by Brad Peters, Contributor, SGT Report:
The Next World Reserve Currency
I’m a software engineer who has worked for several of the largest tech companies in the world. I’ve traveled the world and started multiple companies. I have examined the bitcoin source code, and I have dug in to how the system works and what its possibilities are. I believe the potential for bitcoin is great than anyone suspects, even greater, perhaps, than Andreas Antonopoulos himself has realized.
I believe there is broad understanding that the US Dollar as the worlds reserve currency is in danger . President Trump may be able to do a great deal of good and increase employment, but he may inadvertently (or vertently) hasten the move from the USD as reserve currency.
If Trump implements protectionist measures, reduces the trade imbalance, or decreases government spending, any of these will curtail the creation and spending of US Dollars into the world economy. Fewer dollars world-wide means countries tied to the dollar are unable to repay their dollar-denominated debts, and they have a choice: Either move away from the dollar, or their economies collapse.
What are the powers-that-be going to advocate as the next reserve currency? Almost certanily the SDR. That will be inflated away like any other fiat currency, and undoubtedly will be electronic, enabling worldwide spying on transactions, negative interest rates, control of what can be purchased, and all the other evils the current money masters wish to bring to bear.
So, the question is, with what do we, the people with our eyes open, advocate as the replacement? Gold and silver, right?
Precious metals provide an amazing store of value, and I love both. But they suck as transactional units. I can’t email a gold coin, and hauling around even $15,000 in silver to buy a car requires a wheelbarrel. And if we the people allow some country to create a new currency backed by precious metals, that currency (undoubtedly electronic) will be used to clamp down and control the people.
A gold-backed government-controlled currency does NOT provide a real answer.
But bitcoin does.
Bitcoin circumvents all those problems, by being a transactional system which operates outside of government and central banks. Anything can be transacted, and the value of that thing is determined by the people. You might puchase bitcoin using dollars… or gold… or goats…
Critically, banks and governments cannot control or manipulate the transactional system. Regulate, perhaps, at entry/exit points, but internal transactions cannot be manipulated, and governments and banks cannot print bitcoin. Therefore, they cannot induce inflation to steal wealth and purchasing power. They can still tax income, just to be clear. This is not a tax avoidance system – and that’s why governments have not simply banned bitcoin.
Other bitcoin attributes:
– Near-zero remittance cost across all currencies worldwide
– Uncontrolled by any one entity or group
– Cannot be created or destroyed (except using the mining algorithm)
– Bitcoins are finite in number, 21 million max
– Trustless network and money exchange – ie, no 3rd parties needed, ever
As the US Dollar loses its reserve status, the entire world is going to see lots of inflation or deflation, depending on local debt structures. Eventually, I believe the US will adopt a Domestic-only dollar, as predicted by Jim Willie of The Golden Jackass. Inflation in the domestic dollar will climb rapidly, demand for bitcoin will go up, and bitcoin price in dollars will go up massively. As some point, it may well be that you can only purchase bitcoin for precious metals or other tangible forms of wealth. What do you have then?
An international, gold-based currency which is independent of banks and governments
Also, you have true FREEDOM, the likes of which a simple gold-backed government-controlled currency could not provide. For example, a goat seller in Madagascar might sell his goats to a NY businessman for a gold coin, with bitcoin being the transactional medium, and the government couldn’t do a damn thing about it. And the goat seller wouldn’t even need a bank account! Or you could buy eggs from someone down the street, and no one could stop you. That is freedom.
It is my opinion that the powers-that-be are going to attempt to switch the world to the SDR. The people of the world, who just want to maintain control over our own lives and not have our wealth stolen through inflation, deflation, negative interest rates or any other financial balony, should advocate for bitcoin far and wide.
Finally, we have a REAL solution to the reserve currency conundrum. Bitcoin will become the foundation to a transactional system with the benefits of precious metals, but also the convenience of modern technology.
Bitcoin = Cash * Gold. Tangilble, yet transactable.
Contributed by Brad Peters
Software Engineer, Freedom lover, and Prepper-in-training
Contact at: [email protected]
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