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Sirwin
Gold Bar

Should Bitcoin and Altcoins Use PAX Gold To Move Away From The Dollar?

By XTRM™ | Cryptopia | 9 Apr 2023


Should Bitcoin And Altcoins Use PAX Gold To Move Away From The Dollar? Let's be honest here... the Dollar is on it's last legs.

The Two Dollars by AlongTusk

It seems during the last three years the banking world has had it in for Cryptocurrency, with focus on the projects within the larger DeFi and Crypto Banking in particular.

Many events have come into play, from a global financial collapse that the various global governments have jointly created - seemingly going insane at the same time, during 'the plandemic'... no coincidence... to the absolutely stifling regulations being brought in within the financial systems of many countries... the biggest regulations coming out of New Cambodia (UK) and the Communist Republic of New China (USA)... in fact let's be fair to China, they really are that not so bad, even now China is talking about how Cryptocurrency and the New Digital Yuen could work in harmony.

The Chinese government does actually look to be making huge changes within. We may see a freer China in our lifetimes - China has changed a lot in 50-years let's be honest in 2023... Xi isn't that crazy.

Fact is the Dollar may well have been dished a fatal blow via the constant, some say purposeful misuse of the US financial system from Fed to Foreign Policy... throwing hundreds of billions of dollars into the Ukraine War, stopping oil production, screwing up pension values, and pursuing an unsustainable climate policy, while America goes through an economic crisis that could eventually see the Dollar crash completely.

It seems that some rather big players financially, have been turning to the elements in order to balance the books due to such things as sanctions and the actual Dollar value being cut historically low. That balance looks to be in Gold and Silver - more so Gold.

Gold has been moving east towards China, Russia and India in recent years... but 2023 has started to look like the Gold and Silver hording has took a huge spike upwards within these three economies. Thus in turn we are seeing historical high values to the price of Gold and Silver.

PAX Gold Logo

It brings to light a rather big question... what happens to Cryptocurrency 'WHEN' the Dollar dies a horrible death?

Some in the Cryptocurrency community have suggested a move towards Gold as the 'Standard'... to which I am one of those... but where could the move be stable enough and still keep Crypto viable financially? I cannot see just throwing the Gold price alone at Cryptocurrency and it working. There has to be a working and fine tuned mechanism behind such a huge move.

This is where I think New York based PAXOS and the PAX Gold (PAXG) system (some argue is the safest way to invest in gold) may be of huge benefit to Cryptocurrency in general, and would bring some honest stability within a DAO... governorship, an already established and experienced set of Developers and projects, more than capable on the Ethereum Blockchain, also very well respected and trusted in the Crypto World. Most of all... PAX Gold works as it says on the packaging... the value of gold. This also creates an interesting habitat between two of the most popular Blockchains... Bitcoin and Ethereum.

Of course there would be a huge amount of work needed to make such a move possible from Dollar to Gold, especially to PAX Gold... but it seems at least to bed a temporary solution to a growing problem - the Dollar is definitely stagnating the financial markets at the moment, with more institutions and countries walking away from the Dollar every day.

Gold will always have a value... if that is rocks or the Yuen, even the Dollar - if it does survive - the future is certainly interesting and has many mountains to climb yet... still early days.

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XTRM™
XTRM™

Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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