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Author: Admin | 2025-04-28
Originally posted on DailyFintech.comAs Federal Reserve Chairman Janet Yellen was speaking to the House Financial Services Committee last Wednesday, something interesting happened. Almost perfectly placed behind her right shoulder a sign appeared telling people to buy Bitcoin. A young man wearing a suit and pink tie, the “Bitcoin Sign Guy”, drove news around world and maybe even caused the price of Bitcoin to go up, as a frenzied group of traders did exactly what the sign said, they bought Bitcoin.The timing was perfect. As Janet Yellen was saying she would oppose almost any attempt to audit the Federal Reserve, he put up the sign and reminded us that Bitcoin can replace central banks, as the first decentralized global reserve currency.It was exciting, just like the early days, when someone would post something of reddit and Bitcoiners would rally to support it. It was like the College GameDay sign, that said “Hi Mom Send Bitcoin”, with the QR, and the guy ended up raising $25,000.The “Bitcoin Sign Guy”, created a huge buzz in the news and drove the price up. But not matter how exciting the fireworks may be, it also showed us you can’t change an overall bearish trend with a cool story in the news. News stories like this can bump up the price for a while against the trend, but ultimately the trend always wins. Now we are back to new price lows with the upcoming possible user activated fork. The “Bitcoin Sign Guy”, was a nice break from the scaling debate that’s been going on.Since the start of 2017, cryptocurrencies have had a phenomenal rally. But in recent weeks, they have been bleeding, as speculators are jittery, waiting to see how Bitcoin’s scaling debate will conclude on August 1st. The total market cap has dropped by $9 billion, almost 11% percent, with Bitcoin prices dropping below $2,100.The “Bitcoin Sign Guy” reminded us why everyone got interested in Bitcoin in the first place. I was really happy to see that he did not hold up a sign for some other coin, like when Dennis Rodman wore a t-shirt for PotCoin, and it was Bitcoin.Bitcoin has the power to replace the archaic, centralized banking system. Bitcoin has turned upside down everything we know about money, how its stored, who should control its production and how it is transmitted and managed.Now, is the “Bitcoin Sign Guy” an important moment in
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