CryptoSlate sat down with Dominic Frisby, author of Bitcoin: The Future of Money?, to discuss gold, Bitcoin, and geopolitics.
The topic was apt given all the current macros, especially inflation, and our collective fixation on the mechanics that got us to this point. This is also because they strongly support the
Frisbee content often criticizes governments for perpetuating the struggles of the downtrodden. Delivered in
For example, in a recent YouTube video, Frisbee proudly sings “F*ck the Government” via song and dance while advocating anarchist ideologies such as the idea that “taxation is theft.”
But like most comedies, there’s a sliver of truth behind the joke. And in these oppressive and financially uncertain times, Frisbee believes that recognizing these problems can alleviate what lies ahead.
Gold was Frisbee’s gateway to anti-fiat currency
Frisbee not only blames the government for the decline of society, but like a pea, he holds banks, especially the statutory banking system, to a great extent.
In a fiat currency blog post that today marks its 10th anniversary, Frisby explained that the co-conspirators are exerting influence by creating the fiat currency.
He described a top-down distribution system, pointing out that in this system those at the bottom benefit the least.
“This system of fiat currency, in which governments and banks have the power to create money, benefits those closest to issuing money, the first to receive the money, and the furthest, the last to receive the money. sacrifice.”
And as long as everyone uses strange money to trade, the gap between rich and poor will continue to widen.
The Bitcoin vs. Gold debate is divisive, with respective backers clashing in emotional debates. But Frisbee sees both as equally important, as long as they’re both “anti-Fiat.”
He revealed to CryptoSlate that his gold investment turned to legal fraud. But that’s not to say Bitcoin doesn’t offer similar insights, just that Bitcoin hadn’t been invented at the time of these realizations.
“I started investing in gold and then I started reading books on gold. This was before coins were invented, so it was gold to me.”
Digging deeper, Frisbee described his enlightenment about fiat currency and the social damage it does as a road of no return.
He sold his gold bullion a few years ago, but still says his investment strategy is focused on gold-biased “anti-fiat,” which consists of gold, silver, and bitcoin. claim.
Frisby shared the introspection that gold is “the most analogue asset that exists,” and said that in a digital world, the emphasis on gold could perhaps be a miscalculation on his part. I acknowledged
“The problem with gold is that it is the most analogue asset…so in that world, when all wealth is digital, do you really want the burden of gold? I question it.”
Return of gold collateral
When it comes to storing wealth, the current prevailing theory is that tech-savvy millennials prefer Bitcoin to gold.
On this basis, deVere Group CEO and founder Nigel Green believes that BTC will become “increasingly influential” as millennials continue to climb the ranks of the workforce over time. Expect.
“As the world continues to shift to technology and millennials become a dominant part of the global economy, Bitcoin will become increasingly influential in financial markets, especially in terms of being a ‘recession-proof’ asset. should be expected to be “
But now Frisbee argues that thousands of years old gold creates a more recognized and universally accepted form of trust among nation-states, especially in geopolitical times of volatility. did.
Russian President Vladimir Putin, speaking at the BRICS Business Forum at the end of June, revealed that he is actively working on a new basket-based reserve currency composed of the national currencies of member countries.
The move was widely seen as a direct challenge to US/dollar hegemony and a result of sanctions against Russia after the war broke out in February.
Frisbee has speculated on the matter and behind the scenes the BRICS countries are discussing backing this new currency with gold, which in his view will restore confidence among bloc members.
“Do not trust anyone [in BRICS]And if they all need to start settling payments with something backed by gold, they may start to trust each other.
Frisbee said that as much as he is hostile to the government, it is ironic that the only thing that can save the money is the government.
what about bitcoin?
Bitcoin-backed currencies seem implausible, perhaps because Bitcoin is not universally accepted as a store of value, but is such a product that implausible?
Since the sanctions were imposed, Russia has slowly turned to bitcoin and cryptocurrencies. Most notably, it has made a U-turn on proposals to ban the use of digital assets as a means of payment within the country.
Since then, local media have continued to report on crypto-supportive moves from Moscow. The latest report from state news agency TASS announced that the Ministry of Finance has approved the use of cryptocurrencies to settle international transactions “in all industries without exception”.
The real kicker, at least for the old guard, would be if Moscow adopted a bitcoin-backed reserve currency across the board. Anything can happen, especially when it comes to the following issues: