Bitcoin: The New Money Game | Adhocra News
By this time, it’s no mystery that cryptocurrencies are quickly becoming a household name, where the cryptographic currency was once laughed at. Now, with bitcoin’s market cap recently topping $1 trillion, cryptos can’t be denied anymore. Big institutions are putting their cash into bitcoin, especially following MicroStrategy’s decemenation of it’s bitcoin playbook to big corporations earlier this year.
The wave of cryptocurrency emerged as a result of the revelation the pandemic provoked as to the frail and archaic nature of the fiat money system. Digital transfers replaced physical paper money exchange, enabling “crypto money” to ride in on the digital train. This sparked institutions realizing that bitcoin is the way to go as we march into the future.
“Bitcoin, similar to gold, is a good hedge against global uncertainties like trade wars.” (Forbes)
But bitcoin sets itself apart from gold as it’s now considered more valuable than the precious metal. At the time of this writing, BTC is valued at around $57K, whereas gold sits around $1,738.3 per ounce.
So we are in a new era of money. Bitcoin has silently replaced gold as a reserve currency, as confidence in the dollar dwindled significantly over the past year.
“The national debt is now nearly $28 trillion– 40% larger than the entire US economy. And the debt will most certainly hit $30 trillion over the next several months.” (The Sovereign Man)
Money has been pumped into the economy like a leak in an abandoned building, flooding the market with roughly $4.5 trillion in 2020 alone. With the recent approval of another $1.9 trillion stimulus, the US economy has well surpassed any recoverable scenario. The dollar is set to collapse, the only question is when?
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