Bitcoin maximalist, developer and entrepreneur Jimmy Song has recently posted several tweets about the current situation on the markets and in the business sphere.
As many SME are going bankrupt due to the quarantine, Jimmy Song reckons that Bitcoin can help reset the financial system in the US, fixing the current issues in it.
‘Reset the system with #Bitcoin’
Jimmy Song shares his take on the current situation on the stock market and in the SME sphere. Stocks are going up, he says, but in an unhealthy way, not because of their good fundamentals. Small businesses that have to close down and are going bankrupt due to the lockdown are suffering, he says.
Bitcoin can help reset the system, as per him.
Stocks have gone up because they have a store of value premium, not because the underlying companies' fundamentals.— Jimmy Song (송재준) (@jimmysong) April 17, 2020
Small businesses that have been forced to close for the last six weeks pay the price just like every crisis. Big companies win.
Reset the system with #Bitcoin
‘Bitcoin fixes this’
Song writes that the ones who are making profits now are banks and large corporations who are buying bankrupt small businesses at extremely low prices. Bitcoin fixes it, Song claims:
“You know all those small businesses going bankrupt? Guess who'll be buying up the equipment and resources on the cheap? Those with access to cheap loans from the government: banks/big corps. This is how people get screwed out of their blood, sweat and tears. #Bitcoin fixes this.”
He adds a few words about voting, saying that, similarly to fiat money, voting is a poor consent system, since it can be manipulated. Markets and money on them are a much better indicator of what people prefer, he says. And when fiat is crashing, many start buying Bitcoin, reminds Song to his audience.
Therefore, he states, when people start adopting BTC, they are trying to run away from the broken fiat system.
“Voting is a poor consent system. It's essentially putting trust into a group of self-promoting individuals. Markets are a much better way to gauge where people are at. Money being spent is a lot more honest. #Bitcoin adoption is an indicator of the fiat system's brokenness.”