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today's video we're going to be taking a look at some of the controversial opinions that michael barry has talked about on the subject of the very notable cryptocurrency bitcoin so as you probably already know michael bury is the person who did a time the 2008 housing crisis perfectly he shorted the market and made a huge fortune for him and his investors however when michael barry makes predictions people usually takes these predictions very seriously because they have been right so far for example he successfully shorted tesla and so far his latest prediction is one on bitcoin now what has michael barry said on bitcoin and what is his stance that has got the crypto community talking so this is what he said very recently he actually suggested that there's some major issues from bitcoin that i think everyone who is invested in bitcoin should take account of so this is what he said in a tweet so he says legally violent heartless centralized governments with a lifeblood interest in monopolies on currencies won't allow bitcoin to thrive and remain decentralized in the long term this is a statement that is actually very true and to be honest many have dismissed this statement as someone who doesn't truly understand the cryptocurrency community but as someone that understands the wider economy and how things are all intertwined what michael bury is saying is indicative of a real big problem and essentially the problem that bitcoin aims to solve by being decentralized now what you need to understand the long story short of what he's basically saying is that sure bitcoin is decentralized but these greedy governments aren't going to allow themselves to lose control over the fiat system it just won't happen and if it does happen it's going to happen in an interesting way now an interesting another tweet from barry is that he also said people say i didn't warn last time and he says i did but no one listened so i won this time and still no one listens but i will have proof i won't now why i think this tweet and this entire debate is actually very interesting is because i actually think barry is right when it comes to this aspect you have to understand that government and world government aren't going to lose control of the monetary system that's what makes the world go round and that's how very powerful people stay in power and they aren't going to lose this so we need to take a look at what are some real world scenarios and real world implications of bitcoin losing its decentralization now of course bitcoin can't really lose it but there are some scenarios and there are some things happening in the world which show us that the future of bitcoin may not be as bright as we think now bear in mind that this video is talking about bitcoin not cryptocurrency cryptocurrency is every coin and the entire you know blockchain but bitcoin is the one currency that is the most popular i just want to make that point because it's very easy to get confused so with bitcoin we've seen some recent introductions to laws and legislations around the world if you've been paying attention you'll know that recently there were some bands of cryptocurrency and bitcoin around the world so let's take a look at what's actually been going on around the world and how it could kind of show what's going on in the future so if we take a look at this article we can see that it states india to ban ownership of cryptocurrencies and there's about eight million indians have invested in cryptocurrencies and this is very interesting because this is something that we are going to see happen more and more in the future as the governments start to realize what cryptocurrency is actually capable of an entire decentralized system where people actually have the power once again so it says the indian government seeks to propose a law banning cryptocurrencies under which anyone involved in its trading or holding assets could be fined according to reports and this is not the only country and you have to understand that india is a really really large place they've got over a billion people and this is a really really diverse and growing economy and this is not the only place where there's been some sort of cryptocurrency ban slash legal ramifications for the cryptocurrency popularity increase we can look at this article right here which says nigeria's crypto ban fuels mistrust in government and as you can see over here it also states that nigeria has basically banned cryptocurrency and there has been some bands with bitcoin which is pretty interesting because if we look at the united states of america i'm pretty sure that's where the majority of you guys are watching this video from banning cryptocurrency or even bitcoin in that case has actually been discussed in congress and we're gonna take a look at exactly what they said because i feel that this is what michael barry is talking about however there's two sides to the coin so let's take a look at what it says so this article right here on forbes and this was in 2019 states us lawmakers are realizing they can't ban bitcoin and this is quite true it says those who have been a long-time critics of bitcoin usually have one key theory in common which is that governments will eventually ban bitcoin and cryptocurrency will then cease to exist in any meaningful form and there's a different point of view that said implementing a ban is no easy task after all bitcoin was built by cyberpunks as a form of digital money that would be affected by the desires of politicians and regulators around the world and this is the point people can't truly ban bitcoin you have to understand that bitcoin is in its entirety decentralized meaning no one can control it and realistically you don't need to be online to own bitcoin you can just own it on a hard wallet meaning that there's not really a way that governments can really sort of track and trace this coin so as you could say could can see right here it states if the united states were to decide and i'm not saying that should if the united states were to decide we don't want cryptocurrency to happen in the united states and tried to ban it i'm pretty confident we couldn't succeed in doing that because this is a global innovation it goes on further to say i think the challenge we all face with this is some of the cryptocurrencies that they're literally just a piece of open software that's what i said exactly it's nothing else it just exists on the internet it runs over it runs and there's no real regulations that can be applied to this stuff now take a look at this video where there's a congressman who's actually calling to ban bitcoin although it's probably near impossible to happen he basically states that he wants to ban bitcoin because like we said before this is how people get their power the united states has its power because of its monetary system and bitcoin is sort of challenging that so this is something that's interesting and we should take a look i look for colleagues to join with me in introducing a bill to uh outlaw cryptocurrency uh uh owner purchases by americans so that we nip this in the bud in part because not a awful lot of our international power comes from the fact that the dollar is the standard unit of international uh finance and transactions clearing through the new york fed is critical for major oil and other transactions and it is the announced purpose of the supporters of cryptocurrency to take that power away from us to put us in a position where the most significant sanctions we have on iran for example would become irrelevant so whether it is to disempower our foreign policy our tax collection uh enforcement or our law traditional law enforcement the purposes of cryptocurrency the advantage it has over uh uh sovereign currency is solely uh to aid in the disempowerment of the united states and the rule of law so as you can see here this video kind of shows why the u.s government won't really be bullish on bitcoin however it's going to be interesting to see what happens because if major corporations actually start adopting bitcoin such as tesla recently purchasing 1.5 billion dollars which is now worth quite a lot more so as you can see from the video we could see that this is something that the us governments and other governments are looking to possibly ban in the future and you have to understand that these countries and these regulations really aren't going to lose their power when it comes to losing something that could be the new world monetary system i don't think the us government is going to just stand back and and simply watch bitcoin take over the entire money system i'm pretty sure there will be some new kind of digital currency that will be there in the future which is already being discussed but the comment i have to ask you is do you think michael barry is right about bitcoin he also goes on to say that bitcoin is a speculative bubble and does say a crash is coming he says here bitcoin is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their argument for why it is relevant at this point in history so he says if you do not know how much leverage is involved in the run-up you may not know enough to own it so do you think michael barry is right about this bitcoin bubble and do you think he's right about a bitcoin crash i personally don't think bitcoin is in a bubble right now i do think maybe bitcoin is on at the path of its actual four-year cycle i do think the prices are probably correct right now but i do know that the prices may spike and most certainly go down quite a bit in the future as it hops out of the media spotlight once again so it's interesting to see controversial opinions on a cryptocurrency where some are bullish and some are bearish either way michael barry's opinion is one not to be taken lightly because he's someone who has accurately predicted the past accurately you
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