The global monetary system is at a crossroads. Can Bitcoin play a part in the finances of tomorrow?
The famed economist Fredrick A. Hayek was of the view that the State was not a good enough actor to hold the reins of monetary power. He said:
“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop,”
The “sly roundabout way” was used by Satoshi Nakamoto to introduce the “Peer-to-peer electronic cash system” that was called Bitcoin. The system was implemented as a way to allow people to leave a corrupt banking system that was insidiously robbing them of their wealth over many decades.
That same banking and monetary system persists to this day, and there probably aren’t many who are aware that this fiat-backed, debt-based system is on the brink of collapse.
Governments have been incredibly profligate and have printed their currencies towards oblivion. The US Federal Reserve alone printed 40% of all the currency that has ever been printed in the history of the dollar just in the 2 years following covid.
We have the chairman of the Federal Reserve, Jerome Powell, announcing rate rise after rate rise in a so-called effort to reduce spending and to bring the inflation rate down.
As inflation started to rise higher following the massive $6 trillion of printing, Powell of the Fed, and Yellen of the Treasury, told the world that it was only “transitory”.
How many times have our financial leaders come in front of the cameras to tell us that everything is absolutely fine, for the situation to then erupt and worsen into something dreadful.
Throughout history it has been proven that humans cannot control monetary policy without sending us into worsening cycles of boom and bust. There is just too much political pressure to make things ‘easier’ for businesses and individuals today, at the expense of robbing the future from our children and grandchildren who will have to pay the debt.
One of the only remaining escape routes out of the system is Bitcoin. No government control and no financial intermediaries; a decentralised system that enables the user to in effect be their own bank. It’s incumbent on everyone to decide which system they would prefer to be in.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Total convert to crypto and blockchain. As a content writer I research and write about various projects in the cryptoverse.