Currency

The case for bitcoin as ‘digital gold’ is falling apart

A key investment case for bitcoin is deteriorating as geopolitical uncertainty and rising inflation hammer cryptocurrency prices.

The price of bitcoin fell to a two-week low Tuesday after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two breakaway regions in eastern Ukraine, shortly after declaring them as independent.

Bitcoin is often referred to as “digital gold” by its backers. The term refers to the idea that bitcoin can provide a store of value similar to gold — one that’s uncorrelated with other financial markets, like stocks.

Bitcoin bulls also see the cryptocurrency as a “safe haven” asset that can serve as a hedge against global economic uncertainty and increasing prices, which reduce the purchasing power of sovereign currencies like the U.S. dollar.

With inflation at historic highs, you’d expect this would be bitcoin’s time to shine — U.S. consumer prices last month rose the most since February 1982, according to Labor Department figures.

Instead, the cryptocurrency has lost almost half of its value since reaching an all-time high of nearly $69,000 in November. That’s led analysts to question whether its status as a form of “digital gold” still rings true…read more.

Mike’s Comment – Feb 19th

Whether it’s climate change, the COVID response or the Truckers’ Convoy – the government’s attitude has been crystal clear – only low lifes and deplorables would question us.

Coastal GasLink workers violently attacked

A Coastal GasLink work camp near Houston, B.C. is now a crime scene, following an early morning attack on workers yesterday involving an estimated 20 masked, axe-wielding assailants, who threatened workers, hacked up vehicles and caused millions of dollars in damage vehicles, equipment and camp trailers.

Houston RCMP say no arrests have been made yet, and that the camp is now a crime scene, as investigators comb through the wreckage looking for evidence that may lead to arrests.

According to Coastal GasLink and Houston RCMP, workers at a Morice River drill pad site off the Marten Forest Service Road were attacked early this morning in “a highly planned and dangerous unprovoked assault.”

RCMP say an officer responding to the attack was injured when smokes bombs and burning torches were tossed at RCMP by the assailants. This occurred at portion of road that had been blockaded with a bonfire.

The attack occurred in the same area where opponents of the natural gas pipeline had set up an occupation camp and blockade for 59 days, before RCMP enforced an injunction and cleared the protesters out in November.

“This coordinated and criminal attack from multiple directions threatened the lives of several workers,” Coastal GasLink said in a news release…read more.

Bitcoin price circles $44K as analyst asks, ‘Who remains to sell here?’

Bitcoin (BTC) broadly held levels at $44,000 and above on Feb. 16 amid fresh optimism that another macro low would be avoided.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding after an overnight dip to $43,725 on Bitstamp.

In a tightening range, the pair looked increasingly primed for a breakout up or down Wednesday, as support and resistance levels stayed within a short distance of spot.

While fears that a stocks correction could cause fresh pain for bears remained, one analyst, in particular, argued that there was now hardly any impetus to sell BTC after three months of downside.

“When I consider everything BTC HODLers withstood in 2021- When I observe global de-risking for 3+ months- When I see 48% of Realized Cap STILL held from 3–12 months ago after a $33k scare- I ask: with all existing FUD priced in, barring surprises, who remains to sell here?” TXMC argued…read more.

“Is this necessary?” Calls grow to end BC’s vaccine passport system

Some British Columbians say the vaccine card program isn’t necessary anymore in BC.

Dr. Kevin McLeod, an internist who treats COVID-19 patients at North Vancouver’s Lion’s Gate Hospital, took to social media this month to voice his view on the passports.

“Vaccine mandates initially made sense. I supported them. At this stage of the pandemic, they do not make sense. It shouldn’t be political. It’s time they are removed,” he said.

“With Omicron, the vaccinated and unvaccinated spread it around equally. You aren’t safer in a room with the vaccinated, unvaccinated or in between.”

Alberta has already gotten rid of its passport, and Saskatchewan is preparing to do the same.

Ian Tostenson, president of the BC Restaurant and Foodservices Association, agrees with McLeod’s stance to an extent.

“We can now see sunsetting the vaccination card program because we’ve done the job. I mean, we’ve gotten so many people vaccinated in British Columbia,” said Tostenson…read more.