Authored by Anthony Saunders via Snake Hole Lounge blog,
The Federal Reserve was created by an act of Congress in 1913 and a stroke of the pen by President Woodrow Wilson. And the purchasing power of US consumers has never been the same.
Enter Bitcoin, the worldwide cryptocurrency and digital payment system. Currently, one Bitcoin equals $4,423.
While this looks like a volatility smile, it is not. It does show the erosion of the purchasing power of the US Dollar and the rise of an alternative currency: the cryptodollar.
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund, Christine Lagarde, speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself.
It could displace central banks, conventional banking, and challenge the monopoly of national monies.
This the polite version of Dennis Hopper’s preference for Pabst Blue Ribbon beer.
Hey, although he signed The Federal Reserve into existence, at least he could pitch!