Nov 2, 2017

1 billion dollars exchanged hands via bitcoin today.

More and more main media outlets are realising the fragility of the IMF now that the central banks are starting to own over 50% of their countries debt. Politicians like to spend and the federal debt of Canadians is over 98% of their GDP
 Then we need to add provincial debt, which Alberta has the lowest (10% of GDP), but it is climbing quickly with the NDP in power. Last, but not least, is personal debt which is approximately  160% So whether we look at public or private debt we are getting to the point where bankruptcy should be declared.

This is why bitcoin is increasing in value so much this year (7x). Banks (which hold 1/3 of the TSX value) are not needed anymore now that Bitcoin can be used to exchange value. So how much money do the Canadian banks exchange in value every day? Bitcoin exchanged a billion dollars in the last 24 hours. I realise that a lot of the value of the currency exchange depends on the velocity of circulation; but if you just look at how much the total money supply was 2 years ago, Bitcoin could handle 1/7 of Canada's economy. see  So showing the liquidity of Bitcoin in relation to Canada's currency should provide some understanding as to why Bitcoin has nearly reached C$10,000/BTC

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