10 Jan The new 1%
…will be comprised of those who held on as institutions tried to buy back their power in a new financial system that left the station without them – pushing each of their incumbent currencies past the brink of hyper-inflation to do so.
The price of bitcoin is 100% irrelevant. Selling at any price merely guarantees your seat in a new cycle of indentured servitude once the fiat you sold it for is devalued to a point near worthlessness.
I’m sure history is chocked full of people who sold new currencies for old in speculation of a revival – and though this road could be long, one thing is for sure – no one transacts in sea shells any longer.
I recommend reading up on the history of the United States Dollar to understand it’s long journey of failures as it eventually became the dollar we know today, backed only by faith in the American democracy:
I also recommend reading through the very long list of currencies used throughout history and challenge yourself to find those that are still in use today:
Why are these currencies no longer in use? Consolidation. Economies throughout the world consolidated currencies in their jurisdictions into national paper currencies over time to create market efficiencies and to centralize governing power. USD emerged as the global reserve currency because of the timing of the USA’s role in the World Wars and the need to facilitate burgeoning but nascent globalization in the aftermath. The US has retained the power that came from having it’s currency anointed as the standard unit of value ever since.
Now that globalization is truly arrived and cross-border payments ubiquitous, paper currencies will be obsoleted in short order with an eventual race to acquire a new global reserve currency.
The question you need to ask yourself is if you believe the paper dollar will retain it’s position as the global reserve currency or if it will be disrupted by something more conducive to the globalized economy we now ALL participate in. If the latter, then one must acquire that currency now and come to the realization that ever selling it would be to opt-out of the new financial system.
This will be easier said than done to be sure. Those who make it to the end will be handsomely wealthy, perhaps generationally so, but only after exercising an extreme degree of delayed self-gratification through the ultimate HODL.
Godspeed to all. See you on the other side.