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Bank of England Wants Crypto?
“The BOE Governor’s proposal would replace the U.S. dollar as the world’s reserve currency with a digital alternative. While it was unclear if Carney was actually suggesting that libra could be used to fill the void, his intent was to spur interest in a fiat alternative for global reserves.
Carney argued that proactively replacing the dollar with a digital coin substitute would be preferable to allowing another national currency usurp its status”
“The introduction of a non-fiat currency could have the effect of devaluing the dollar, and most national currencies, which could be one way for central banks to introduce inflation to erode away the record levels of debt accumulating globally.”
I’m not about to get too carried away with this idea that Bitcoin, or any public, permission less, provably scarce cryptocurrency is actually being promoted by the Bank of England to be a solution for the current problems facing the global financial ecosystem. To be clear, he labeled the possible solution as a “Libra-like” digital currency, that says plenty about where his head is at.
But it is interesting to see this old timer big bank see this new technology as a tool that could possibly be used for their benefit. Whether or not this perspective is shared by more than one member of the Bank of England is also yet to be seen.
It’s worth noting that the Bank of England Governor who is recommending cryptocurrency is the same who announced he would be stepping down as governor of the Bank of England in the future. Perhaps this is why he’s feeling free enough to make such a bold claim?
Another article I wanted to speak about was this piece written by Michael J Casey of CoinDesk.
He explores this concept of this mathematically secured cryptocurrency world and the fact that although it was created in the spirit of denying centralized control and influence, it is also inhabited by fully-flawed humans who despite our best efforts, tend to gravitate toward those politics. It’s a great think piece that briefly goes over why gold and certain precious metals were regarded as valuable in the first place. (Spoiler alert: the masses valued these metals because they were owned and adorned by the wealthy elites of that time.
How painfully ironic is it that now after generations of different cultures, spanning the globe have felt the ill-effects of their respective government’s mismanagement of their currency and economic policy, we finally for the first time in history, have a tool that can begin to free anyone from that old system. A tool that enables anyone the choice to opt in to this world of cryptocurrency and independence. Despite having the tools, despite having the genuine interest in partaking in a system that isn’t centrally controlled, isn’t dictated by any one person or entity, most of the people in this space are still so quick to get caught up in the politics revolving around any particular cryptocurrency. How often are the price movements of the market determined by a general sentiment that is often based on rumors and whether or not the who’s who of institutional investors will decide to buy some bitcoin. It’s comical in such a sad way, but let’s not get too caught up in the hype or FUD, is it really so hard to be grateful for the advantage that this tool of decentralized cryptocurrencies affords us? It may be a bit early to be making New Year’s Resolutions, but there’s no better time than now to try and improve your perspective of this space.