The fiat currency rulers (the Fed, the ECB, the Bank of England and the Bank of Japan) have all turned on their printers. Although I was quite sure Boris Johnson would have done so in order to pay for all the ridiculous promises he made to the British public after his most recent electoral success, I was quite amazed by the size of the other stimulus packages being rolled out.
Whereas the US is clearly trying to calm a possible riot before it even takes places in what Trump so tellingly describes as the ‘inner cities’ by sending everyone a cheque, Europe seems to be stuck in their old ways again.
The Netherlands apparently stopped the others from putting up Eurobonds, where every country would support the other 27. It is most likely that the Dutch were convinced they would have a hard time telling their voters afterwards that Dutch taxes were being used to bail out Southern nations… again.
It probably won’t matter all that much, as Deutsche bank now seems to predict that in a short timeframe of only 3 years from now, cryptocurrency will find mass adoption.
Deutsche Bank analyst Marion Laboure told Reuters that the central banks that recently formed a group to trial CBCDs (central bank digital currencies) would probably issue the first “general purpose digital currency” within about three years from now. The rush is caused by the current COVID-19 pandemic.
It does make you wonder though: do they understand Satoshi did not foresee printing any extra Bitcoins in his blockchain plan.
I mean, when the next crisis comes along and the central bankers have by then switched to digital currencies, they won’t be able to print their way out of it.
Zimbabwe inflation, here we come.
Just imagine yourself going to the bakery in 2025. Two croissants please. That ‘ll be 1,250,000 then.