From December 2012 to December 2013, the price of Bitcoin has gone up an astronomical 9,100%. Any currency capable of that popularity and upswing begs the question, if people start using it en masse, what is the impact of Bitcoin on the U.S. dollar?
One thing is clear: Our government is concerned about the growing acceptance of this virtual currency…
Experts say Bitcoin will limit the authority of the U.S. Federal Reserve. The European Central Bank fears such a radical idea will hurt its reputation. And the Internal Revenue Service couldn’t be more furious at its existence.
That’s why there was a recent secret meeting with some of the world’s greatest minds in macroeconomics.
With former Secretary of State advisor to Hillary Clinton, The Vice President of the Council on Foreign Relations, the Communications Director of the International Crisis Group, even WikiLeaks’ Julian Assange, the group mapped out the future of global-business solutions, and how to best play the growing currency crisis within the U.S. economy.
After examining the impact of Bitcoin on the U.S. dollar, these great macroeconomic minds came to a shocking conclusion: The dollar will soon be dead.
How Bitcoin is Destroying the U.S. Dollar
The perception of the U.S. dollar has been tarnished over the past few years, between the Fed’s quantitative easing (QE) program, and unpopular U.S. policy decisions.
Skyrocketing debt and a spiraling U.S. economy have given way for the dollar to lose more and more ground to the euro, the pound, the Canadian dollar, all while the Chinese yuan is threatening to take over as the world’s reserve currency. In fact, since the Fed was created in 1913, the U.S. dollar has lost 96% of its value.
Bloomberg recently reported that the dollar has reached a new two-year low. Consumer confidence is waning, and Washington has seemingly no clue how to stop the bleeding.
The dollar is in jeopardy of plummeting, and with nothing to back it up, there is no telling how far down the plunge could be.
So, while early investors are giddy about the potential from and impact of Bitcoin, there is a victim here – as more and more investors move towards Bitcoin, the U.S. dollar will become worthless.
The good news: Thanks to Bitcoin, you’ll no longer have to rely on the ever-tanking U.S. dollar.
The Growing Global Impact of Bitcoin
Bitcoin has existed for years, but is finally ready to take main stage.
The United States is actually a late arrival to this revolutionary currency idea. The impact of Bitcoin consumer behavior has already been felt in other countries:
In Finland, dentists will accept payment using Bitcoin;
You can buy a pint in Berlin with Bitcoin;
And in Argentina, you can even buy a vacation home with Bitcoin.
Now mega companies like Facebook (Nasdaq: FB), PayPal, EBay (Nasdaq: EBA), and Yahoo! (Nasdaq: YHOO) are allowing purchases using Bitcoin.
But this is far from an Internet thing. Real brick and mortar companies like AT&T (NYSE: T), Fidelity (FCNTX), even Western Union (NYSE: WU) are accepting these digital coins.
All told over 200,000 companies in America alone are now involved!