Bitcoin was born in 2009, after decades of work on the idea of cryptographic decentralised currency systems. Its purpose was to provide an alternative to the wobbling banking systems of 2008.
Of course, by the time bitcoin caught on and adoption became widespread, the 2008 crisis was in the rear-view mirror. Bitcoin became a speculative mania instead, as even the legacy financial system, as bitcoiners call it, got in on the action.
Then cryptocurrencies went through a series of their own crises. Bitcoin became a solution in search of a problem as the legacy financial system began to appear safer, at least in the West.
The advent of inflation further undermined bitcoin’s credibility as the price failed to rise to offset the devaluation of government money.
But with bank failures back in the news, has the problem that bitcoin solves finally emerged?
In this interview, personal finance guru and columnist Jasmine Birtles from MoneyMagpie.com asks our crypto expert Sam Volkering about the latest developments in the cryptocurrency versus the financial system story.
But before you click to watch Sam and Jasmine’s interview, a quick reminder about my presentation on the dangers of central bank digital currencies (CBDSs) – the government’s response to the threat of crypto. It’s not like central bankers and politicians will stand idly by and watch their financial system become redundant. They have other plans for you. And you need a plan to be ready.
Nick Hubble
Editor, Fortune & Freedom
