Prolonging the Inevitable
As Panama, Paraguay, Brazil and Argentina swoop into place to follow EL Salvador's lead to Adopt Bitcoin as Legal Tender, could those Lawmakers and Politicians HODLing back be making the biggest mistake of their political and financial careers.
The adoption of Bitcoin and other cryptocurrencies is something we can all agree is in fact Inevitable so why would so many leaders be willing to put it off.
This could prove to be economic suicide as the domino's begin to fall.
The smaller Central and South American Countries can see the advantage this will have for their people as well as their economy and are not willing to let greed or the FUD stop them from making the right decisions
To many of the larger Nations are more worried about losing the current failing fiat system held in place by the greed of the central banking Cartel, who do not want to let go of the purse strings, especially if they will no longer be able to profit from it.
If you look at History any leader that opposed them was removed from their position of power or killed in what can only be described as dramatically staged Wars.
However this is something that cannot be done with cryptocurrencies, you can remove the messenger but you can never remove the message.
As long as that message remains decentralised it will become impossible, luckily you cannot kill an invisible messenger, however it will be interesting to observer what diabolical attempts they make to slow things down in the hope of adopting a (CBDC) Central Bank Digital Currency, which in all honesty I do not see any interest in from genuine crypto enthusiasts that value decentralisation and privacy.
The (CBDC) is just a modern twist on the failing fiat system, just image for instance, you receive your weekly wages in a Central Bank Digital Currency that actually expires after a set period of time if you do not spend it.
You cannot put it away in a cash box or safe or it will become worthless, this is what has been proposed by some of the banks pushing these (CBDCs) this is something they benefit from because you are being forced to spend or circulate your money.
Governments will not complain either because they will be earning more from taxes because you are being forced to spend your own money before it becomes worthless.
This is something that should trouble everyone, not just crypto enthusiasts, it is a blatant attempt by the banks and governments to get there greedy little hands on your savings, something they have been trying to do for decades.
They know full well that every Nation that adopts Cryptocurrencies will result in a potential loss of profits for them.
This is why it is so important for us to HODL our crypto because these recent announcements will prove to be invaluable.
El Salvador's President Nayib Bukele made the first step towards taking a stance that is in the best interest of his people, his economy, the crypto community and Bitcoin in general.
Some where quick to dismiss this announcement, but the smarter ones amongst them are watching very closely as Central and South American get in line to do exactly the same thing.
This will create a Global domino effect as the FOMO sets in and Nations rush to buy up cryptocurrencies out of the fear of being left behind in the dressing room. He He
This could not happen at a better time, with the current lows giving you the perfect opportunity to buy during the dip right before that mass exodus away from fiat, probably a once in our lifetime opportunity.
Those that were born to prolong the inevitable are starting to second guess themselves because they understand that denying the inevitable will be a costly mistake
to make.
This is where the FOMO kicks in as many investors and financial institutions secretly buy up coins and tokens hoping not to be detected by the media and crypto analysts.
It could turn out to be the most exciting time to be alive as our world adopts changes in finance and technology that will revolutionise our world and way of life.
I choose to not prolong the inevitable and welcome the financial freedom cryptocurrency will bring to Millions around the world, what about you do you welcome the coming change....
History repeats itself for sure
Therefore, we must look to the past, and this does not prevent us from having a good vision for the future
That's very true, but I do think this time around we have the advantage of decentralisation, privacy and a global audience, I think we are learning now as we move forward, thanks for engaging
Great article. Lots of food for thought and introduced something I was not aware of with respect to the possibility of CBDCs being time limited in spending power. That is a frightening thought and a step way too far in the realms of control. Which countries have suggested that type of approach? I'm guessing those with less of a democratic foundation? From what I understand, any CBDC would likely be tied to the value of physical notes and coins and would therefore be akin to stablecoins, especially if we are talking large modern democracies and international financial hubs such as the UK. The currency value would not fluctuate like crypto and would be centralised and regulated. It would be introduced to improve the current FIAT system with a view to replacing current card payment systems, rather than to provide a serious competitor to crypto as the two are quite different. Countries like the United Kingdom have said via the BOE (Bank of England) that they are exploring the possibility of digital currency in the form of CBDCs but are not rushing into anything and are certainly not in any hurry to go crypto either. I guess they are trying within the parameters of what they feel comfortable with (ie: centralised control and regulation) to provide society with something more progressive and useful than paper and metal. What else they may be doing, unspoken, behind the scenes, nobody really knows. I do wonder often how many of these crypto coins and tokens will eventually make it in the world as recognised international currencies. I feel they have their place as they are proving their worth across such a broad range of projects already. I do think that both the evolution of physical money to digital, and crypto currencies can co-exist in a future society, but we need to fight the good fight and continue to support Blockchain projects of value and hold and invest in crypto, just as you said Jaxson. We may complain about the whales but we absolutely need them. Governments follow the money and they will be forced to support crypto if the big money circulating in the economy is invested in crypto. By nature, true crypto is decentralised like the blockchains they relate to and therefore I don't believe it is possible for Central banks and governments to regulate them to anywhere near the same extent as they do central bank currencies. It is quite simply beyond their reach. Their power comes more from their ability to ban them and therefore force Blockchains to compromise as a result. But it comes down to who holds the balance of power in the end, and that is the real question. I'm putting my money where my mouth is, and Hodling just like you :-)
Cityam.com has an interesting article delving into this area.
https://www.cityam.com/despite-bitcoin-mania-the-bank-of-england-is-in-no-rush-to-go-crypto/
Glad you liked it, so far china has gone full steem with the CBDC expiry issue, they have rolled out their CBDC in a number of proviences after the trial period, I believe the EU was watching this curiously, to see how well the expiry method is taken and other nations I believe have been discussing the possiblity. Yes the CBDC will be a stable coin of sorts but it will also depreciate much like fiat, however it may become useful at times when crypto is down in value as you wait to buy the dip much like stable coins are used today with buy orders. I hope now that the UK has seperated from the EU block post brexit they might open up more to cryptocurrencies and create an acceptable CBDC, if not I do not see much interest in a digital fiat that can track your location, purchases and sales, especially not one with an expiry, I would rather have physical gold or silver at that rate, I will check out that article, Thanks for sharing