Price: $10,593 | Block: 651128
Interest in Bitcoin Soars in Egypt Amid Economic Crisis and Unemployment - Egypt is one of the many countries experiencing increased adoption due to global economic turmoil (fueled by COVID). I find it interesting that their central bank is going to 'legalize' cryptocurrencies. If they over tax/regulate it though, they're undermining the true power of the tech & basically making it a form of fiat again. Once things get worse & people are desperate, I'm betting people will just go around the system. Wherever there is a noticeable decline in the value of of currency, Bitcoin is ready to be the lifeboat to hold value & take back control of money. With a basic smart phone & minimal connectivity, Bitcoin is able to bank the un-banked. People can trade their time for Bitcoin & not rely on third parties or large businesses/corporations to gain employment. It is growing rapidly in 3rd world countries where there is a real world need to get food & shelter.
Governments & central banks globally are continuing to devalued the currency into oblivion due to the money printing disease. They can't stop & in the mean time it's robbing everyone using the currency. The theft increases at a compounding rate as the economy goes further into collapse. Malicious intent or not, they're operating on a broken/corrupt system. Some argue 1st world countries aren't malicious. My argument is always the same - they are knowingly operating on a fraudulent system. Maybe the 1% believe they're entitled to all the money (It's still theft). For most people this system is this social-norm, very few understand or question it. 1st world countries will eventually turn to 3rd world countries for the exact same reason. How soon is anyone guess, but when it happens you want to be prepared - slowly, then all at once. The top currencies in the world do not have a bright future & there is a lot of political friction on all on fronts - what's coming will be felt globally. Thank god we have Bitcoin - Fix the money, fix the world.
All Currencies Will Be Pegged to Bitcoin, Says 'Price of Tomorrow' Author Jeff Booth - When I first got into Bitcoin, I completely missed the point of it. Like everyone else, I initially got distracted by the alt-coin market. I just wanted to get rich overnight. I thought it was just disrupting the banking sector. I thought it was just a cool online digital currency that was peer-to-peer, without any third party. I thought it was competing with PayPal, Visa etc.
Bitcoin competes with central banking & government money. It takes the power from politicians/central bankers and gives it back to the people. Most of the problems we have in the world today are caused by a centrally planned & controlled money supply. Bitcoin fixes this. You want to know why we're in economic turmoil right now, because we gave control of the money supply to a small group of people - COVID just accelerated the issues. Money is power. Power breeds corruption. This has always been the case. As an intermediary outcome, I think all currencies will be pegged to Bitcoin once people realize it's fundamentally the best & fairest money on this planet. As time passes, all government money will trend to zero around it. People will continue to choose Bitcoin when they realize & see first hand why it matters. In the mean time, I'm betting central banks will attempt to acquire it. Well under 5 million coins are actually available to buy, so they'll have to fight ~8 billion people in the world for them. In the long run, Bitcoin makes central banking redundant. It eventually makes gold appear ridiculously impractical as the main Store of Value. It will completely reshape finance. You can already see the beginnings of it now.
Governments/central banks globally are currently attempting to create their own digital currency, this should be a big hint to you on so many levels. This is merely digitizing our problems. They will no doubt sell them as some miracle. If you enjoy the loss of your privacy & rights, continue to use these currencies in commerce. If you love watching your money being stolen from you on a daily basis, put it in a bank. The number stays the same, the purchasing power will only continue to evaporate.
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