A fifth of all U.S. dollars ever created are just under one year old. In about the same time, Bitcoin has quadrupled in value. Currency competition is here, but the blessing for consumers is seen as a serious threat by the oligarchical elite.
Just as our country reaches a cultural and political crossroads, so too is there an economic rubicon to be crossed. Beyond any other social issue, however, Americans must take a greater interest in their money.
The reason is simply that fiat money systems have always ended up in the dustbin of history. Too often, it’s the same result for a civilization’s freedom and prosperity, even its claim to self-determination. What’s truly frightening is that the whole global economy is now under such a system of fiat, with the U.S. dollar as the world’s reserve currency.
No one can precisely predict the future, but based on what occurred in 2020, the reign of the U.S. dollar as the world’s reserve currency may not be long for this world.
Central banks and other behemoths of government and business have an interest in making any monetary transition as smooth as possible for themselves while also maintaining or increasing their current influence on markets. That is likely to be a central bank digital currency, known as a CBDC, portending a cashless future.
The most obvious recent example of the latter is Bitcoin, which is not a fiat currency, meaning it is not decreed into existence by government or central bank officials. The cryptocurrency broke a new value record of $42,000 on January 8. Its rise over the last decade reflects deep concerns for the U.S. dollar’s fate.
Read more: https://townhall.com/columnists/gavinwax/2021/01/13/currency-competition-may-save-the-economy-or-even-much-more-n2583082