The BBC has in interesting report about crypto currencies such as Bitcoin (https://www.bbc.co.uk/news/articles/ckgl2je65klo).
However articulate and eloquent the excuses, the condescending virtue signalling liberal elite will be as concerned about the “pound/dollar/euro in their pocket” as plain ordinary you and me.
Thus the YouTube video entitled, “How the U S Is Quietly Erasing $38 Trillion in Debt” authored by the content creators, The Coin Financials (https://www.youtube.com/watch?v=SRINNEkee6Q) makes absorbing viewing.
A disturbing aspect that those of us living in what is called “the First World” will have to face up to is the likely prospect of the replacement of our fiat currencies with CBDCs! CBCDs being “Central Bank Digital Currencies”.
CBDCs are the dream of dystopians across the world from the Chinese Communist Party to the members of the Donald Trump Appreciation Society (DTAS) to the members of the UK’s Fabian Society.
Many financiers will give you a detailed explanation as to the differences between cold hard Cash and CBDC. Here’s my very simple guide:
Cash is cash. CBDC will be like a Gift Cards/Voucher such as the Boot’s Gift Card.
In the UK, Boot’s Gift Cards expire 24 months from the date of the last transaction or use, resetting the clock with any balance check or purchase, while ROI (Republic of Ireland) cards last 5 years.
With a CBDC the government can restrict and control access to any CBDCs that are registered in your name.
With cash, the cash you keep in the teapot on the mantelpiece or the chamber pot under the bed is your until the local burglar breaks in to your house and steals it!
What this means is that many people will opt to use Bitcoin (https://en.wikipedia.org/wiki/Bitcoin) and not the government approved CBDC!
Does that mean that one should invest in Bitcoin?
I am not legally allowed to give financial advice. So I won’t. What I will state is that I have not bought Bitcoin and do not intend to – yet.
You see, a large number of people buy Bitcoin in the hope that it will appreciate in value and they can sell same at a profit. Bitcoin has proved highly unstable and some people have made lost of money and many have lost lots of money.
IMHO Bitcoin’s value will stabilise when CBDCs replace fiat currencies in the First World economies as IMHO, it will only be when the vast majority if Bitcoin holders hold Bitcoin as a replacement for cash and the money in the current banking accounts and use it to buy and sell things that it’s value will stabilise. In that sense it does not matter if one Bitcoin is worth US $1,000 or US $1,000,000 – if it only fluctuates marginally in value then it will prove to be an excellent replacement for the “pound/dollar/euro in your pocket”!