One of the most difficult phenomena to understand is the digital or cryptocurrency trend.
The evolution of our means of exchange has gone from bartering; corn for a bow and arrow; to objects of value; seashells and precious metal; to currency in precious metal or backed by precious metal and issued by a government; government-issued gold and silver coin and currency backed by gold; to the fiat system; currency not backed by intrinsic value but backed by the full faith and credit of a government.
Fiat currency was really established by President Nixon in 1971 when gold was decoupled from the US dollar. Other nations quickly followed suit.
Essentially governments were free to print money and the resulting devaluation was simply a byproduct. As long as spending was controlled, this was not a significant issue. Spending under the Biden administration, however, has and with all estimates, will be an issue and the value of the dollar will continue to significantly decrease.
We often read that the U.S. dollar is the standard to which all the world trades. Actually, it’s not only the U.S. dollar but the transfer system of currency in the world know as SWIFT – or “Society for Worldwide Interbank Financial Telecommunication.” SWIFT controls the actual transfer of funds worldwide.
So when we hear that the U.S. is sanctioning Russia or China, it’s doing so through the SWIFT system to freeze assets. That’s the control of the U.S. dollar.
But, what if another system were to be developed? Could that circumvent the U.S.’s control?
That’s exactly what China is doing, known as the Digital Yuan. And, it’s welcoming other nations to join – Cuba, Venezuela, Iran.
In fact, full implementation is expected before the 2022 Olympics.
Now China can (and will) use this to control their own people as well as keeping tabs on other countries. But, it mitigates the power of the U.S. dollar. Significantly.
What about other cryptocurrencies, such as BitCoin.
The fundamental concept behind something like BitCoin is that (1) there is no central control and (2) the supply is specifically set. As such, no country or power can control the currency, set rules, manage or otherwise interfere in transactions and no country can issue more BitCoins thereby diluting its purchasing power.
Digital currency does indeed come in different flavors. The Chinese brand offers control and manipulation and the Bitcoin brand offers freedom and value.
What’s interesting about cryptocurrency is that it is both the embodiment of 666 in Revelation (Digital Yuan) and its anthesis (Bitcoin).
Soon, more and more people will understand cryptocurrency.