History shows that once a nation embraces unlimited supply paper money and abandons gold, it embarks on what is best termed a “financial sleigh ride to Hades”. It happens regardless of which political party tries to play skipper with the fiat ship.
Rising labor costs may begin to occur at many mines. This is most acute in Australia and Brazil, according to the CEOs of Newmont and AngloGold Ashanti. In addition, South Africa’s Union of Mineworkers has asked for a 15% annual wage increase through 2023.
The bitcoin bubble has burst, not a lot of new money will be flowing into it now. The next bubble is not going back into bitcoin, it will look for someplace else.
