‘Bitcoin ISN’T outside the system – It’s a TRAP’ | CEO warns crypto future is bleak

‘Bitcoin ISN’T outside the system – It’s a TRAP’ | CEO warns crypto future is bleak

[Music] welcome back once more to the Neil Oliver show where my next guest is American entrepreneur Jennifer aruri uh welcome to the show Jennifer how are you doing hi Neil you I’m very well for having me it’s a pleasure I’ve just been talking to a German Economist Richard Verner about the reality of money about where money comes from about the power that control of money uh gives to bankers and Central Bankers in particular but within that area cryptocurrency alternatives to cash you have very strong opinions about Bitcoin in particular do you not can you illustrate to me why that is so well first of all I love that you’re having this conversation it’s really great to see it take uh Main stream television it is important I know a lot of people are concerned about their money and I think basically it comes back to a very basic fundamental of the life cycles of currencies and as we’re seeing now this life cycle is coming to an end this currency and as as history has shown us many years before we’ll always reset back to Gold it will never be Bitcoin Bitcoin is not scalable Bitcoin cannot take on the traffic and this whole idea that it’s some you know Value store of value or digital gold I know there’s a lot of Bitcoin Maxis out there that will hate me for saying this but that just simply is not true there is no intrinsic value of Bitcoin um I’m a very uh pro- advocate for digital Assets in the crypto space I am extremely Pro blockchain but never bck Bitcoin I believe Bitcoin is being used as a trap another troan horse and as you and I have mentioned many times I see them manipulating the prices of gold and silver to particularly keep the nominal price down so that banks have the uh ability to buy in and at these low manipulated prices and then as you’ve seen the years of the narrative shift on bitcoin bitcoin’s a beta Bitcoin was introduced after the last you know um 20 crash so then we bring in this exercise of digital currency and at first it was the drug users in the cartel and now they’re picking it up and bringing it into mainstream and a lot of people bought into the concept that it was outside the system Neil you and I know that’s just simply not true it’s it’s completely inside the system when they created a Bitcoin ETF they created an ability to short the market they now are controlling the system Jennifer can you explain there’s many myths around Bitcoin can can you explain to to to my audience why Bitcoin has reached continues to reach the values that it does you know I remember it coming in and a Bitcoin was worth whatever you know less than a dollar I I I I I haven’t looked at it in the last 10 minutes but I’ve seen it recently up at around $60,000 for a single Bitcoin how can that scale of fluctuation be possible so I I know a lot of people because of my Bitcoin doubts will will try to make out that I don’t understand what I’m talking about but the time to buy in on bitcoin was 10 years ago Neil not now uh you know 10 years ago when you were able to build the rig yourself and build it now it’s just too expensive it’s costly and labor intensive there’s there’s no incentive for you know these uh validators for the people running the network to be rewarded especially after this recent Bitcoin uh having and as it continues to have have uh there’ll be a less and less incentive for it to be minded so proof of stake you know uh proof of work doesn’t work I mean what we’re seeing um here where they’re trying to uh create Bitcoin out of nothing and then now create a value around it I believe this is a narrative a very concerted narrative here to uh push the plebs into this digital currency which will be regulated um you know as we’re seeing with the the Ripple case coming on and right now it’s the xrp Vegas event going on shout out to everybody out there they’re creating an xrp Unleashed film that will be produced that is going to document the corruption that’s been going on with the SEC and the free passes for ethereum and how they allow one set of rules for one currency and another set of rules for another um but you know this fiat currency the bottom line here Neil is is you know Fiat coming to an end and they’re going to look for other ways uh you know to to create liquidity and that’s why you’re seeing the price of Bitcoin do what it’s doing it’s creating this fomo effect where everybody’s jumping in feeling that they’re going to become millionaires when the reality is the the time to buy Bitcoin was 10 years ago hold on I know that for a fact I buying it and Mining it then but now we’re coming into a place of Regulation I mean even if you did continue this uh you know the mining and and and and building out the proof of work you know this scalable consensus protocol that Bitcoin runs on is is never going to be an optimal world currency it’s not going to be what people use on a daily basis it’s not a store of value because there’s no value to it uh a bunch of pumping hold that thought Jennifer aruri Andrew eborn do you have fomo do you have fear of missing out on bitcoin or are you glad that that ship sailed with I think as as soon as as I was hearing Jennifer speak I think and you were asking well how what is this explanation for these crazy valuation they are crazy fomo fear of missing out is what drove it because people wanted to they here everybody say we’re multi-millionaires for doing nothing overnight that sort of greed Factor but I think as I always like to do is is break down the jargon because a lot of people be watching here and say well we don’t really understand what is a Bitcoin and I think whoever better than than Jennifer just to explain in simple terms what it is Jennifer just a quick almost a yes or no answer do you think that Bitcoin was always brought in was always going to be a trap or do you think there was an earlier period where it might have been something else entirely or was it was it simply created as you see as a as a as a trojan horse or or as a trap for the gullible well it was created after the last financial crisis so I absolutely believe it was an exercise a beta exercise to get people in and ultimately knowing that we are coming to the end of this life cycle um of fiat currency you know what better way to to shovel the plebs into the paddocks of Bitcoin you know look over here while we do this you know there’s nothing that’s going to replace physical gold and silver centuries have shown us this and as far as you know what is bitcoin well everyone talks about it being this decentralized currency that’s actually a misconception it’s a software that is centralized under a foundation and it determines if Bitcoin has uh improve needs Improvement protocols known as bips and they’re adapted under this software so the individuals make the changes to how this software works and this goes back to the mining because now that we’ve been mining 101 15 years the rewards are just not there and it’s too costly and expensive the electronic overhead to run these mines so there’s really no point in running this so This mathematical protocol this you know equation that people are looking in as as as store of value this this piece of digital gold well that’s just not true nothing is going to replace real gold I’ll have to jump in there just because centralized this is another myth just wanting to make this clear I mean it’s becoming more and more centralized every day we see this with the Bitcoin ETF the minute they created that they created a market to short a product to shorten the market and that’s Jennifer I just need to jump in just purely because I’m running out of time once again you have frightened me about Bitcoin I come through I go through highs and but once again you have put the fear of God into me concerning Bitcoin

Tech Entrepreneur and CEO, Jennifer Arcuri, explains the issues that bitcoin and crypto currency is facing now, and in the future, with Neil Oliver.

#gbnews #bitcoin #cryptocurrency #crypto #technology #news

Keep up to date with the latest news at https://www.gbnews.com
Don’t let them silence us – support GB News here: https://gbnews.com/support

Twitter: https://twitter.com/GBNEWS
Facebook: https://www.facebook.com/GBNewsOnline

Download the GB News app! You can watch GB News on all of your favourite devices and keep up to date with the latest news, analysis, opinion and more.

https://www.gbnews.com/watch/how-to-watch