It is already happening.
With Iran the latest country in the cross hairs of the U.S. Government, we are now seeing the potential of the cryptocurrency market as an alternative system.
The Swift international transfer system is what gives countries the ability to exclude those it wants to harm. Iran, once sanctioned, was cut off from this system to transfer money around the globe. As you can imagine, without the capability, one is eliminated from the international monetary market.
This is extremely painful for a commodity producing country such as Iran. Without access to USD, the ability to trade is basically eliminated.
Now we are seeing where Bitcoin and other cryptocurrencies can alter this.
Bitbond is a German company that uses Bitcoin to allow people (institutions) to transfer loans anywhere in the world. This bypasses the Swift system which is the basis of the petrodollar.
It is ironic that one of the reasons why Bitcoin is attacked, the ability to evade authorities, is one of the main benefits. As we see with the Iran situation, things are not always black and white. Certainly, ones perspective depends upon what side of the equation one is on. Those who are being sanctioned feel the Swift system is a detriment while the "bullies" on the block are okay with it.
Cryptocurrency provides freedom from the establishment. And sometimes those that are established need to be freed from others that are enslaving.
Personally, I believe we are starting to see the entire structure start to crumble. One of the main reasons why cryptocurrency is outside the control of governments is because they all will never agree on anything. Hence, some, like Iran at the moment, have incentive to go around the established system. Cryptocurrency provides that means.
Of course, we will see how Iran likes it when their citizens use the same system to bypass the control that government sets down.
We are seeing every level of the control chain starting to crack. Cryptocurrency filters down to even the individual in the poorest of countries. Over the next decade, we are going to see an incredible shift in power. Those at the top are already starting to lose control. Each time someone bypasses their system, it is another chink in the armor.
A company like Bitbond has the ability to really shift the entire international transfer system. Bet the ranch that it will not be the last company to do this. I would imagine we see a few more just like it pop up over the next year or so. A good idea is often copied.
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