Protests erupt in Havana as Cuba struggles to restore electricity

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By Dave Sherwood and Ayose Naranjo Reuters Scattered protests broke out across Havana on Tuesday evening, with residents banging pots, honking horns and shouting “turn on the lights” as millions ‌of Cubans remained without power amid a six-month-long U.S. fuel blockade. Cuba experienced a nationwide outage on ‌Monday — its third this year — but while authorities said most of the country had been reconnected to the island’s grid by late ​Tuesday, many remained in the dark and without electricity as the island doesn’t have enough fuel. The country’s grid operator UNE said it had reconnected the grid from Pinar del Rio, in far western Cuba, to Holguin in the east. Santiago de Cuba, the island’s second-largest city, remained disconnected and without power, authorities said. The U.S. in January ‌cut off Cuba’s fuel supply, then ⁠imposed fresh sanctions that have prompted an exodus of foreign businesses and a near-complete collapse o...
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Renowned Economist Says Bitcoin Price Will Reach $10 Million On The Back Of This Catastrophic Event

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Chief economist and global strategist, Peter Schiff has made a startling prediction regarding Bitcoin, albeit with a condition. The popular economist has revealed that BTC could potentially achieve a monumental price value of $10 million if the United States dollar depreciates due to hyperinflation. 

Bitcoin To Surge $10 Million If Dollar Collapses

In a recent X (formerly Twitter) post, a crypto investor raised the question of Bitcoin potentially skyrocketing to $10,000,000 by 2031. Responding to the inquiry, Schiff acknowledged the possibility of such a scenario, however, only if the US dollar experienced a similar hyperinflation event as the German Papiermark. 

The German Papiermark was the official currency of Germany in 1914 when the country’s gold standards were terminated. Due to hyperinflation, the currency depreciated significantly, causing millions of citizens to go bankrupt and forcing the government to opt for a different currency. 

This hypothetical scenario implies that BTC’S value would be seen as a hedge against currency devaluation. Schiff believes that presently, Bitcoin has no tangible value beyond its positive sentiment amongst millions of crypto enthusiasts and investors. However, due to its decentralized nature and its overwhelming market capitalization of over $818 billion, Bitcoin is positioned to be a store of value in times of economic uncertainty.

Bitcoin price chart from Tradingview.com

Crypto Community Reacts To Schiff’s BTC And Gold Comparison

In a post on X, Schiff compared Bitcoin’s value with that of gold. The financial strategist revealed that BTC investors have always maintained a steadfast belief in the cryptocurrency’s ability to outperform gold. 

He explained his statement using a hypothetical scenario where BTC declines to $10,000 in 2031 and gold climbs to $10,000. According to Schiff, irrespective of gold’s surge to the theoretical all-time high, Bitcoin proponents would still claim that “Bitcoin is up 100x in the past 20 years, while gold is up only 5x.”

The analyst’s view of Bitcoin was met with different levels of criticism from crypto commentators and investors. One crypto community member declared that when BTC potentially surpasses gold’s current market capitalization of over $13 trillion, then gold would be demonetized to its industrial utility cost.

Another crypto community member called out Schiff on his comparison of Bitcoin and gold. The crypto enthusiast revealed that back in 2011, when gold was worth $2,000 and BTC was $10, Schiff had predicted BTC’S decline, advocating for people to invest in gold because Bitcoin was supposedly going to zero. Now, 13 years later, gold remains at $2,000, and Bitcoin has surged to $40,000.



from Bitcoinist.com https://ift.tt/G3IjgX5

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