FIAT currency is any currency established as money by governments but does not have intrinsic value. Simply put, it is not backed by any asset.
But it should also be pointed out that Goldman Sachs is steering its investors to a safe haven that doesn’t hedge against this failing system as well as bitcoin does.
This is only the beginning of the awakening for the financial world, the OCC letter serves to generate confidence and in this situation of financial crisis, it is what is most needed.
China’s digital currency is ramping up and that means that Chinese looking to continue transacting in the shadows may have to enlist alternatives such as cryptocurrencies.
Bitcoin is designed to resist change by making it cheaper for the MAJORITY to be intolerant. It does this by automating the detection and rejection of transactions and blocks that don’t abide by the social contract.
Money creation solves short term problems like liquidity in financial markets or economic collapse endured during a global pandemic, but only kicks the can down the road whilst creating and exacerbating wealth inequality. This has heart-breaking consequences for the livelihoods and welfare of billions of people. Bitcoin fixes this.
The monetary system that we’re under is a tyranny. The Fed is an independent organization and is not accountable to voters. Furthermore, the dollar standard means that inflation gets exported to people outside the US, who have even less say. The dollar hegemony is an unjust system where the wealth of the world is controlled by an organization that’s able to tax without anyone’s consent.