Bitcoin And Crypto Could Hit $40T In 5 Years (Crypto News)
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In this video, Dan Tapiero, Mark Yusko, and Dan Morehead discussed how the dollar is gradually losing its status as a global reserve currency. They also talked about Bitcoin and other relevant issues. Here is the summary of the content:
The Federal Reserve was created in 1913 to steal from the middle class and the poor and give to the rich. They are still good at it and have accelerated it since COVID-19 in an incomprehensible way.
The US won’t be the reserve currency forever. The British Pound used to be in the past. It is called pound sterling. And they printed so many pieces of paper that it cost 184 pound sterling to buy a pound sterling silver. So, the US shouldn’t be complacent. If they’re printing all this money, there will be unintended consequences. And it’s a massive wealth transfer.
35% of Americans don’t own a home; they rent. This is horrible for renters because sellers are inflating the price of residential real estate to the disadvantage of people who don’t own homes. Same thing with financial assets.
Most Americans don’t directly own stocks. So, the Fed’s pumping up of stock prices is great for some people but horrible for most Americans. So, there are huge unintended consequences of trying to fight a virus with paper money.
The pound sterling was once the world reserve currency. It was used by all countries to trade. And it has now been replaced with dollars. The US cut a deal with Saudi Arabia in the 70s to protect the Saudis at all costs if they denominate all currencies or all oil transactions in dollars. Both Sadam Hussein and Ghadaffi threatened the dollars and were gone.
Now, Bitcoin comes along as the greatest money ever invented in history, and it’s the only money other than gold. Gold is money. Money exists in and out without liability. Currency is not money. Currency has an associated debt with it. Money cannot have a liability. Bitcoin has no liability. It is digital gold.
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Credit: Blockworks (Full unedited video)
Crypto could hit $40T in 5 years | Dan Tapiero, Mark Yusko, and Dan Morehead | DAS New York 2021
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