submitted by jwithrow.
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Journal of a Wayward Philosopher
A Season for Change
September 12, 2017
Hot Springs, VA
“To every thing there is a season, and a time to every purpose under the heaven… Wherefore I perceive that there is nothing better, than that a man should rejoice in his own works; for that is his portion: for who shall bring him to see what shall be after him?” – Ecclesiastes 3
The S&P closed yesterday’s trading session at $2,487. Gold closed at $1,335 per ounce. Crude Oil closed at $48.07 per barrel. The 10-year Treasury rate closed at 2.06%. Bitcoin is trading around $4,288 per BTC today.
Dear Journal,
It has been ten months since I have last written to you… and this world is far different from what it was before.
For starters, Little Maddie is no longer a toddler. She is a little lady. And like all ladies, Maddie knows best… about everything.
“Daddy, that’s not how you do it!”, she exclaims with absolute confidence. “Here, let me show you! Okay, daddy. You try…”
Her father just smiles and obeys… but his mind wanders in amazement. There was no Maddie four years ago. She didn’t exist.
Today, Maddie runs… jumps… laughs… sings… dances… and teaches her father how to finger paint. How amazing is that?
For my part, I have been busy building the flexibility I will need to give Madison the education she deserves.
I still peddle my online courses (see my new Bitcoin course here). And I have been working with several of the Agora companies publishing from south Florida as well.
For her part, wife Rachel has been busy keeping us in line. It’s not easy with two children in the house.
She also sells and services weddings at the local mountain resort. And she is very proud of the relationships she develops with the young brides – presumably by telling them exactly what to expect from their husbands several years down the road. Stubborn… unresponsive… bitcoin t-shirts for your birthday… no, I don’t know of any way to stop it…
A Sea Change in Bitcoin
Another sea change that took place since I have last written was in the world of Bitcoin.
When we last spoke, one bitcoin was worth $630 and the media wanted to tell you about how it was only useful for criminals.
Today, that same bitcoin is worth $4,300. And the media wants to tell you whether the price will go up or down.
Ignore the media… that part has not changed.
What has changed is Bitcoin’s place within the global financial system. Bitcoin’s utility is no longer theory… it is battle-tested. Look at this chart:
As you can see, money has poured into Bitcoin in each instance of global financial stress. It has quickly become the world’s premier safe haven asset.
That is because Bitcoin exists outside of the financial system. Governments cannot manipulate it. Banks cannot freeze it. Regulators cannot regulate it.
Bitcoin flies across borders as if they didn’t exist… it is ghost money.
But Bitcoin is so much more than just a safe haven asset. Bitcoin is a disruptive technology that is driving a degree of innovation that we have not seen since Europe’s High Renaissance. Its utility as a safe haven is simply the catalyst for further development… it is how Bitcoin proved itself.
We have covered Bitcoin extensively in the past four issues of the Zenconomics Report. You can catch up here.
Change and Paradox, dear reader. They are baked right into the universal cake. Best to enjoy the ride…
More to come,
Joe Withrow
Wayward Philosopher
P.S. My new Bitcoin course teaches you everything you need to know to buy, trade, and store bitcoins securely. So far, the course boasts a 4.9 rating from active users. You can get it here.