Here are some pertinent quotes to prep us for today’s discussion:
- Nassim Nickolas Taleb, author of “The Black Swan”: “Bitcoin is an insurance policy against an Orwellian future”.
- JacobCanfield (twitter): “It will be way more expensive to need Bitcoin and not have it than to have it but never need it”.
- Pierre Rochard (twitter): “Bitcoin: your money, your choice. Fiat: government bank money, their choice“.
Many crypto asset enthusiasts believe that Bitcoin may one day become a world reserve currency, able to compete with the big boys (US Dollar, Euro, Renminbi, etc.). That may seem ridiculous to many, but there are valid reasons that may happen.
For one thing, there is a strong international push to have viable alternatives to the US Dollar as the world’s reserve currency. Most countries, even our allies, are fed up being controlled by the US Dollar.
Every other country has to use the foreign currency exchange markets to move in and out of the USD every day to conduct international trade and settlements. That’s trillions of dollars every business day!
In addition, oil and other commodities are settled in USD.
Furthermore, all the exchanges and markets are open only for certain hours and days.
Well, guess what, Bitcoin fits the bill perfectly for all these concerns:
- It is neutral and not under the control of any government or central bank.
- It can be exchanged for any foreign currency easily, quickly, and inexpensively.
- Because Bitcoin is built on the blockchain, all transactions are transparent, secure, and immutable. Thus there can be no manipulation or fraud.
The Bitcoin market never closes; it is open 24/7/365. Therefore, countries would have access for transactions around the clock.
This would, of course, increase the amount of trading, and hence the use of Bitcoin and possibly other crypto assets.
That’s all well and good for other countries’ governments and markets. But what about their citizens?
Less than 1% of the worlds population have ever used Bitcoin.
However, more than 50% of the world’s population lives under an authoritarian regime (according to the Human Rights Foundation).
For places like Zimbabwe and Venezuela, where citizens are under extreme government-induced hyperinflation, Bitcoin is a lifeboat.
And in China and Russia, where your every move is under surveillance, it is anonymous and censorship- resistant.
Who can possibly claim that Bitcoin cannot make a life-saving or life-changing difference to the 4 billion people who are under distrustful rulers or don’t have access to the banking system?
We’ll have to see how the future plays out, but NOTHING in existence today, or ever in the past, could be the solution that Bitcoin could – a true “people’s money”!
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