Being paleo, I’m no Bitcoin buddy. But you can’t bitcoin 1000 party balloons this thing. There’s a growing mob of people convinced the future of money will not be like the past.
No central banks, No government controls. No cash tied to political decisions or interference. As a result Bitcoin, and other rival cryptocurrencies, have spawned a Wild West of finance. Compared to this, real estate in Toronto or Vancouver is a giant, boring, brain-dead GIC. Despite this, the number of supporters is ramping up daily. Surprisingly, now the doomers have signed on. Some people say Bitcoin is sucking off a lot of support from the traditional hedge-against-paper-money, which is gold.
Of course, why someone who thinks the world might blow up would put all their faith in money that only exists if you have a good Internet connection and a charged-up phone is curious. Our gossamer grid might be the first piece of infrastructure to fail. But the appeal of digital money to those who trust no elected person, national government, central banker or multinational, globalist corporation is obvious. Bitcoins are hard to mine, unlike the way the US government prints trillions of dollars, for example, or the Fed simply balloons its balance sheet. Bitcoin isn’t actually money you can possess and hoard.
Instead your pile is kept in a virtual wallet forming part of an online payments network which is completely decentralized. At least that was the genesis. Now speculators, traders and institutions are piling on, with the smell of quick profits in their nostrils. Next month, for example, Bitcoin futures will start trading on the world’s biggest exchange. There are now bitcoins backed by gold.