Is Bitcoin Going to replace the Fed as the World’s Financial Policeman?
The US Government is worried sick.
Their mighty Fed might actually be “not so mighty” after all. The once all-powerful Federal Reserve which created the American version of everything under the sun has one thorn under its big toe: Bitcoin! The whole world (except Countries such as North Korea and Iran) has been ruled, controlled and some time or the other bullied by the Fed or its members: Big Banking.
The Good Old Days
All the US Government had to do to ease itself out of an economic recession was to print more money. The Fed’s control of the American money press is what has made the beloved Dollar to be the World’s reserve currency of choice. The ease with which commerce has moved over the past Century has made everyone to trust the American Government and its central bank with their money. So much so that through investments in US Treasury Bills which are just about the safest investment, such countries have been able to balance their budgets through the inflows generated. This has created the “Pax-Americana” from where American Power is derived and used the World over. The Bankers at the Fed have been looking for ways to keep this gilded age going. That, however, is going to be hard to do in an age where Blockchain technology has already taken root!
The New Global Century
Bitcoin as the leader of the crypto-family has proven itself over and over again! The guys at the Fed this time are losing their cool. Fed Chair Jerome Powell made some recent comments on Bitcoin during his testimony before US lawmakers recently. The St. Louis Reserve President James Ballard’s recent comments during a presentation also indicated that they already know that Bitcoin is coming to upset things! There isn’t much they can do about it anyway! Other Countries are also beginning to lose their confidence in the Fed, Gold and other noteworthy assets which we all thought were “it”. Recently, Bulgaria’s Bitcoin Stash surpassed its Gold holdings in value. The 200,000 Bitcoins seized two years ago today are worth more than the Gold reserves of the Eastern European Country.
Of Course, plausible deniability gives room for speculation as to who is in charge of the Bitcoins seized but public ledger systems are open for inspection! This goes to show that cryptocurrencies are the next form of money and assets as the World’s money reserves. Cashflows would no longer be controlled and influenced by central entities. Yes, the old order would remain but will fizzle out with time. It’s just the same way, steam engines got replaced by petrol and diesel engines. Once the dominoes start to fall in place, the Fed will no longer have the power it once had. At least not centrally.
Survivalist Instincts of the Fed
If the Fed wants to keep its relevance, it has to either find a way to hack Bitcoin (which is virtually impossible) or to create Bitcoin’s competitor which will still defeat its aims. So, it’s either everyone jumps on the Crypto Bus with Bitcoin leading the way or those who want to be left behind should stay off the bus! So yes! Bitcoin is going to replace the Fed as the World’s Financial Policeman but with everyone making their own rules! Welcome to the age of monetary independence!
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