The right-wing Heritage Foundation think tank launched Project 2025, an ambitious reform agenda aimed at sweeping administrative changes for every department of government – including abolishing the Federal Reserve in favour of a commodity-backed currency regime potentially involving cryptocurrencies such as bitcoin. Trump – positioning himself to win back the Presidency in 2024 – insists that he was unaware of Project 2025, although the scheme is gathering steam in Washington DC amid growing discontent about the perceived … Read More..
His Project 2022 calls for a ‘free banking’ system where banks issue liabilities convertible into real goods, which used to be gold but which might now include real estate, and even other currencies. ‘Riskier banks would be shut out,’ Winfree, who previously served in the Trump administration, told me. It also means, to him, a return to more stable and reliable financial systems. What’s more, Winfree said, tethering the US dollar to gold, or some other commodity, would restrict the Federal Reserve’s ability to boost spending via inflation – a budgetary manoeuvre popular on both the populist Right and Left.
In these discussions, Bitcoin’s role grows more and more important, its supply limited and created ‘out of thin air’ (much like gold). In the past year, Bitcoin’s use in payment and trade has grown, and now it is also used as collateral in mainstream finance. The world’s largest investment manager, BlackRock, whose CEO, Larry Fink, has referred to cryptocurrencies as ‘your Sputnik moment’, has recently announced that it will embrace cryptocurrencies. Earlier this year, the government of El Salvador accepted Bitcoin as a legal currency, and recent news articles predict a kind of global economic ‘reset’ where Bitcoin could replace gold. The cryptocurrency world changes with every proposed policy and every economic trend in the world.
Source: Forbes
