By Michael Snyder

Fedcoin doesn’t even exist yet, and yet the Washington Post is already hyping it as the primary cryptocurrency that we will be using in the future. Do they know something that they rest of us do not? Just a few days ago I warned that global central banks could eventually try to take control of the cryptocurrency phenomenon, and so I was deeply alarmed to see the Post publish this sort of an article. We want cryptocurrencies to stay completely independent, and we definitely do not want the Federal Reserve and other global central banks to start creating their own versions. Because of course once they create their own versions they will want to start restricting the use of any competitors.

The one thing that could derail the cryptocurrency revolution faster than anything else would be interference by national governments or global central banks. Unfortunately, now that Bitcoin, Litecoin, Ethereum and other cryptocurrencies are getting so much attention, it is inevitable that the powers that be will make a move.

On Monday, the Washington Post published an opinion piece by Professor Campbell R. Harvey of Duke University that was entitled “Bitcoin is big. But fedcoin is bigger.” These days, there is an agenda behind virtually everything that the Washington Post publishes, and so it is not just a coincidence that they have published an article with “fedcoin” in the title. Here is how that article begins

Over the past few weeks, investors have been flocking to bitcoin, the digital currency whose value has soared by about 2,000 percent in the past year alone. And while many economists are cautioning against excitement about bitcoin — which is caught up in what may be one of the biggest speculative bubbles in history — it’s important to note just how revolutionary the technology may be.

Indeed, the technology underlying bitcoin could fundamentally change the way we think of money.

Professor Harvey goes on to explain that it is “only a matter of time before paper money is phased out”, and that some version of “fedcoin” is inevitable.

But it doesn’t have to be.

The Federal Reserve and other global central banks could just leave us alone and allow us to create our own currencies. The cryptocurrency revolution is moving along just fine, and there is no need for any sort of interference.

But I have a feeling that the powers that be will eventually manufacture some sort of a “cryptocurrency crisis” if one does not happen naturally. In the aftermath, they will attempt to introduce some version of “fedcoin”, and many in the general public will be very thankful for the “solution” that the government has provided.

And that day may be closer than we think. In fact, the U.S. government has already invested millions into cryptocurrency research

To add fuel to the fire, the U.S. government has been rigorously studying Bitcoin for about two years now… and instead of fighting Bitcoin, the Feds seem poised to wipe out the U.S. dollar by creating their own digital currency.

The National Science Foundation, a U.S. government agency that supports and funds research… has awarded $3 million to three U.S. universities for wide-ranging cryptocurrency research.

Cornell, the University of Maryland and the University of California Berkeley will focus on developing new cryptocurrency systems that, according to principal investigator Elaine Shi, will address “pain points” attributed to Bitcoin and other existing networks.

The Federal Reserve is far from alone. Other global central banks are doing their own research, and the Bank for International Settlements says that “all central banks” may eventually need their own cryptocurrencies. The following comes from CNBC

Central banks may one day need to issue their own cryptocurrencies, the Bank for International Settlements said in its latest quarterly review.

“Whether or not a central bank should provide a digital alternative to cash is most pressing in countries, such as Sweden, where cash usage is rapidly declining,” the Sunday report said. “But all central banks may eventually have to decide whether issuing retail or wholesale [central bank cryptocurrencies] makes sense in their own context.”

This is going to be a critical phase for the cryptocurrency revolution, because the people of the world are going to have to make it exceedingly clear that they do not want central bank cryptocurrencies.

Central bank cryptocurrencies would simply be an extension of the current debt-based system that is systematically enslaving humanity. The thing that makes cryptocurrencies so great is the fact that they are not debt-based and they are allowing humanity to express independencefrom the current system.

As existing fiat currencies fail, we want there to be independent cryptocurrencies that people can use as an alternative. And we don’t have to just imagine what that would look like. In fact, it is already happening in Venezuela

But in Venezuela, the collapse of the bolivar has forced locals to turn to alternatives like bitcoin and local community-issued currencies with fixed exchange rates. The rapid erosion of the bolivar’s value made everyday transactions like buying groceries and paying cabbies untenable – customers had to pay with large, cumbersome stacks of bolivars that were difficult to transport.

Patricia Laya, a Venezuela-based reporter, tweeted a photo of the 5,000 bolivars – the maximum amount – she was able to withdraw from an ATM in Caracas. They’re worth around $0.05. Laya stated that she had waited 20 minutes in line to obtain $0.05 in hyperinflated currency worth little to no value, according to CCN.

Even though bitcoin transactions can take hours – even days – to settle, local merchants have readily embraced the digital currency.

This is a revolution that has the potential to completely change the global financial system, but I have a feeling that global central banks will never let it get that far. The current system funnels literally trillions of dollars to the very top of the food chain, and the elite are going to jealously guard their golden goose.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.


Viewpoints expressed herein are of the article’s author(s), or of the person(s) or organization(s) quoted or linked therein, and do not necessarily represent those of The Olive Branch Report

Subscribe to my daily newsletter, and join hundreds of daily readers and receive news and relevant commentary

Don't forget to follow The Olive Branch Report on Facebook and TwitterNow available on your Amazon Kindle Device. Please help spread the word about us, share our articles on your favorite social networks.

If you value what you see on The Olive, please consider donating, any amount helps. We derive NO revenue from this site, and upkeep is expensive.

donate to tobr

Print Friendly, PDF & Email

Almost everyone will find something in my articles that will deeply upset them. That is okay. I am a truthseeker. I just call it like I see it. If you disagree with me on some issues I will not be offended. I hope that you will not be offended if I disagree with you on some issues.

One of the things that you should know about me is that I put a very high priority on love. Even though I write about a lot of heavy issues, hopefully I am doing it with a loving heart. If we want to make it through the times that are coming we have got to start learning how to love one another.

The world is becoming a very cold, cruel place. It sure could use a lot more love.

Another thing that you should know about me is that I am a Christian. And I am one of those Christians that actually believes the Bible, and there are a lot of people out there that don’t like people like that.

I believe that God loves us very much and that He sent His Son Jesus Christ to this earth to die on the cross for our sins.