Update: A previous version of this article inaccurately stated that two executives had been removed from Argo Blockchain following a shake-up at the Bitcoin mining firm and that Frank Timiș had a controlling stake in the company. CCN regrets the error. By CCN: Major news…
Update: A previous version of this article inaccurately stated that two executives had been removed from Argo Blockchain following a shake-up at the Bitcoin mining firm and that Frank Timiș had a controlling stake in the company. CCN regrets the error.
By CCN: Major news out of Argo Blockchain, the beleaguered bitcoin mining company that owns Argo Mining, has revealed that a Rothschild-linked London oil tycoon with a shadowy past just did the cannonball dive into the deep end of the crypto mining pool.
Frank Timiș, a 56-year-old Romanian-Australian businessman worth over $2 billion with deep interests in oil and gold mining, was revealed as an investor in Argo Mining with a 14% stake in the firm.
The company also announced a massive overhaul of its entire business plan earlier this year. Rising costs and the long crypto winter rendered Argo Blockchain’s previous cash flow model unprofitable.
The financial establishment has been looking at cryptocurrency and the disruptive power it holds with eyes wide open for some time now. 2018 was a year of unprecedented institutional interest in bitcoin and other digital assets.
2019 is poised to be an even bigger year for institutional investment, as the powers that be scramble to disrupt themselves and their competitors before letting themselves be disrupted first. Major Silicon Valley and Wall Street forces are on the move.
Frank Timiș is an old oil and gold guy with economic interests that tie him firmly into the establishment. In the mid-90s, Timiș’ gold mining company, Gabriel Resources, even obtained a $3 million loan from the Rothschild Bank in the U.S. after striking gold in Australia.
Bitcoin is quite arguably an economic substitute for gold, and bitcoin’s unique relationship with electricity bolsters the renewable energy industry’s threat to the fossil fuel economy.
These titans of the 20th-century political and financial status quo will attempt to drink the entire sea because they still don’t fundamentally understand that bitcoin is a sea change in the world order. It will eventually swallow them instead.
Certainly, the threat of institutional adoption is real for those blind masses who would remain shackled by the surveillance and corruption of the financial establishment.
But bitcoin’s clever architecture will remain as incorruptible and universally accessible as ever despite the waves of institutional adoption.
It doesn’t matter how many other people use it or how they use it. Your bitcoin will always be in your control – as long as you hold the private keys.
Last modified: January 10, 2020 2:44 PM UTC