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Microstrategy CEO Advises Nigeria and Zimbabwe to Adopt Bitcoin Standard, Says BTC Is ‘Kingmaker’

Microstrategy CEO Advises Nigeria and Zimbabwe to Adopt Bitcoin Standard, Says BTC Is ‘Kingmaker’

Microstrategy CEO Michael Saylor has suggested Nigeria and Zimbabwe issue currencies that are backed by bitcoin if they want to fix their economies. He surmised that using the bitcoin standard will end starvation and allow citizens of both countries to have a decent life.
National Currencies Backed by Bitcoin
In a video clip where he also addresses claims that the Bitcoin network cannot scale, Saylor suggests that if Nigeria and Zimbabwe purchase bitcoins worth $2-3 billion, they could well end the currency woes they presently face. Saylor explained:
You wanna fix your country like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.
Bitcoin as ‘the Kingmaker’
Before mentioning Nigeria and Zimbabwe, Saylor, whose company now holds more than 114,000 bitcoins, also identifies Turkey as another country that could buy bitcoins and use them to back the lira currency. According to Saylor, if Turkey were to purchase bitcoins worth $5 billion and hold these for the next five years, this could potentially strengthen the lira currency.

Despite Saylor’s constant exhortations, only one country, El Salvador, appears to have taken heed of the advice. Many other countries, including Nigeria, have instead chosen to create their own digital currencies which they hope will diminish the appeal of bitcoin.
However, in the same video, Saylor insists this will happen and this will prove that bitcoin is “the kingmaker.”
Do you agree with Saylor’s sentiments on bitcoin? Tell us what you think in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Clients via Interactive Brokers

Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Clients via Interactive Brokers

Registered investment advisors (RIAs) with about $110 trillion under management can now offer their clients cryptocurrency trading through Interactive Brokers. RIAs manage portfolios of almost 61 million clients.
Registered Investment Advisors Can Now Offer Cryptocurrencies to Clients
Global investment firm Interactive Brokers Group (Nasdaq: IBKR) announced Monday the launch of cryptocurrency trading for registered investment advisors (RIAs) in the U.S.
This offering will enable RIAs to “trade and custody bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) via Paxos Trust Company on behalf of clients.” They will be able to manage their clients’ crypto holdings alongside traditional investments, including stocks, options, futures, bonds, mutual funds, and exchange-traded funds (ETFs).
Nearly 14,000 investment advisors registered with the U.S. Securities and Exchange Commission (SEC) have reported nearly 61 million clients in 2020, according to a joint study by the Investment Adviser Association and National Regulatory Services. Both numbers are new highs for the industry. In addition, the industry has approximately $110 trillion in total assets under management.
A tweet by Bitcoin Archive regarding the Interactive Brokers news. Source: Twitter.
The Interactive Brokers platform has about 1.33 million customer accounts and $330.6 billion in customer equity as of the first quarter. Clients from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds, and funds from a single integrated account.

Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers, commented:
Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients.
Cryptocurrency trading with Paxos on Interactive Brokers’ RIA platform has commissions of between 0.12% and 0.18% of trade value, depending on monthly volume, the company detailed. Moreover, the notice adds that there are no added spreads, markups, or custodial fees.
The company noted that while the offering is only available to RIAs in the U.S. initially, it plans to “launch the service for financial advisors in other parts of the world, in the future.”
What do you think about RIAs being able to offer clients crypto trading through Interactive Brokers? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th Wealthiest Person on Earth

Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th Wealthiest Person on Earth

In mid-April the creator of the Bitcoin network, Satoshi Nakamoto entered the world’s top 20 richest billionaire list but after bitcoin’s price dropped, the inventor’s wealth plummeted. This week, Nakamoto has once again joined the top 20 richest people on the face of the earth. The last time, Nakamoto made the 19th position, and this time around, Bitcoin’s inventor is now the 20th richest person(s) on the face of the planet.
6 Months After Bitcoin’s All-Time High, Satoshi Nakamoto Becomes the 20th Wealthiest Person in the World
The leading crypto asset bitcoin (BTC) has skyrocketed past the $60K handle and tapped a high of $62,945 on Friday. Using today’s exchange rate and the estimated stash of bitcoin Satoshi Nakamoto reportedly owns, indicates that Bitcoin’s inventor is the 16th richest person or persons worldwide. The last time Bitcoin.com News reported on this subject, Nakamoto climbed from the 159th richest person in the globe to the 19th in a mere five months. Using today’s BTC exchange rates on October 17, 2021, six months later, Nakamoto is now the 20th richest person(s) worldwide.
A report from Whale Alert that studies the “Patoshi Patterns.” In this report, it is assumed that Satoshi Nakamoto may own 1.125 million BTC. Bitcoin.com News readers can read Whale Alert’s article called “The Satoshi Fortune” here. Whale Alert’s study is based off of Sergio Demian Lerner’s 2013 study on the “Patoshi Patterns.” Sergio Demian Lerner’s 2013 report can be read here.
The reason why people assume Satoshi Nakamoto owns all this wealth, is because it is estimated that Bitcoin’s inventor owns around 1 million BTC. Of course, there are lower-bound estimates which say the inventor only collected 750,000 BTC and then upper-bound estimates that assume Nakamoto has more than 1.1 million BTC. The crypto community at large assumes that Nakamoto has around 1 million bitcoin and because he, she or they acquired it during the first year of BTC’s existence, the inventor owns all the forks tied to the stash as well.

Between Bitcoin and 3 Forks, Nakamoto Has Roughly $61 Billion in Unspent Wealth
This means that on October 17, 2021, Nakamoto owns roughly $60.7 billion in bitcoin (BTC), $625 million in bitcoin cash (BCH), $169 million in bitcoinsv (BSV), and $191 million in ecash (formerly known as BCHA or Bitcoin ABC). That’s a grand total of $60.9 billion between those four networks which places Bitcoin’s inventor at the 20th position in Forbe’s real-time billionaires’ list. Satoshi Nakamoto is above the net worth of ​​Zhang Yiming, the billionaire from China. However, Nakamoto’s wealth is below the world’s 19th richest as Walmart’s Rob Walton has around $75.3 billion to his name.
The current Forbes real-time billionaires’ list on October 17, 2021, with Bitcoin’s creator, included. The family who owns and operates the mega retail chain Walmart, Jim Walton, Alice Walton, and Rob Walton have more wealth than Satoshi Nakamoto. BTC/USD exchange rate metrics for this article were recorded on October 17, 2021, at 10:00 a.m. (EST).
What’s pretty amazing is that one of the world’s 20 richest people in the world is the mysterious inventor of Bitcoin. A person or group of people that have yet to spend a single penny of the $60.9 billion worth of crypto assets. Some people assume that Nakamoto may have passed away and this is why the inventor has never and will never spend the stash of 1 million coins collected when the creator kick-started the BTC network. However, Nakamoto may still be alive and may still have access to these riches.
Bitcoin’s inventor still has to catch up to the world’s two richest people which include Elon Musk and Jeff Bezos respectively. Musk has around $214.8 billion in wealth today according to Forbe’s real-time billionaires’ list and Jeff Bezos owns around $197.8 billion. In order to overtake Musk’s net worth, a single BTC will need to be valued at over $215K per unit. If BTC taps $100K this year, Bitcoin’s inventor will be in the top 10 richest person(s) list next to Warren Buffet and Mukesh Ambani.
What do you think about Bitcoin’s inventor Satoshi Nakamoto becoming the 20th richest person(s) on planet earth? Let us know what you think about this subject in the comments section below.

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JMP Securities Sees Crypto Entering the Mainstream, Says Adoption Has Hit Escape Velocity

JMP Securities Sees Crypto Entering the Mainstream, Says Adoption Has Hit Escape Velocity

Investment banking and asset management firm JMP Securities says that “The crypto economy is entering the mainstream,” emphasizing that crypto “adoption and early use cases have established ‘escape velocity.” However, the firm’s analysts noted that “the industry is still in its formative stage.”
‘The Crypto Economy Is Entering the Mainstream’
JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote:
The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established ‘escape velocity,’ whereby binary arguments about its fate are all but off the table at this point.
The analysts further explained that “The industry is far from perfect today, scams do exist, regulation is undeveloped, and the industry needs more education given technical aspects of the space that make adoption and usage not always intuitive.”
Nonetheless, they believe that the industry’s potential “warrants continued investment and development,” adding, “We anticipate many of the current perceived negatives in the space will continue to improve with further maturation and time.”
They added that in the early days of bitcoin, “the crypto ecosystem was unproven and uncertain.” However, they elaborated: “Today, we believe that negative view has been substantially de-risked with adoption acceleration and expanding utility strengthening the foundation, already looking more like a relatively established network, despite what we view to be the early innings of an exponential longer-term growth cycle.”

The analysts also see the Nasdaq-listed crypto exchange Coibnase as “a flagbearer in the development of the broader crypto economy.” They concluded:
Despite the exponential scaling of adoption, we think the industry is still in its formative stage, and as use cases for crypto rapidly expand, we see tremendous upside for the companies (like Coinbase) that provide infrastructure to support this growth.
Do you agree with JMP Securities? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Blackrock CEO Agrees With JPMorgan Boss Jamie Dimon About Bitcoin, Sees ‘Huge Role for Digitized Currency’

Blackrock CEO Agrees With JPMorgan Boss Jamie Dimon About Bitcoin, Sees ‘Huge Role for Digitized Currency’

The chief executive officer of the world’s largest asset manager, Blackrock, says he is “more on the Jamie Dimon camp” when asked whether he thinks bitcoin is worthless. However, the executive says he is fascinated by people’s interest in crypto and sees “a huge role for a digitized currency.”
Blackrock’s CEO Sides With JPMorgan’s Jamie Dimon on the Value of Bitcoin
Larry Fink, the CEO of the world’s largest asset manager with $9.5 trillion in assets under management, Blackrock, answered some questions about cryptocurrency, particularly bitcoin, in an interview with CNBC Wednesday.
He was asked whether he was “still in the Jamie Dimon’s category of ‘bitcoin is worthless’” or whether he saw value in the cryptocurrency. Dimon, the CEO of global investment bank JPMorgan, said earlier this week: “I personally think that bitcoin is worthless.” He also questioned the limited supply of the cryptocurrency.
The Blackrock executive replied:
I am probably more on the Jamie Dimon camp. But I am fascinated by so many people’s interest. It’s fantastic. I love the fact that more people are looking to invest in different things. I believe this is a very good, positive action.

Fink added: “I’m not a student of bitcoin and where it’s going to go. I can’t tell you whether it’s going to be going to $80,000 or zero.”
However, the CEO opined: “But I do believe there is a huge role for a digitized currency. And I believe that’s going to help consumers worldwide, whether it’s bitcoin or something else, or more of a governmental official digital currency, a digital dollar — that will play out.”
The Blackrock executive further explained that he is fascinated by “the great new technology.” Noting that “It’s attracted so many people,” he expressed: “It’s fantastic seeing how people have become so fascinated about it, that they are showing interest in this. Whether this is going to play out well in the long run, we’ll see.” Fink concluded:
I see huge opportunities in a digitized crypto, blockchain-related currency, and that’s where I think it’s going and that’s going to create some big winners and some big losers.
What do you think about Blackrock CEO Larry Fink’s comments? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Morgan Stanley CEO Says Bitcoin Is Not a Fad, Crypto Is Not Going Away

Morgan Stanley CEO Says Bitcoin Is Not a Fad, Crypto Is Not Going Away

The chief executive officer of global investment bank Morgan Stanley says that cryptocurrency, including bitcoin, is not a fad. Noting that they are not going to go away, he said: “We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.”
Morgan Stanley’s CEO Says Bitcoin and Crypto Aren’t Going Away
Morgan Stanley CEO James Gorman talked about bitcoin and cryptocurrency during the bank’s third-quarter earnings call with analysts Thursday morning.
Emphasizing that crypto is not going to go away, he said:
I’ve said it publicly before, I’ll say it again. I don’t think crypto’s a fad. I don’t know what the value of bitcoin should or shouldn’t be, but these things aren’t going away.
He added: “The blockchain technology supporting it is obviously very real and powerful.”
Morgan Stanley was among the first major banks to embrace bitcoin. In March, the bank revealed that it had begun offering bitcoin funds to clients. In April, the bank added bitcoin to 12 mutual funds’ investment strategies.
The global investment bank launched a dedicated cryptocurrency research team in September, led by Sheena Shah, the firm’s crypto analyst. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets,” the bank explained.

The Morgan Stanley executive explained during the earnings call, “We’re not directly trading crypto for retail clients,” adding that “there are other players who are choosing to do that.” He clarified, “We give access to them to buy crypto through various funds and things.”
He further detailed that crypto is currently not a big part of the bank’s business but said it could grow in the future. “For us, honestly, it’s just not a huge part of the business demand from our clients. And that may evolve and we’ll evolve with it,” he opined, elaborating:
We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.
Do you agree with Morgan Stanley’s CEO about bitcoin and crypto? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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A Look at How Buckminster Fuller Predicted Bitcoin: ‘A Realistic, Scientific Accounting System of What Is Wealth’

A Look at How Buckminster Fuller Predicted Bitcoin: ‘A Realistic, Scientific Accounting System of What Is Wealth’

Richard Buckminster Fuller was a well known American architect, systems theorist, author, and inventor. Similar to the visions expressed by the industrialist Henry Ford, the Nobel laureate Friedrich Hayek, and Austrian economist Milton Friedman, Buckminster Fuller also predicted a concept that resembled Satoshi Nakamoto’s Bitcoin invention 54 years ago in 1967.
Buckminster Fuller: ‘Build a New Model That Makes the Existing Model Obsolete’
In a recent editorial, Bitcoin.com News discussed how the famed industrialist Henry Ford, founder of the Ford Motor Company, envisaged an idea that’s similar to Bitcoin roughly 100 years ago. It was further said that before cypherpunks like Timothy May and Eric Hughes wrote about digital cash, Friedrich Hayek and Milton Friedman also predicted a technology that would operate similarly to Satoshi’s Bitcoin project. Buckminster Fuller was another intelligent individual who predicted the invention of cryptocurrencies and new wealth.
Fuller was not a fan of the financial system years before his passing on July 1, 1983. People referred to Fuller as the “grandfather of the future,” and the systems theorist often said: “God wanted all humans to be rich.” In a video interview with Fuller in 1967, the inventor talks about a new currency that will spark a new movement of wealth by 2018.
“I’ll have to talk about something which will be one of the very big, new realizations by 2000 AD,” Fuller said in the interview. “A realistic — scientific accounting system — of what is wealth … wealth isn’t the gold that the old pirates used to have — wealth is energy,” he added.

It was 1967 Buckminster Fuller predicted Bitcoin and new wealth.
“I’ll talk about something that would be one of the realizations by 2018 a realistic—scientific accounting system—of what is wealth. Wealth isn’t the gold of pirates—wealth is energy”
1967.pic.twitter.com/r0MM65E7kJ
— Brian Roemmele (@BrianRoemmele) December 17, 2020

Rich Dad Poor Dad Author Robert Kiyosaki Believes Buckminster Fuller Predicted Blockchain Technology
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” wrote about Fuller predicting the coming of bitcoin back in 1967 as well. Kiyosaki and a friend went to see Fuller speak at the Montreal, Canada Expo Center to see Fuller’s geodesic dome. In 1981, Kiyosaki was invited to “spend a week studying with Dr. Fuller at a lodge outside of Lake Tahoe.” The best-selling author stressed:
I believe that what Fuller predicted was the blockchain technology upon which cryptocurrencies are built.

Kiyosaki details and quotes Fuller on several occasions throughout his memoirs remembering the famed inventor. The “Rich Dad Poor Dad” author explained that decades before Satoshi Nakamoto dropped Bitcoin on the world, Fuller envisioned a “complete reengineering of the global economy facilitated by a synchronized accounting system integrated with a global energy network.” Kiyosaki emphasized that Fuller’s forecast said that the U.S. dollar would be “replaced with a new money—a money made of energy by energy.”
Richard Buckminster Fuller standing outside the inventor’s geodesic dome. The geodesic domes are able to withstand very heavy loads of weight and are architecturally based on a geodesic polyhedron. Fuller published more than 30 books on science, inventions, governance, and the future until he died in 1983.
Published in 1981, alongside Fuller’s “Operating Manual for Spaceship Earth,” the book “Critical Path” is considered one of Fuller’s best-known works. In the book, Fuller says: “Computers make it practical to electronify wealth distribution games that accomplish the movement of goods in services in more channeled, designed structures. Not big brother though, since no central planning authority—just lots of dial-in ‘games’ with costs and rewards, likely to attract those with a self-interest in playing.”
Author Garrison Breckenridge also highlights in his editorial called “What Blockchain Can Learn from One Man’s Attempt to Save the World” how Fuller envisioned Satoshi’s technological breakthrough. It’s well known that Fuller was a man who thought outside the box when it comes to changes and technological inventions. The systems theorist and author knew quite well that the old systems of finance and governance were antiquated and could not be fixed by fighting the status quo’s current infrastructure. Fuller is famously quoted for saying:
You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.
What do you think about Buckminster Fuller predicting bitcoin back in 1967? Let us know what you think about this subject in the comments section below.

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Crypto Is a ‘Major Priority’ for Miami Mayor Building City Into Crypto Capital of the World

Crypto Is a ‘Major Priority’ for Miami Mayor Building City Into Crypto Capital of the World

Miami Mayor Francis Suarez says that cryptocurrency is a “major priority” for him as he attempts to build his city into the crypto capital of the world. “I want us to differentiate ourselves as a crypto capital of the United States or of the world,” he said.
‘Major Priority’ — Miami Aims to Become Crypto Capital of the World
Miami Mayor Francis Suarez talked about bitcoin and cryptocurrency in an interview with Bloomberg, published Tuesday. The mayor has been lobbying lawmakers to allow government employees to be paid in bitcoin in addition to allowing taxes to be paid in the cryptocurrency and for the city to invest a portion of funds in BTC. He was asked how much of a priority crypto initiatives were for him.
Mayor Suarez replied:
It’s a major priority for me because I want us to differentiate ourselves as a crypto capital of the United States or of the world.
“We have actually done three things,” he shared. “One is that we are going to request a proposal in October to allow our employees to get paid in bitcoin, allow our residents to pay for fees in bitcoin, and even taxes in bitcoin if the county allows it.”

Regarding the state allowing the city to hold bitcoin on its balance sheet, he said: “Of course, if we would’ve been able to hold it the moment that I put the resolution on our agenda, it’d be up by 30% or 40%, so would’ve looked like a genius back then. But that’s the way it works.”
The pro-bitcoin mayor also defended BTC in an interview with Fox Business Tuesday. He was asked to comment about whether bitcoin was worthless like JPMorgan CEO Jamie Dimon said. The boss of the global investment bank said Monday, “I personally think that bitcoin is worthless.”
Suarez responded, “It’s definitely not worthless,” pointing out that the price of bitcoin is currently around $55,000.
What do you think about Miami Mayor Suarez’s comments? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’

How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’

55 days from now will be the hundred-year anniversary of when the American industrialist and business magnate Henry Ford talked about a unique “energy currency” that could “stop wars.” The well known founder of the Ford Motor Company suggested that a currency could be backed by energy in kilowatt-hours (kWh) in a similar fashion to the way energy is leveraged to mine bitcoin.
New York Tribune, December 4, 1921: ‘Ford Would Replace Gold With Energy Currency and Stop Wars’
Close to 100 years ago on December 4, 1921, Henry Ford discussed an idea he conceived in the New York Tribune. The title of the published article was called “Ford Would Replace Gold With Energy Currency and Stop Wars.”
Ford is well known for developing the assembly line technique and creating one of the first mass-produced American-built automobiles. Ford’s energy currency concept describes a digital currency much like Satoshi Nakamoto’s Bitcoin and one that is also scarce.
Not only would Ford’s energy currency be backed by energy measured in kilowatt-hours (kWh) he also discussed with the Tribune that the currency would “be issued only to a certain definite amount and for a specific purpose.”

It has always been understood that Henry Ford was well ahead of his time, but he also thought about a concept that is very similar to what’s described in the Bitcoin white paper. Ford even had a location planned to kick start the idea at Muscle Shoals Dam. The treacherous and wild Muscle Shoals section of the Tennessee River produces a lot of energy as the dam provides electrical power, flood control, and a water supply.
Ford even took shots at the banking cartel in 1921, which are basically the same financial institutions and family members running the world’s finances today. “It’s simply a case of thinking and calculating in terms different from those laid down to us by the international banking group to which we have grown so accustomed that we think there is no other desirable standard,” Ford stressed.
While the cypherpunks like Timothy May and Eric Hughes wrote about concepts that looked closer to today’s cryptocurrency, many others had visions similar to Henry Ford’s energy currency concept. The Nobel laureate and Austrian economist Friedrick Hayek discussed the idea of a free market currency.
“I don’t believe we shall ever have good money again before we take the thing out of the hands of [the] government,” Hayek stressed. “That is, we can’t take it violently out of the hands of [the] government, all we can do is by some sly roundabout way [to] introduce something that they can’t stop.”
In addition to Hayek, Milton Friedman discussed the idea of a cryptocurrency in 1999. “I think that the Internet is going to be one of the major forces for reducing the role of government,” Friedman said during his interview that went viral in 2014. “The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A,” the economist added.

Henry Ford: ‘It Would Mean Changes in World Finance — Bankers Always Oppose Changes’
Ford’s energy currency editorial in the New York Tribune not only takes aim at the bankers but blames gold as well. “It’s very simple when you analyze it,” Ford emphasized. “The cause of all wars is gold. We shall demonstrate to the world two things, first, the practicability, second, the desirability of displacing gold as the basis of currency and substituting in its place the world’s imperishable natural wealth.” Ford continued:
Almost everybody in the world, except the newspapers and bankers recognizes that civilization has entered on a new era. The newspapers don’t see it and the international bankers don’t want to see it — It would mean changes in world finance and bankers always oppose changes.
It could be said that the trend in America has already entered a realm of digital currency which is done mostly by the banking system’s databases. In many respects, Ford got his way because the powers that be essentially replaced gold with unbacked fiat. However, fiat is a far cry from a scarce and energy-backed currency Ford dreamt up long ago.

The banking cartel moving off the gold standard has pushed a “desirability of displacing gold” from both sides of the spectrum. Decentralized crypto assets like bitcoin (BTC) are indeed displacing gold even if the measurement of displacement is still quite small.
These days people use cryptocurrencies as a hedge against fiat and the central banks’ massive monetary expansions just like precious metal (PM) collectors and ‘gold bugs.’ In this line of thinking there is also a “desirability of displacing gold” forming among the masses as digital currencies offer benefits that PMs like gold cannot provide.
According to assetdash.com bitcoin (BTC) is the sixth top asset by market cap. The web portal companiesmarketcap.com says bitcoin (BTC) is positioned in the eighth spot. The top position held by Gold is an $11.161 trillion market valuation, while BTC’s is roughly $1.041 trillion, according to the website’s metrics. Gold’s valuation is 972% larger than BTC’s as the crypto asset has a long way to go to catch up if it wants to displace gold.
What do you think about Henry Ford predicting a currency similar to bitcoin close to 100 years ago? Let us know what you think about this subject in the comments section below.

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5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO

5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO

By the end of next year, at least five countries will have accepted bitcoin as legal tender, the CEO of cryptocurrency exchange Bitmex has predicted. He cited three key reasons why he arrived at this conclusion. “Developing countries will jump into crypto in 2022,” he said.
More Countries Will Adopt Bitcoin as Legal Tender
The CEO of cryptocurrency exchange Bitmex, Alex Hoeptner, has predicted that developing countries will lead the way in bitcoin adoption. He detailed last week:
My prediction is that by the end of next year, we’ll have at least five countries that accept bitcoin as legal tender. All of them will be developing countries. Here’s why I think developing countries will jump into crypto in 2022.
The CEO offered three main factors driving the adoption of bitcoin in developing countries and why he came up with this prediction.
The first is remittances. Remittances made up 23% of El Salvador’s GDP in 2020, Hoeptner described. Citing data from the World Bank, he added that low and middle-income countries receive about 75% of total global remittances and $540 billion in remittances reached low and middle income countries in 2020.
“This money has got to find a way home somehow,” he said. “But the current system of remittances – led by money service providers like Western Union – is ripping people off by charging them an average of 10% just to send money home the next business day.”
The second factor is inflation. The International Monetary Fund (IMF) forecasts inflation for developed countries in 2021 at 2.4% and 5.4% for developing countries.
He explained that people seek alternatives to fiat currencies during inflation crises. For example, he said: “As inflation climbed well above 15% this year in Turkey, crypto adoption surged. Turkey responded by quickly banning the use of crypto for goods and services, but inflation is now at 19.25%.”
Hoeptner noted:
Bitcoin fixes this, with its capped supply of 21 million. And developed countries – and/or their people – are noticing.

The third factor is politics. He explained that many politicians or rulers “are skilled and savvy, and have an interest in positioning themselves as progressive, populist, and new age thinkers.”
He opined, “Over the next year, and as El Salvador works out the kinks in its rollout, savvy politicians will be thinking of how they can take a similar path, and how it might benefit both them and their constituents,” elaborating:
What El Salvador did is take the first leap of faith, making similar moves by other countries much easier to consider.
However, the CEO cautioned: “Any failings by these leaders in the implementation phase may hurt wider adoption of cryptocurrencies in general. That’s the dangerous dilemma that lies ahead.”
Do you agree with Bitmex’s CEO? Let us know in the comments section below.

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