In March 2011 DaVinci Jeremy, host Davintius15 on YouTube bought bitcoin for 67 cents. Now, more than a decade later, with bitcoin trading at around $16,500, Jeremy said he continues to hold onto his bitcoins as it is “a monetary system that governments cannot stop.”
“[With Bitcoin], you can instantly transfer wealth to anyone anywhere in the world without the involvement of a third party,” he said. “It’s stunning technology.”
According to Jeremy, these qualities of Bitcoin will become especially evident when governments begin to implement central bank digital currencies.
“I think governments will create their own digital currencies and deprive people of the ability to [transact] blocking what they buy and also telling them what they can and cannot buy,” he said.
He suggested that people would then turn to Bitcoin to get around government abuse by using it in everyday transactions.
Jeremy spoke to David Lean, host and producer of Kitco News.
Central banking slavery
Part of Jeremy’s zeal for Bitcoin is based on his stated disdain for the current banking system, which he claimed led to “complete slavery.”
“The central bank is the worst kind of slavery that has affected all of humanity,” he said. “If I can print money and you have to work for it, that makes you a slave.”
He suggested that the ability of central banks to make money available leads to a redistribution of wealth in favor of elites.
“The ability to print money is evil…because it sucks the wealth out of everyone else,” he said. “Only criminals…want to be able to steal wealth from everyone. The best way to do this is to become a bank.”
Jeremy also said that our current financial system is causing inflation that undermines people’s well-being.
“You can’t save money and claim it will save you until you retire because inflation can get out of control and destroy you,” he said. “We need a money system that will allow you to save X amount of money…and you know you can survive on it.”
Bitcoin price manipulation
The price of bitcoin is being manipulated through the derivatives and ETF markets, said Jeremy, who also said that gold and silver are being manipulated.
“Bitcoin is the only commodity on the commodity exchange that is undeliverable,” he said. “However, this is the easiest item to deliver…if the bitcoin contract expires, all you get is cash.”
Jeremy suggested that buy and sell orders could be placed on the exchange to change the price of bitcoin as part of intraday trading.
“Another way [they manipulate price] with ETFs,” he said. “People could buy what they thought was bitcoin with ETFs, but it’s not bitcoin… you only have price exposure with ETFs.”
Bitcoin Price Prediction
Offering a floor of $12,000, Jeremy said that Bitcoin would eventually bounce back to $100,000.
“I think we will probably see $12,000. [for Bitcoin],” he said. “It will take until 2024 for [Crypto] Winter will really start to subside because bitcoin will halve.”
For Jeremy’s opinion on the price of bitcoin, watch the video above.
Follow David Lean on Twitter: @davidlin_TV
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