Written by 10:50 pm Bitcoin

DaVinci Jeremie bought Bitcoin for under $1, this is why he thinks it hedges against government overreach

https://www.youtube.com/watch?v=/bCg968rqWOM


In March of 2011 DaVinci Jeremie, host of Davincij15 on YouTube, bought a Bitcoin for 67 cents. Now, more than a decade later, with Bitcoin trading around $16,500, Jeremie said he continues to hold his Bitcoin, since it is a “system of money that governments can’t stop.”


“[With Bitcoin], you can transfer wealth to anyone around the world instantly without a third party,” he said. “This is mind-boggling technology.”


These qualities of Bitcoin will become particularly apparent when governments start to roll out central bank digital currencies, according to Jeremie.


“I think governments will create their own digital currencies and make it impossible for people to [transact] by 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 daily transactions.


Jeremie spoke with David Lin, Anchor and Producer at Kitco News.


Central Banking Serfdom


Part of Jeremie’s zeal for Bitcoin is based on his professed disdain for the current banking system, which he claimed led to “complete slavery.”


“Central banking is the worst kind of slavery that has affected all of mankind,” he said. “If I can print money, and you have to work for it, then that makes you a slave.”


He suggested that central banks’ ability to make money available causes wealth to be redistributed to elites.


“The ability to print money is evil… because it sucks the wealth away from everybody else,” he said. “Only criminals… want to be able to steal wealth from everybody. 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 is going to save you until retirement, because inflation could go way out of control and wipe you out,” he said. “We need a monetary system that allows you to save X amount of money… and you know you’ll be able to survive on that.”


Bitcoin Price Manipulation


Bitcoin’s price is manipulated through derivatives markets and ETFs, said Jeremie, who also claimed that gold and silver are manipulated.


“Bitcoin is the only commodity on the commodities exchange where you can’t get delivery,” he said. “Yet, it’s the easiest commodity to deliver on… if the Bitcoin contract expires, all you get is cash.”


Jeremie suggested that buy and sell orders could be placed on the exchange to move Bitcoin’s price within intraday trading.


“The other way [they manipulate price] is with the ETFs,” he said. “People could buy what they felt was Bitcoin, on 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 recover to reach $100,000.


“I think we’ll probably see $12K [for Bitcoin],” he said. “It’s going to take until 2024 for the [Crypto] Winter to really start to subside because Bitcoin’s halving will go through.”


To find out Jeremie’s outlook on the Bitcoin price, watch the video above


Follow David Lin on Twitter: @davidlin_TV


Follow Kitco News on Twitter: @KitcoNewsNOW


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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