot about Bitcoin and other monetary issues from listening to you.”
Bitcoin is a lousy investment. Billionaire Warren Buffett, the chairman of Berkshire Hathaway, says investment in Bitcoin has the potential to collapse, wiping out tens of billions of dollars in wealth for casual buyers.
“Bitcoin is ingenious but it has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little Bitcoins come out. It’s a delusion, basically,” Buffett said in a 2019 interview with CNBC, adding it’s like “rat poison” for investors.
Even some of Bitcoin’s biggest advocates often characterize it, without any apparent shame: “Bitcoin is kind of a Ponzi scheme that starts with smart people,” says crypto investor Naval Ravikant.
The Great Reset faithful have contempt for Elon Musk, the erratic, interstellar oligarch who has betrayed Bitcoin by first championing it and then backtracking, tweeting, “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” and saying that Tesla would no longer accept it as a valid form of payment.
Bitcoins are a dirty currency, not just because they are used to traffic children into the sex trade and to launder cartel money but because Bitcoin transactions, called “mining,” require huge amounts of fossil fuel energy.
According to the Bitcoin Energy Consumption Index the carbon footprint of Bitcoin is equivalent to that of New Zealand, with both emitting nearly 37 megatons of carbon dioxide into the atmosphere every year.
But facts matter little to the faithful. As long as they can warm themselves in the glow of the omnipotent echo chamber of YouTube, they can be sure of the Truths that issue forth.