September 29, 2017

Investor, Doug Casey, predicts that the Federal Reserve will issue its own cryptocurrency, possibly called “Fedcoin”.  It will be based on blockchain technology (the same as Bitcoin) that will be exchanged for US dollars on a 1:1 ratio. This, however, will not be secure from government control as private cryptocurrencies are. The Fed will be able to create and destroy ledger entries, similar to how it now brings Federal-Reserve Notes into and out of existence. Like present paper currency, transactions will be decentralized, but supply will be centralized. The economy also will become centralized and will move into a cashless economy, which is the end goal of the international banking system. -GEG

The U.S. Federal Reserve will not only issue its own cryptocurrency but will also make sure Americans use it. That’s the prediction of currency guru Doug Casey who has an uncanny record of being correct about economic and political trends. His latest book, Surviving Fedcoin: How to Protect Yourself (and Profit) from America’s Coming Currency Change, is a public bet that the U.S. government will issue its own bitcoin which Casey views as “the last arrow” in its money quiver.

How will the dynamic play out? He speculates,

“To start with, I suspect it’s going to be a parallel currency. Perhaps usable just within the U.S. which, in effect, would be a form of foreign exchange controls even more effective than the inability of Americans to open up foreign bank and brokerage accounts today [due to monetary control through FATCA]…I think it’s a near certainty that they’re going to do something like this and soon.”

Fedcoin

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