The Bitcoin "Smile" - Cryptocurrencies Surge As Dollar Purchasing Power PlungessteemCreated with Sketch.

in #bitcoin4 years ago (edited)

Authored by Anthony Saunders via Snake Hole Lounge blog,

The Federal Reserve was created by an act of Congress in 1913 and a stroke of the pen by President Woodrow Wilson.** And the purchasing power of US consumers has never been the same.**

Enter Bitcoin, the worldwide cryptocurrency and digital payment system. Currently, one Bitcoin equals $4,423.

While this looks like a volatility smile, it is not. It does show the erosion of the purchasing power of the US Dollar and the rise of an alternative currency: the cryptodollar.

In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund, Christine Lagarde, speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself.

It could displace central banks, conventional banking, and challenge the monopoly of national monies.

This the polite version of Dennis Hopper's preference for Pabst Blue Ribbon beer.

Hey, although he signed The Federal Reserve into existence, at least he could pitch!

1370357173woodrowwilson

Source : https://snakeholelounge.wordpress.com/2017/10/02/the-bitcoin-smile-bitcoin-continues-surging-as-us-dollar-continues-devaluation-of-consumer-purchasing-power/

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Great article and what a sad day that was in 1913 when the Fed was stealthily brought into existence. For anyone that wants to know more about how this came about, I highly recommend the book "The Creature from Jekyll Island." A very eye opening read indeed.

The comments from LaGarde were surprising, yet telling. The news from Goldman Sachs was also very positive for crypto.

Loved the article!

The U.S. dollar has been in its steepest downward trajectory since 2010, and is so far showing the weakest performance since 1985:

Great post!!
Purchasing power of every Fiat currency in the history of the world has ended up going to zero value with no purchasing power.
Every Fiat currency in the history of the world had collapsed and failed.
They have never learned.
It is time for a new sort of money!
This time is now!
Time for Bitcoin and crypto!
:)

Upvoted. I'm going to resteem this now :]

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USA debit is 20 trillion $, the other countries is about the same

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