From Gold to Greenbacks: A Look at the US Dollar’s Devaluation, Manipulation ...
228 years ago the U.S. dollar was created and ever since then, the national currency has been both powerful and controversial at the same time. Moreover since 1971, after being backed by precious metals for decades, American dollars have been backed by nothing and estimates say a quarter of the U.S. monetary supply was created in 2020 alone. The U.S. dollar conflict has led a number of analysts and economists to believe the U.S. monetary hegemony is on its last leg. The Story of the US Dollar’s Devaluation When you talk to someone about bitcoin, they often grow confused and say that....
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Bitcoin has been said to be the new gold. The global monetary system is in a runaway inflation; investors have always considered gold as an escape from inflation and a last resort against governments that have the power to divert funds from individual accounts and central banks with the capacity of printing money and unleash devaluation politics. Gold often benefits when exposed to inflationary environments because it is still one of the best ways to preserve the value and one of the best methods of escaping government control. Bitcoin is very similar to gold; it's scarce, it can be used....
Just over 50 years ago, Richard Nixon ended the U.S. dollar’s gold backing. In the 50 years since, it’s been clear that we need Bitcoin.
To think through how bitcoin will replace the U.S. dollar, we must first turn to the dollar’s own journey in leaving a gold standard.