The mind boggling grift within the crypto space puts people off, as well it should. But we must not forget the mind boggling grift within the fiat system, too.
At the moment, we see the Western democracies are approaching the limits of the current financial system. They are essentially bankrupt, and the economic destruction wrought by the one-two punch of the Covid lockdowns and the sanctions response to the war in Ukraine may finally push them over the edge. A frightening price inflation has taken hold and is probably going to continue until the USD and the EUR burn themselves out.
But what to replace it with? Bitcoin is slow, expensive and disturbingly transparent. but it can serve as a sort of digital gold, at least for now. The other coins, Ethereum included, have flaws, least of which is the grift culture which infests most of them.
The rest of the world is probably going to transition to a commodities based basket based on gold and other metals in which to conduct international trade. The West, operating for so long on its own dishonest currencies and displaying an astonishing fundamental untrustworthiness in banking matters will be in no position to resist this.
Instead, the West plans on issuing central bank based digital currencies with which they hope to continue micromanaging their citizens economic decisions and forcing foreigners to accept. But these CBDCs will fail. Who wants to hold these currencies when they can so easily be seized, devalued, or manipulated on the whim of feckless Western authorities who have worked so industriously to prove they cannot be trusted? Only their captive populations can be forced to hold them.
When the CBDCs fail the only alternatives will be hard assets like gold and maybe Bitcoin and a handful of lucking winners in the crypto space. And, of course, hard foreign currencies backed by commodities. The West will diminish and go through a long period of introspection and reorganization.
Cheering on the failure of crypto and especially Bitcoin means cheering for CBDCs. There will be nothing to protect you from what will become essentially communist command and control governments but your easily confiscated gold, and most people will not have it.
