US Dollar Is Almost Dead: What’s Next?

By Neenah Payne

RED ALERT!! Dollar Is Dying — Banks Initiate Massive Shorts, Cryptocurrency is Skyrocketing  shows how the big banks are betting now. The video says banks see a bitcoin price of $140,000. Coinbase shows that bitcoin is now about $12,000.

JPMorgan CEO Jamie Dimon once called bitcoin a “fraud”, but now he’s leading Wall Street’s push into cryptocurrencies. JP Morgan Chase is America’s largest bank by assets with over $2.62 trillion in assets and is one of the largest banks in the world. In February 2019, J.P. Morgan became the first U.S. bank to create a digital coin representing a fiat currency. The JPM Coin is based on blockchain technology enabling the instantaneous transfer of payments between institutional clients.

Register For Free October 22 Online Course

The Dangerous War THEY ARE HIDING From You | Lines Are drawn links to the free online course on October 22: Survive And Prosper Through The Economic Downturn and Economic Power Grab. Mark Moss says the course will show you how to navigate this tricky market and protect yourself when the inevitable crash comes. He says: “Your actions in the coming months could determine which side of the FINAL wealth transfer you will be on.”

Moss warns: “Inflation is class war. And it’s not just between two classes, those who depend on wages/earned income and those reaping the trillions in unearned income and wealth. There are warring classes fractured by age, demographics, political loyalties, and issues of who’s hoarding what. Those who don’t see the battle lines being drawn will be surprised by the acceleration of the unraveling and those not preparing right now won’t have many choices or options as it all comes crashing down.”

Fourth Monetary Shock: End of Physical Currency

The War On Cash Is Over – Do This Now is a July 2020 video that discusses the financial shocks in 1907, 1933, and 1971 when President Richard Nixon severed the dollar from gold. Are You Prepared For Imminent US Digital Dollar? points out that since the establishment of the Federal Reserve in 1913, the value of US dollar has declined so much that it is worth almost nothing now.

When President Richard Nixon severed the dollar’s final link to gold in 1971 explains that Nixon’s decoupling of the dollar from gold in 1971 had major consequences that will shock most Americans. 1971: The Year That Changed Everything links to the informative site WTF Happened In 1971?.

Mark Moss warns that the Fourth Monetary Shock – the end of physical currency – is imminent and will leave people in a precarious position who have not diversified with cyrptocurrencies.

Decline of the Dollar Since Fed’s Introduction

The graphic below shows how much the dollar has declined since the introduction of the Federal Reserve system in 1913.

This graphic below shows that the dollar was relatively stable in the 1800s.

Dollar Collapse Inevitable Now

Why A Dollar Collapse Is Inevitable discusses the steps in the 20th century that led to the decline of the dollar and made its collapse inevitable. Those steps accelerated exponentially in the 21st century with the trillions to bail out the banks after the 2008 housing crisis – and now many trillions more this year as “stimulus” after the lockdown shut all but “essential” businesses for over eight months.

“This is the way the world ends. Not with a bang, but a whimper.” T.S. Eliot​

The Dollar Dies with a Whimper, Not a Bang explains that the death of the dollar is not an overnight event. It has been long, slow decline for over a century. However, when the dollar is replaced, it will come as a shock to many Americans who have not noticed its decline and may assume it will always be our currency.

In Out With a Bang, Not a Whimper (Part 1 of 2), Joel Skousen reverses this idea. Skousen is a political scientist, expert on strategic site selection and defensive architecture and is the author of authoritative books on disaster preparedness. Although this is 2018 interview, the fascinating discussion shows how the COVID lockdown and stimulus could lead to economic collapse now. Skousen favors gold over the cryptocurrencies.

Are You Prepared For Imminent US Digital Dollar? points out that since the establishment of the Federal Reserve in 1913, the value of US dollar has declined so much that it is worth almost nothing now.

The Coming US Digital Dollar (Part 1): What it is, and Why it Matters by Dr. Garrick Hileman warns that the replacement of the US dollar by a digital dollar is now inevitable and imminent – possibly as early as January 1, 2021. Americans who are not prepared for this shift may be devastated financially. Yet, many Americans are still invested in the stock market – not realizing that no matter how much money they may make, it’s still all in dollars that could be replaced soon.

Gold and Bitcoin For Diversification

Petrodollar To US Digital Dollar In 2021? shows that many wise investors have diversified their portfolio with gold. However, since the introduction of bitcoin in 2009, even more savvy people have hedged their bets by getting into the cryptocurrencies. The chart below shows that was a profitable choice. As gold rose about 30% from March to August this year, bitcoin soared about 130%. However, as the videos further below show, gold has been suppressed by the big banks and is now expected to soar. Since it’s possible to convert gold to bitcoin, people who have gold may choose to ride that wave higher and convert their gold later, if they want.

HOW PETRODOLLARS STARTED THE GOLD CRISIS THAT MAY SOON DESTROY THE U.S. DOLLAR points out:

Most people don’t realize just how little gold there is left in the west and the impact this plays on the world’s financial stability…. For decades, the Fed has tried to suppress gold prices to enhance the credibility of the U.S. dollar as the world’s reserve currency. But that is no longer the problem. Now, the Fed is faced with a major crisis….

The western central banks have done everything they can to manipulate prices down, but they are running out of options. I believe that very soon, this crisis will explode and threaten the entire financial system. Ultimately, this will expose the utter worthlessness of the U.S. dollar, and then the price of gold will skyrocket.

Why You Should Consider Getting Into Bitcoin Before 2021! explains that several analysts recommend that people diversify with gold, silver, and bitcoin. However, gold is not easily portable (especially across borders) and it not easy to use for payments.

CBDCs vs Bitcoin

CBDCs: Good or Bad for Crypto?? is an October 17, 2020 video which says that 70% of central banks are researching central bank digital currencies (CBDCs). It predicts that cash will be converted to CBDCs on a 1-to-1 basis and foresees China taking this step first. CBDCs could also be used to automate tax collection.

The video warns that governments could use CBDCs to track people and to switch off their funds. This system could be used to force people to prove they don’t have COVID-19 to participate in the economy. It warns that CBCDs could usher in the biggest attack on privacy and freedom we’ve ever seen.

The video explains that bitcoin was designed to give you control of your funds and the freedom to spend them globally. It predicts that we will have both CBDCs and cryptocurrencies.

Corporations Buying Bitcoin

Here’s Why Bitcoin Is About To TAKEOFF!! is an October 15, 2020 video which explains that institutional investors like hedge funds, mutual funds, and venture capital firms are buying bitcoin. In addition, recent moves by large corporations allocating large bitcoin holdings to their balance sheets make the picture for bitcoin particularly bullish.

MicroStrategy was the first US-listed company to hold bitcoin on its balance sheet although the firm has nothing to do with bitcoin. Since MicroStrategy recently sold off its US Treasuries and bought $425 worth of bitcoin, over 90% of its balance sheet is in bitcoin. This was a smart move since US Treasuries are paying next to nothing in interest now. So, holding them meant the firm was not getting any return. Moreover, as the Fed pumps money into the system, that debases the value of the firm’s funds if the rate of return is less than the rate of inflation. In addition, using bitcoin facilitates and speeds international transactions.

MicroStrategy CEO Michael Saylor said, “We just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting.” The video refers to the September 5, 2020 interview with Saylor MicroStrategy CEO: Dollar, gold shortcomings led company to put 90% of balance sheet into bitcoin. Saylor said, “Bitcoin is the best money ever created.”

The video points out that MicroStrategy’s purchase of bitcoin started a trend among corporations. In early October, Square (Twitter’s payment company) bought $50 million in bitcoin. Square’s CFO said, “We believe that bitcoin has the potential to be a more ubiquitous currency in the future…an instrument of global economic empowerment”. JPMorgan Calls Square’s $50M Bitcoin Investment ‘Strong Vote of Confidence’ for the Cryptocurrency.

Facilitating Corporate Purchases of Bitcoin

In early 2013, Saylor wrote bitcoin off and said, “Bitcoin’s days are numbered.” So, it’s amazing that someone could go from being such a bitcoin bear to investing close to $500 million in bitcoin! Companies are taking notice of the lack of solid alternatives to the cash and Treasuries they have on their balance sheets.

We are at the stage of the “Early Adopters” of bitcoin now because MicroStrategy established a precedent other companies can follow. MicroStrategy normalized the process of US corporations getting into cryptocurrencies. So, it will be much easier for other companies now that pioneers have laid the groundwork. After the announcement of its bitcoin purchase in August, MicroStrategy’s stock rose over 30% — further encouraging other companies to follow suit.

This is very important for the long-term value of bitcoin. US corporations are sitting on record stockpiles of cash for which the rates are near zero. The video examines the effect on the bitcoin price if more US and international firms put just 5% of their holdings in bitcoin now.

Microstrategy CEO Discusses $425 Million Bitcoin Investment

MICROSTRATEGY CEO: WHY We Bought $425 MILLION Worth Of BITCOIN & Why Other Companies Have NO CHOICE is a video in which Michael Saylor, co-founder and CEO of Microstrategy, explains why he invested nearly half a billion dollars of his company’s assets in bitcoin in August when just a few years ago he was saying bitcoin was going to die. Saylor says you can’t keep your money in cash now because of hyperinflation and low interest rates. The video points out that bitcoin has been the best-performing asset over the last decade. Saylor describes bitcoin as “the most magical, hardest-working security in the world”. The video discusses the surge in bitcoin since 2017.

Why This CEO Made a Bold $425 Million Bet on Bitcoin is another interview with Saylor. He explains why he chose bitcoin over gold and points out that bitcoin is “digital gold”.

The $31 Trillion Dollar Problem Bitcoin Was Built To Solve explains that bitcoin and other cryptocurrencies can be a hedge against the growing inflation. The video sites the October 13, 2020 article Fidelity Examines Bitcoin’s Role as an Alternative Investment which says: “Investors are becoming increasingly interested in Bitcoin. Fidelity’s Bitcoin Investment Thesis research shows that Bitcoin has extremely low correlation with other assets like stocks or gold”. The firm said, “Consider a portfolio with a target allocation of 5% bitcoin”. Along with the August launch of a Fidelity Bitcoin Index Fund, Fidelity continues to make a strong bull case for institutional investors to get in on Bitcoin.

 

Kraken: First Crypto Bank

The First Massive Change To Banking in 100 Years | What You Must Do Now addresses the concern many people have that the US may ban bitcoin. It explains that in September 2020, Kraken became the first crypto exchange to become a US bank. Kraken is the first digital asset company to receive a US bank charter. As stated in its announcement, “Kraken’s vision is to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.”

As a state-chartered bank, Kraken now has a regulatory passport into other states without having to deal with a patchwork state-by-state compliance plan. The video explains why Kraken is a better option than traditional banks or cryptocurrency exchanges for both individuals and businesses.

JPMC Moves To Blockchain and Digital Coin

JPMorgan CEO Jamie Dimon once called bitcoin a “fraud”, but now he’s leading Wall Street’s push into digital currencies. JP Morgan Chase is America’s largest bank by assets with over $2.62 trillion in assets and is one of the largest banks in the world. In February 2019, J.P. Morgan became the first U.S. bank to create a digital coin representing a fiat currency. The JPM Coin is based on blockchain technology enabling the instantaneous transfer of payments between institutional clients.

Financial Services Revolution: How Blockchain is Transforming Money, Markets, and Banking discusses JP Morgan Chase’s approach to the blockchain: “Also in 2017, the bank launched its own Interbank Information Network (IIN), which the bank touted as the industry’s first scalable, P2P network powered by blockchain. Now 415 banks have signed letters of intent to join IIN, with 100 now using it across 78 countries. JPMorgan says that 28 out of the 50 largest banks in the world are now onboard. JPMC came out with its own digital coin in 2016.

How To Buy Bitcoin

If your financial advisor has not told you about bitcoin as a way to diversify your portfolio, you may need a new advisor! People who fail to get bitcoin now may forever regret that decision — possibly as early as January 1, 2021. The number of Americans invested in cryptocurrencies almost doubled from 7.95% in 2018 to 14.4% in 2019, an increase of 81% in one year. However, it can be difficult to get started with books or videos. The best approach might be to find someone who has invested in bitcoin and ask them for help. It’s remarkable how easy it is then. Finder’s Guide to Cryptocurrencies provides key terms. The free 7-day online Bitcoin Crash Course can also help.

You need a “wallet” to buy, sell, trade, and store your bitcoins and there are several kinds of wallets.

Coinbase is an easy wallet to start with.  However, your funds will not be as secure online as in a hardware wallet. Hardware Wallets Explained, Reviewed and Compared is a good guide.

BEST Crypto Wallets 2020: Top 5 Picks explains the importance of choosing the right wallet for your goals. Its top recommendation is the Ledger Nano X hardware wallet. It is the most secure wallet and allows you to trade on the go. See How To Use A Bitcoin Hardware Wallet: Ledger Nano X and the unboxing tutorials. A back-up pack provides extra security. The videos stress the importance of buying from the manufacturer. However, Amazon has several helpful videos about the Ledger Nano X. It also sells a case for the Nano S which may be good for storing the Nano X.

After you get a wallet, you can buy cryptocurrencies. It is not necessary to buy a whole bitcoin – which costs about $12,000 now. See the current price at CoinMarketCap. The satoshi is the smallest unit of the bitcoin recorded on the blockchain. It is a one hundred millionth of a bitcoin (0.00000001 BTC). So, one bitcoin is 100,000,000 satoshis. The unit was named for Satoshi Nakamoto who is credited with introducing bitcoin in 2009.

If you use a private online wallet like Jaxx.io, secure your 12-word Back Up Phrase! If you lose it, you will lose all your cryptocurrencies in that wallet! There will be no way to recover your password or your money! So, keep a printed copy in your safe or another secure place you will remember. Jaxx Wallet Beginner’s Guide. DeFi vs CeFi: How DeFi Measures Up discusses some of the risks.

The purse.io site offers a minimum 5% discount for purchases on Amazon made with bitcoin (BTC) or bitcoin cash (BCH).  How To Invest in a Bitcoin IRA: The 5 Best Crypto IRAs says you can shelter up to $7,000 tax-free in a bitcoin IRA each year. Block Finance is another option to explore.

Join the Counter Markets Newsletter to keep up-to-date with the crypto world. You can use Coin Stats to track your portfolio.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex, and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. The author may have holdings in the cryptocurrencies discussed.

Top image: Alt-Market.com

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