In March 2011, DaVinci Jeremie, host of davincij15 on YouTube, he bought a Bitcoin for 67 cents. Now, more than a decade later, with Bitcoin trading around $16,500, Jeremie said that he continues to hold onto his Bitcoin as it is a “money system that governments cannot stop.”
“[With Bitcoin], you can transfer wealth to anyone around the world instantly without a third party,” he said. “This is some amazing technology.”
These qualities of Bitcoin will become particularly apparent when governments begin to implement central bank digital currencies, according to Jeremie.
“I think governments will create their own digital currencies and make it impossible for people [transact] blocking what they buy, as well as telling them what they can and can’t buy,” he said.
He suggested that people would then turn to Bitcoin to get around government overreach, using it in everyday transactions.
Jeremie spoke with David Lin, host and producer for Kitco News.
Central bank bondage
Part of Jeremie’s zeal for Bitcoin stems from his professed disdain for the current banking system, which he says led to “total slavery.”
“Central banking is the worst type of slavery that has affected all of humanity,” he said. “If I can print money and you have to work for it, then that makes you a slave.”
He suggested that the ability of central banks to make money available causes wealth to be redistributed among elites.
“The ability to print money is bad…because it absorbs everyone else’s wealth,” he said. “Only criminals… want to be able to steal everyone’s wealth. The best way to do that is to become a bank.”
Jeremie also said that our current financial system causes inflation to erode people’s wealth.
“You can’t save money and claim it will save you until retirement, because inflation could get out of control and kill you off,” he said. “We need a monetary system that allows you to save X amount of money… and you know you can survive on that.”
Bitcoin price manipulation
The price of Bitcoin is manipulated through the derivatives and ETF markets, said Jeremie, who also claimed that gold and silver are manipulated.
“Bitcoin is the only commodity on the commodity exchange where delivery cannot be made,” he said. “However, it is the easiest product to deliver…if the Bitcoin contract expires, all you get back is cash.”
Jeremie suggested that buy and sell orders could be placed on the exchange to move the price of Bitcoin within intraday trading.
“the other way [they manipulate price] it’s with ETFs,” he said. “People could buy what they thought was Bitcoin, in an ETF, but that’s not Bitcoin… you only have price exposure with the ETF.”
Bitcoin Price Projection
Suggesting a floor of $12,000, Jeremie said that Bitcoin would eventually rally to reach $100,000.
“I think we will probably see $12K [for Bitcoin],” he said. “It’s going to take until 2024 for the [Crypto] Winter will really start to wind down because the Bitcoin halving will take place.”
For Jeremie’s perspective on the Bitcoin price, watch the video above.
Follow David Lin on Twitter: @davidlin_tv
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