I was born in September 1970, less than a year before the commencement of the most disastrous experiment in financial history; i.e., the end of the last vestige of currency backing, launching 50 years of unfettered “money” printing. In its wake, the world’s political, economic, and social landscapes have deteriorated at an accelerating pace – with the COVID “pandemic” serving as the proverbial straw that broke that camel’s back.
For 800 years, fiat money has infected the world, failing 100% of the time. Capital misallocation, corruption, and an ever present “Cantillon Effect” (i.e., cronyism) have continually weakened the human condition; and today, such issues represent the greatest threat the world has known.
Which is why, in true “life finds a way” form (for those who saw Jurassic Park), a generation of technological experimentation led to the creation of Bitcoin in 2008, via a “virgin birth” of the ultimate decentralization platform. Just 12 years after its launch, Bitcoin is spreading virally – and likely, will be challenging “leading” fiat currencies like the dollar, Euro, and Yuan for global monetary leadership by decade’s end…if not sooner.
Given my history in Bitcoin, dating back to 2013; let alone, my role as a commentator in the Precious Metals AND crypto spaces, I don’t believe (unsubstantiated) claims that significant portions of the world’s population hold Bitcoin - with the exception of hotspots like Nigeria and, shortly, El Salvador. However, it is entirely possible that 2%-3% do – and given where we appear to be on the “S” curve, I fully expect those percentages to rise five to tenfold within two to three years. And yes, despite being a Bitcoin Maximalist, I fully expect a (very small amount) of other coins to be successful, too.
Fiat currencies rarely last more than 50 years – and the U.S. dollar will be no different. Unquestionably, it has reached its terminal phase – in which money printing goes parabolic, along with the exploding debt and inflation that accompanies it. Thus, I believe today, August 15th, 2021; i.e, the 50th anniversary of Nixon “temporarily” closing the gold window; will serve as a clarion call to investors worldwide, that the end of the global Fiat Epoch has arrived.
That said, this historic moment is simultaneously intersecting with the viral spread of Bitcoin (and like it or not, Ethereum). So, not only is the world moving MONETARY value out of fiat and into Bitcoin, but legacy asset classes like stocks, bonds, real estate, and “precious” metals are being historically disrupted by the explosion of digital technology. In other words, not only is the Fiat Epoch ending, but financial assets, in general, are morphing to Digital form.
Those who saw this coming have become extremely wealthy…and those who start NOW will see the same result (particularly those buying Bitcoin, as it possesses the best reward/risk profile I have ever seen). Conversely, those who ignore these blaring clarion calls will be left behind, particularly those that don’t realize how FAST the Digital Age moves.