The rapid rise in Bitcoin is in large part driven by money supply manipulation via the federal reserve. The United States labels China and other countries as currency manipulators because they manipulate the price of their currency, but you can also manipulate the price indirectly by manipulating the supply and that has been something that the United States has done for a while. The other issues is that the European Central Banks will often follow the United States' lead so when we make an interest change they often follow suit.
On top of government manipulation a lot of hedge funds are buying up large amounts of Bitcoin and reducing its liquidity which is also driving its prices up. Now you see Government manipulation and private sector manipulation. Other than manipulating the currency you can also manipulate the price of raw materials via tariffs or via states sponsored over production through subsidies and that also can also have a broad effect on prices. Good work on this article!
Very astute observations you have here and indeed it's impossible to argue these points. Well, one could but it's silly to take indefensible positions for the sake of being contrarion.
The USA loves to wag it's finger at China but they're merely competing with America and implementing it's tactics.
An ancient Chinese proverb is that a mountain top is only big enough for one tiger. It will be a tumultuous battle for the next decade and it's going to be difficult keeping up with an open capitalist autocracy with a much bigger and arguably more efficient labour force.
If you have Netflix and haven't watched "American Factory" I highly recommend it as it highlights the cultural and ethical differences between the east and west.
Having lived in SE Asia for over 4 years now I can clearly see a blending is most equitable but getting there won't be easy.
Cheers! Nice to have found some thinkers engaging here on Steem. Appreciate you reading and chiming in with insightful thoughts.
It's good to engage with you. I'll definitely follow you and check out the documentary that you recommended. I have a lot to say on this topic. I could probably speak and write for hours on it. I will leave you with a documentary recommendation as well:
https://www.pbs.org/wgbh/frontline/film/in-the-age-of-ai/
Great thanks, sorry for the late reply I'll check it out!