Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank.
According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin.
According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin.
Global rising inflation is skewed by my country alone, i don't think that is fair to include it in their math... But it is true that all fiat coins lose value, albeit in the usual 2~10% yearly so people don't notice. Same thing would happen to any limitless altcoin such as ETH.
Interestingly they blame it in "the government's" but conveniently omit bank's fractional reserve system, which goes on top of that. 9 of 10 fiat coins don't exist anywhere thanks to it, yet they pull it out since it was historically legalized scheme in the 20th century.
So before blaming governments, blame yourselves. And yes, bitcoin would cure it AND move us into Austrian economics. Gold would too, but its frankly more expensive and difficult to handle. Both do share the aspect of having an intrinsic value that is not dictated by the State, but by the market, meaning: how useful it is to people.
