The financial world has been turned on its head over these last few weeks. The Canadian government’s freezing of citizens’ bank accounts, and Russia’s deletion from the SWIFT payments system, together with fiat currencies being debased and purchasing power being eroded by inflation faster than ever, has led to many becoming aware of the dire state of the traditional monetary system, and an ever-increasing flight into Bitcoin and cryptocurrencies.
For years all have been obliged to listen to leaders of banks and various other financial organisations as they spoke, some with laughter, and others with contempt, of private digital assets such as Bitcoin and other cryptocurrencies.
We were told that these assets were highly risky, and not for the average investor. They were mostly used for tax evasion, money laundering, terrorist financing, and any other financial ill that could be thought of.
Given how slavishly mainstream media reported on most of these negative comments on crypto over the last several years, it’s no wonder that the vast majority of the public were pretty much duped into staying away, and thereby missed an early chance to protect at least some of their wealth.
However, it now seems that a growing number of people have been able to see through this curtain of misinformation, and have quietly been dipping their toes into crypto.
This all became apparent as President Biden made public his executive order on crypto. An astonishing piece of information therein was that 1 in 4 Americans now held cryptocurrency. Becoming aware that 25% of voters have a personal interest in cryptocurrencies puts the digital asset class into a whole new ball game.
And finally, finally, the dollar’s veil of respectability is starting to slip publicly. The Federal Reserve’s chairman Jerome Powell appears more and more nervous in his televised interviews. Just like the great Wizard of Oz, Powell is now starting to be seen as a rather weak and ineffective monetary leader, utterly incapable of avoiding either runaway inflation, or a huge recession.
If the full, unadulterated history of fiat currencies will be allowed to be written, then future generations will wonder how on earth the debt-based fiat ponzi scheme was allowed to pull the wool over everyone’s eyes for more than 100 years.
The future is not sure yet. Crypto still has detractors so powerful that they can still tamp down and stifle crypto’s growth. Governments can regulate and tax the life out of this new sector.
However, one thing is certain, the dollar, yuan, euro, pound etc. are all done. There is still the ugly spectre of central bank digital currencies being rolled out, and if mainstream media is used to quell all opposition, then they have a good chance of succeeding.
But, with luck, the public will realise what is happening, and will not let its last chance of financial freedom escape its grasp. There remains much to be done on fair regulation of the crypto sector, but here is where our monetary future lies, not with wealth-sapping fiat currencies or freedom-stripping central bank digital currencies.
The emperor has no clothes on – the world must now surely see this.
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.
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