The cryptocurrency market accounts to 2% of the total money supply and while newcomers to crypto are increasing in numbers, we're still far from mass adoption for crypto as a means of payment and exchange, a status beyond the speculative side of those assets.
Cash is still king, but our society is definitely heading towards a cashless society. A society that will probably see much of its fundamental values being stolen and a totalitarian system that threatens to eat it alive.
The Swiss National Bank is recalling its eighth-series banknotes as of 30 April 2021. The banknotes from the eighth series thereby lose their status as legal tender and can no longer be used for payment purposes. However, they retain their value and may be exchanged at any time and for an unlimited period. This does not apply to the public cash offices of the Confederation (SBB/CFF, Swiss Post), which will continue to accept eighth-series banknotes until 30 October 2021.
Switzerland is as crypto friendly as it can be, the direction of the world is towards a cashless society, an economy governed by digital currencies, not particularly cryptocurrency, and Switzerland seems to be one of the first ones to show heavy steps taken towards such a reality. Sweden is following suit and from what I remember, the sweds were planning to become the first country to go cashless.
I doubt that there are still many around the world that are unbanked and one of crypto's long term goals is to bank the unbanked, but to do that the right way, to empower the individual and help him regain its sovereign position in the world and true ownership over one's own money is still far from accomplishment.
One thing is clear for me, as long as you hold money in the bank, these are not yours. If you consider this statement unreal or outrageous take a look at India where Indian crypto traders are receiving account closure notes from banks and exchanges see issues with bank transfers. Go and tell these guys that they have ownership over their own funds.
When one authority decides whether an individual can and will use his funds to buy whatever he wishes with his money then we can say that such an individual does not have true ownership over his own funds. Some might argue that India has banned cryptocurrencies, but that's not the case, the court has rejected the request and proved to be unconstitutional, same as with the corona plandemic measures, banks however decide whether individuals can or can not spend their money on crypto.
If they can do that while there's still cash around, imagine what they'll do once we enter the era of a cashless society. A quite similar situation we have in Romania as well, where the central bank has stated clearly that buying, selling and hodling crypto is not illegal, but banks are actually closing accounts to crypto exchange, those needing to work with foreign banks and payments systems.
The new type of cash in the plans of the elites is what we call CBDCs. Those are government issued currencies that are totally controlled and issued by governments designed to take every last grain of power and ownership the individual used to have and put it in the hands of the governments, or a world government.
With such a totalitarian draconian tool the elites will be able to tax every damn dime you hold, decide how much tax you should pay and there won't be any escape out of that. Worth mentioning is also the fact that they might replicate the situation with crypto traders and banks from India where the central entity can decide based on a social profile created similar to the one of China's where some individuals might be denied the access to some sort of purchases based on such profiles.
At this point cryptocurrency is the only way out of such a potential living hell. I honestly don't see any other savior. Going back to cash is almost impossible. The whole banking system and payments services have been redesigned to ditch cash for quite some time. There's no turning back to it. Cryptocurrency is the only way out, but there's a catch...
As long as we will need fiat on and off ramps for crypto we can't call it a savior in any way. The only scenario where crypto can truly change anything for the better is to become a means of payment, exchange and store of value. Otherwise is just another tool to make taxable money. When we will be able to earn crypto on a large scale, spend it almost anywhere, have DeFi projects that will replace banks and manage to decouple ourselves from the banksters, it's when we can call ourselves free once again.
As long as banks can decide what we can and can not do with our money, ask for AMLs and all sort of security measures, as long as governments decide whether we can leave the house after 10 PM, enforce mask mandates and all sort of covid crap, we're not a free society. We're just semi slaves. That's how I see it.
The cryptocurrency market accounts to 2% of the total money supply and we need to move fast towards gaining more dominance. We need to create ways of spending and earning crypto and make it the currency. Otherwise we're doomed to live with the CBDCs these elites are working on. Cash and crypto are the two kings of the current financial system. CBDCs are the black wolves of money in its entire history.
My humble opinion is that the ones involved in blockchain technology should focus more upon creating means of making crypto as a currency and merchants should be incentivized to accept it, even to the point on evading taxes. Freedom is regained through fight not obedience and acceptance. We should finally start disobeying and take our lives back before it's too late.
Thanks for attention,