EVERY new technological development throughout mankind’s recorded history has been met initially with derision, protest, incarceration, torture, death, and sometimes war. From the Catholic Church’s restraint of Galileo, who insisted that Copernicus was correct in his assertion that the sun was the center of the solar system, rather than the Earth as center, as was the position of the church at the time, to the invention of the printing press, which facilitated the French Revolution due to its ability to improve communication exponentially, to the personal computer, to Bitcoin, virtual reality, artificial intelligence, driverless electric vehicles, etc., technology advancement has always intimidated mankind when first introduced. Bitcoin is no exception.
Taking it to its logical conclusion, the adoption of Bitcoin as a store of value and a means of exchange will literally destroy the existing banking and financial system as we know it. It is inevitable. Nothing can stop Bitcoin. All current assets owned by people across the globe will become worthless. This will include assets owned by all levels of government, including, social security funds, and any other type of retirement fund. It makes no difference if the asset is measured in Dollars, Euros Yen, or Renminbi, the value of all current forms of assets will disappear, literally overnight.
So there will be world anarchy, we’ll retreat to the dark ages, everyone will be poor, and we’ll have to subsist off the land, or die. Right? Wrong. There will exist a fairly large group of Bitcoin Billionaires and Trillionaires, so called “whales,” in all the currently existing advanced economies of the world. These people will control all the power because they control Bitcoin.
There will be a meeting of these people. It will be like Bretton Woods all over again, but instead of politicians and bankers attending, it will be Bitcoin Billionaires and Trillionaires. They will declare a “New World Order.” Under the Bitcoin “New World Order”, a percentage of all Bitcoin in the world will be taxed at some agreed upon amount sufficient to replace the capital of every private individual, institution, and government around the globe with an amount equivalent to the pre-Bitcoin changeover. All countries will receive Bitcoin in an amount equivalent to local currency and people will continue to work as they do now.
I further predict this event will transpire within the next five years when the use of bitcoin by individuals and organizations becomes so widespread that local currencies will become unnecessary. The event will be similar to what is happening right now with the Petrodollar. China has declared it will begin using its currency rather than Dollars to buy its oil needs. Potentially, this could lead to China becoming the dominant world power in buying and trading of crude oil. It is currently the largest buyer of crude, which, coincidentally, is the largest traded commodity by Dollar volume.
I also predict that this event will cause all the world’s central bankers to establish their own form of bitcoin but that attempt will fail because Bitcoin by then will already be established as the gold standard, so to speak.
If one reads, listens to, or watches the news, one will hear repeatedly that Bitcoin is a scam, that it will go bust, it will be put out of business by competing bank’s cybercurrencies, or that governments will stop it, etc. However, I happen to believe Bitcoin will prevail over all obstacles and I therefore boldly
(or perhaps stupidly), predict its future. In a remark attributed to Mark Twain, “Predictions are hard, especially about the future.”
On August 18, 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown.
In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block, for a reward of 50 bitcoins.
The name Satoshi Nakamoto is shrouded in mystery. It’s not known if it is a single person, a group of people or just a made up name. Whatever it is, it’s certainly prescient!