IMF Unintentionally Makes A Strong Case For Bitcoin
Today International Monetary Fund published a blog post titled Emerging Economies Must Prepare for Fed Policy Tightening, warning countries to be ready to take measures when Fed takes policy actions. Interesting to see IMF demonstrating how powerful Fed is, how Fed's policies have global implications. I know we live in a world where global economies are interconnected and that US dollar is a global reserve currencies. Actions of Federal Reserve, the central bank of the United States not only has influence in the US but also globally.
Isn't this what bitcoin has been trying to solve all along? How is it ok for one entity, a small group of people sitting in a conference room making decisions that will financially affect countries, businesses and people around the world? Bitcoin's clear mission was to provide alternative to the current global financial system, after we saw what happened with the 2008 financial crisis that started in the US, but had long lasting negative impact to the economies around the world, businesses and people's finances.
Bitcoin's genesis block from thirteen years ago had a message in it, that ready - "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." While this message was referring to an article, it also serves as something for us to remember why the bitcoin was created in the first place. I can understand that bitcoin can be many things for many people, and used for various purposes. But I also believe its core mission was to offer people, businesses, and countries and alternative way, a better way to build the financial system. A system where we don't need to rely on one entity, or a group of entities to make decisions for the entire populations, entire worlds, especially when there is great deal of conflict of interests present.
It is as if global finances are for the bankers, of the bankers and by the bankers. What if these bankers turn out to be corrupt or incompetent to carry out tasks and decisions on behalf of larger populations? Removing bankers or any other entities from makes such important decisions in the form of central bank policies, and transferring that power to a selfless, transparent truth machine that is working like an atomic clock may just be the solution. Of course I am referring to Bitcoin blockchain network.
Ever since bitcoin became a legal tender in El Salvador, the same IMF along with World Bank and other has been criticizing this move and warning with bad economic consequences for the citizens of El Salvador. Perhaps, it's time for them to realize the real root cause of economic and financial instabilities, that is the centralized monetary policy making that serves the bankers first. If I were to build the hierarchy of benefits of Feds policies, I would list bankers at the top, then governments, then Wall Street, then perhaps US citizens and then the rest of the world.
Given this rigged system and failed policies, why should other countries continue embracing USD as a global reserve currency, and trust in central banks to protect their financial and economic interests. If in fact what this articles says is true, maybe it is time for sovereign countries to opt out of this system, at least partially and consider alternative solutions like bitcoin.
Adopting bitcoin as an additional legal tender or as a reserve currency/asset may at the very least serve as a hedge if things go wrong. Of course such decisions would also have political consequences and may even hurt trade agreements. Such decisions would never be easy one, but at the very least it is the responsibility of the people in these decision making positions to consider.
I am sure there are ways to take advantage of the benefits of Bitcoin network and also continue utilizing traditional system. Transitions do not have to be sudden and quick. Progress is made one step at a time. It wouldn't hurt to study, analyze, and evaluate various available options. When 2008 global financial crisis hit the world, there were no alternatives like bitcoin. Today we live in a different world, where not only there are alternative solutions but also bitcoin has proven to be solid monetary network and has been working perfectly and fulfilling its purpose.
When IMF says:
Policymakers may need to react by pulling multiple policy levers, depending on Fed actions and their own challenges at home.
I tend to agree. Policy makers may need to react. But this time they have more options. Don't have to continue with same old, same old.
Think Bitcoin!
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Bitcoin no doubt will be a useful source in the nearest future which I believe it has already started and it's will definitely help financially as well.
Happy to be part of Crypto Revolution that I can bring more freedom to people.
Think Bitcoin and Believe in decentralisation
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This...you took the words right out of my mouth. Literally...
That's why I sometimes think that if cryptocurrencies have been created against this order, reign of USD.
I do believe bitcoin was created as a response to the financial crisis of 2008. Now we have many crypto projects, all created for various reasons and purposes, not necessarily as a solution for financial system.
All about that control. Money to them is nothing since they just print anyway. They feel the need to tighten the noose on our necks because the plandemic phase to convince everyone to get the eugenic jab didn’t go as far as they’d hoped.
Next phase
You have spoken well @geekgirl.all I see from fed and IMF is that they know the worth and value of Bitcoin and how it can save the world financially,but the problem is that they want have control of everything and we all know nobody has any control over Bitcoin and I guess it's one of the reasons why they are tightening policies.
And the great thing about it is we don't have to wait for our countries and governments to finally adopt the 'Bitcoin Policy Lever' we as individuals can be proactive and be our own Central Bank.
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So true.
Little doubt that the creation of the Digital Yuan by the Chinese government is designed to get them off USD as reserve currency. Sadly what they will do is replace one centralised currency with another one. And the hierarchy of interests will be CCP at the top and the people at the bottom.
This will ensure that Bitcoin will stand apart
We will be seeing CBDC from many governments and central banks not just from China. They may think that is the proper response to Bitcoin.
I don't see the need to completely throw away the USD but I wouldn't mind if they were to increase the quality of the debt with things like BTC.
As for the stuff regarding the Fed, they only have control over the Federal funds rate and I don't think they can really control interest rates. They do control the narratives and I think the idea that the Fed might hike up the federal rate will definitely hurt them. So I guess they are just preparing because anything happening in the US has a direct effect on their own economies.
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Crypto currencies are definitely a game changer, especially for smaller developing countries that rely heavily on larger developed ones. Crypto currencies offer a more global solution and puts power back into their own hands.
The financial system needs a bit more of decentralization to really offer more opportunities to the masses. I guess this can't be possible with the Fiat system which is why one needs to tilt towards crypto.
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The way Bitcoin (and altcoins) stands in to correct "centralized monetary policies" and to help world economies to be independent of the monopoly of US Dollar (as a global reserve currency), that is the same way Web 3 stands in to correct the same "Centralized Internet policies" that Web 2 provides. Its provision thus is to enrich the Big shot and those who heavily benefit from this "crazy centralization" in any form.
And we can see how those who benefit from these different forms of centralization heavily object and oppose all the different alternative ways that have been provided to fight off this monopoly of market via centralization.
It's high time the world learnt to take the hard way and free itself from the shackles and dictate of this centralised government.
Even though it may hurt a while, but it will be better and stronger! Just the same way as we are experiencing the bearish or red season or blood bath, we know Joy is coming soon, the market will be green, it'll be Bullish and it will reach a new ATH.
Decentralisation all the way 💪
Cryptocurrency all the way 💪
Web 3 all the way💪
bitcoin is future, i think
Absolutely and most of us on here are very much aware of the paradigm shift that has already occurred. It will take another few years for more and more of the sheeple to see the writing on the wall and see the true potential of what blockchain can do and has already done. As influencers from Web2 slowly make their way across, then we will start seeing more and more interest and that is only a good thing for all of us that got here early. Keep on compounding guys, Hive in 4 years could easily be 20 x where it is today in my opinion. Even if it's not, my interactions here with so many diverse people across every corner of the world is rounding my opinions on different topics and helping me grow as a human, which you cannot put a price on, so even if Hive were to go to zero, I would still have enjoyed the journey, but trust me that is not where we are headed and you can quote me on that.
This is bad and they just think everything must happen the way they will gain it. The truth is that they don't want to work with the future especially ones like this.(Bitcoin)
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oh the irony, it is a pleasure to see governments trembling thanks to cryptocurrencies, there is no doubt that the next months will be interesting especially with these new Fed cracks, today we may be seeing a pullback but there is no doubt that we are just gaining momentum for a bullrun.
Bitcoin is the very first cryptocurrency and it will really be of financial assistance to its holder
It is very obvious that Bitcoin has become the "digital gold". Like gold, it has a limit on the amount that can be extracted and has an increasing difficulty (21 million bitcoin limit supple and halving every 4 years || limit supply of gold in the earth and every time we have to dig deeper).
I'm excited for what the future will show us.
I used to think of bitcoin as digital gold. I don't anymore. It is much more than digital gold.
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I just hope to see more developing and uses to BTC in the future.
Politicians will never admit that Bitcoin is sustainable enough to replace traditional money because it simply doesn't suit them. In Venezuela there are a lot (without exaggeration, I dare say that 60% of medium-high class businesses accept Bitcoin and Binance Pay as a payment method) of people who strongly believe in Bitcoin.
I feel that it is a slow process that has advanced a lot over the last few years, I remember that when I was introduced into the crypto world, they were basically a joke for many. A couple of years later the people were talking about them on TV :P
Thank You!