Opening Pandora’s Box, Rule By Fiat Money System in Jeopardy: New York City’s Next mayor Eric Adams and Miami’s current Mayor Francis Suarez both opened to being paid in Bitcoin! What about Gold? – November 6, 2021
So officially two different U.S Mayors have announced that they’re open to being paid in Bitcoin? Not a big deal, you might say, until you understand that a Gold Standard could easily be implemented if the Government gets out of our way.
If the government is admitting defeat to Bitcoin, which is okay with me, well, then it’s making clear that only when it can use force can it stop other alternative currencies from emerging? Now, there’s this belief by many that Gold is too clunky for the modern digital economy, but that’s not true, gold has been banned all over the world from being currency because governments fear the competition. Gold can be paper, it can be digital, it could easily have its own blockchain, the government is the only entity standing in our way.
When most people imagine Gold, they imagine that Gold can’t exist in a fractional reserve banking system, that’s far from the truth, it’s actually Bitcoin that would struggle in a fractional reserve banking system. Bitcoin because of its self-governance is far inferior to Gold, especially if Gold was freed of Government regulations.
Miami Mayor Francis Suarez says he’ll take next paycheck in bitcoin | nypost.com
If the private sector is freed of government oppression, one entity could have both a Gold and Silver currency in a fractional reserve system. Being that both Gold and Silver are already in industry, Gold, and Silver while being used industrially can even still be considered as COLLATERAL for a fractional reserve system.
As an example, as we know there is a lot of Silver content in electric cars, well, electric cars have a shelf life and if there are silver contents in an electric vehicle, any entity could use the ownership of metal currently in the electric vehicle as collateral for a loan. I’ve always stated that I like Bitcoin because it has the potential of breaking the regulators, well it’s already happening and especially in this economic climate, these politicians have my mouth watering at ridding ourselves of this Fiat monetary system.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
Personally, I think this is a case of financial ignorance, I don’t think most people understand what FIAT money means, as a matter of fact, I don’t even think most politicians understand the monetary system. This is one of those situations in which, we just have to wait and see how this thing unfolds. If you’re a believer that Gold is money, you shouldn’t be at war with Bitcoin.
I personally will warn Bitcoin investors of the nefariousness happening with their space, but I try not to sound too negative about it, because in the end if Bitcoin is able to break the regulations, we can rid ourselves of Fiat money, which would also force the government to live within its means.
Interesting times ahead!