It turns out that printing money endlessly has consequences….
Inflation has hit a record 40 year high in our own country, but other nations have it far, far worse. Inflation in Lebanon, for example, has hit a whopping 219%.
The government poisons everything it touches, and money is no different.
History tells us that all paper money eventually goes to zero; similarly, the U.S. government is no stranger to this phenomenon, as our own institutions have resorted to printing numerous currency issues in the past…
The current U.S. Dollar is not the only currency we have ever used—not by a long shot.
Are cryptocurrencies the answer to this problem of central bank money printing? Peter Thiel seems to think so, and this was the tone of his address to the Miami Bitcoin 2022 conference.
Thiel explains that central banks around the world are bankrupt:
Here’s the clip: pic.twitter.com/ZmsrEfXCNi
— ₿itcoin Gandalf The Orange 🟧 (@BTCGandalf) April 8, 2022
“In the last 2 years as it went from 5-6k up by a factor of 10x. It is telling us that the central banks are bankrupt, that we are at the end of the fiat-money regime”
– Peter Thiel (co-founder of Paypal) on #bitcoin @TheBitcoinConf #Bitcoin2022 https://t.co/EGv2T0YqAm
— Stacks_₿s (@stacks_sats) April 9, 2022
TrustNodes shared these figures:
Inflation in Lebanon has reached 219%. “The state is bankrupt, as is the central bank, so we have a problem,” Lebanon’s Deputy Prime Minister Saade Chami said.
In Turkey inflation has crossed 61% while in USA it has risen to 7.9% in February.
Argentina is in galloping inflation with Brazil too now seeing a rise just above 10%.
@peterthiel dropping the polarising truth at #bitcoinmiami2022. Calling out bankrupt central banks and citing Buffett as the ‘grandpa from Omaha’ and ‘enemy number one’ for #Bitcoin . 👀👀https://t.co/LTvK3Fapwo
— Lokes Brooksbank (@Lokes_SPC) April 9, 2022
“I think that central banks, Mr.Powell and people like that should be extremely grateful to Bitcoin because it’s the last warning they are going to get. They chose to ignore it and will have to pay the consequences in the years ahead”. @peterthiel at #miami2022 #bitcoin2022
— Mihaela Costea (@LambadaYeah) April 7, 2022
Independent.UK featured more of Thiel’s Bitcoin forecast:
Mr Thiel suggested bitcoin could go well beyond this by replacing the US dollar as the world reserve currency and offer greater returns on investment than any other stocks or assets.
“The real competitor for bitcoin isn’t Ethereum… it’s not even gold, it’s something like the S&P 500, it’s the stock market as a whole,” he said.