Bitcoin price is crashing. As Traders rush to raise cash, they are selling off Bitcoin (and all other cryptocurrencies). If you are a Bitcoin believer, now may be the time to load up more.
What people are asking is when the dust settles, will currency be worth anything? Currency is an IOU from the Government. A government that is broke can’t pay you. In the past it was an IOU to pay you back gold or silver. That is called “gold-backed”. Today there is no gold or silver backing.
What will replace currency? Depends which camp you belong to – gold/silver/precious metals and / or Bitcoin.
Two things are for sure:
- This is the moment Bitcoin believers have been salivating about
- Gold and silver bugs have been waiting for this moment since fiat began
– There is another camp that believes the IMF/World Bank will come up with a new global currency which will be a blockchain currency comprising a basket of currencies. Think of it as IMF’s version of Libra.
– If you want to learn more about monetary history, search Youtube for Hidden Secrets of Money by Mike Maloney/Goldsilver.com
– Maybe it is possible for all camps to be right?