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Dear Editor:
Carmel elites’ $1.3-billion gamble is that future popularity of redevelopment projects will produce taxes and rental income far in excess of the debt. Currently, that debt is projected through 2045 – unless more is borrowed.
The gamble totaled $913.7 million in 2015, by way of contrast.
Now, consider bitcoin, the digital asset now a medium of exchange and a significant currency both online and offline. In 2011, you could buy one for $2 – or, in 2015, for $227. Today, one is valued at $37,175 (and rising).
Had the Carmel municipal gamblers taken $68,000 of borrowed money in 2011 and bought a bitcoin, our debt today would be zero.
Had they bought $7.7 million in bitcoins as recently as 2015 when our debt was just $913.7 million – that would be paid off today.
Had they bought $309 million in bitcoins a year ago, or $131.6 million two years ago, the debt would be erased.
Those who gamble with other people’s money in Carmel versus those who gamble with their own money on bitcoin … interesting contrast.
Bill Shaffer
Carmel