good perspective, thanks for it

Simply the best look into the future of finance. Well done and thank you.

Love your videos Raoul - Will you be doing a slot on Ethereum at all? It's potential as a long term store of value in comparison to Bitcoin.

I wonder what happens should there be a major electronic infrastructure failure like a catastrophic virus infection that affects major parts of the world system.

It's all good while the Electricity Grid works

So the FED is going down the Bitcoin Road.....What makes you think these 2 Party's are going to place nice together?

Great content

If I want exposure to bitcoin can I use ticker GBTC as an alternative? Im sure buying actual bitcoin would be the safer bet but I guess Im wondering if this etf is a safe alternative

I’m impressed how relevant this video is, even more impressed 1 month after it came out.

I agree

The best Unvarnished information available. Thank you. My personal beliefs and themes of finance and economics

Very sturdy here. Good stuff.

Hi, In my opinion, there’s still risk on crypto through the ban on exchanges as the government once decided to stop the way to fund out or convert back to cash. It would be extremely hard for people to take back the money. Though, I see the cases where the payment gateways like paypal, Globee started allowing online merchants to sell items via BTC/ETH/etc. I think we could see a lot more progress from there. The problem with tax is another issues that I’m concerned that government would eventually take the matter seriously which I don’t know which way this gonna turn out.

What if Trump wins and he immediately opens up the economy, and other countries start following the same? Does it mean there's a chance that the insolvency phase gets much less minimized? Max Keiser seemed to think a Trump win would mean that BTC will see a slower rise up than it would if Biden wins next week. Not sure what do ppl here think?

Ok Raoul, I am jumping on the Bitcoin bandwagon. There is a lot of Greek to decipher. Is Bitcoin.Org a legit organization, seems so. Is a legit wallet BRG? You can buy from Bitcoin.org if you have your wallet address. Am I getting this right? I can buy directly from BRG too but their fees seem high.

I would very much like to see Peter Brandt speak with Raoul again. Peter had earlier said $14,000.00 was a significant level. We are there. Bitcoin is the main event. Thank you, John Ross

I think the 5 year view for global adoption is going to be too aggressive a position. There are way too many entrenched power bases that will resist this wholesale change and Raoul ignores the politics behind its adoption in his video - VERY RELEVANT. First up will be individual countries doing their own experiments. Only after there is some confidence there will there be an expansion. And a global digital currency? Nah - which country will give up its sovereignty. And then the whole issue of exchange rates and common global clearances. Do you think the US will give up its power over the USD/Swift that easily. More likely an alternative clearance mechanism will start up backed by emerging economies and BRICS. Whether that is digital or otherwise remains to be seen.

Can smarter people than me (ie: pretty much everyone) confirm if/which central banks have the authority to launch their digital currency as discussed in this video (ie: consumers having "an account" with central banks). My understanding is the Fed does not have the authority and would require a change in the act to allow to do this but would love confirmation from experts.

I’m a Bitbull too!

I got into BTC around 2015. I love it. But I would love to see a piece on power consumption and BTC. Apparently if what Raoul thinks will take place with BTC, we will need to be building a lot of new power plants. I have heard power consumption for BTC costs about $68 per transaction. If true, this could certainly be a fly in the ointment. That said, I still own it and am thinking of buying more. John

It is truly sad when you have to be paranoid suspicious of every new thing. I have been conned one too many times. Want to do this right.

For us crypto dummies, maybe you can comment on your recap Monday?

Thanks for doing this. Much appreciated.

if the future is digital dollar (no more cash) what’s the point to get gold if you can’t get cash when you sell it?

Raoul has gone into the crypto rabbit hole and there is no way to bring him back 😂

Who are the 33 dicks! who don't like this video... I can only presume they do not understand the content..... DICKS!

Could someone please answer to the "Peter Schiff argument", that Bitcoin does not have an intrinsic value like gold has. Basically the value of Bitcoin is only as high as the value the other person puts on it. I can see that Crypto is the future, but what would happen if a new (better) Crypto Currency is founded and everyone rushes into it and by doing so making Bitcoin worthless? Would greatly appreciate an answer. :)

Irresponsibility long.....

I agree that btc can't be banned worldwide due to the regulatory arbitrage you highlighted; however, what if just a few large western countries and China banned it? And by banning it, I'm not talking about some sort of technological solution to ban it that we could debate for hours. I'm just saying they pass a law that says if you get caught buying/selling btc, it's 20 years in prison. Would drug dealers and other outlaws be enough to push the market cap to $11 trillion. I don't think so. Will US citizens move to Uruguay just so they can transact btc? Also doubtful I think. By the way, gold gives me similar worries but gold has industrial uses so that makes a ban more complicated - although not impossible.

First the democratization of computing, then the Berlin Wall, next internet, now the end of Fiat. Interesting times to live on.

Raoul, I noticed you did not mention GBTC. What do you think of it?

How does capital get efficiently allocated without commercial banks? Sounds profoundly disturbing.

Raoul confirms the most disturbing trend impacting democracies will be the power grabs of central banks that will increasingly circumvent democratically-elected legislatures. These massive shifts in where power exists typically occur in times of crisis. It will be a true test of the US democracy to see if the three constitutional branches of government can rein in the Federal Reserve, which most feel has already overstepped its mandate with no consequences. Japan is the blueprint for the path to increased power the Fed is likely to follow, unless it is somehow restrained. An unrestrained Fed will likely morph into an uncontrollable entity that years from now our citizenry will regret having been passive about.

I sort of see the argument, but not completely buying it. First off, the IMF is US-controlled. Why would the US willingly let go of its reserve currency status? Second, as Raoul himself stated, central banks do not have the legal authority to do any of this (directly create money and deposit into non-bank accounts). I think there would be a revolution in the US if they even tried to do that because of the loss of freedom implicated which Raoul also pointed out. Last, if Bitcoin is declared illegal and possession criminal think cocaine, heroin, etc), how many people will be willing to take that risk? Cockroach it may be, but nobody likes cockroaches, do they?

Excellent talk! Thank you for sharing so openly. I've been using Raoul's arguments to convince friends and family to buy bitcoin. What I still don't fully understand is what happens once all 21 million coins are mined. Will the incentives for miners to keep processing transactions be enough without getting the rewards of new bitcoin? Or will there be a new way for miners to make money without dismantling their operations?

Mr. Pal, Thank you for an excellent presentation. I also believe in Bitcoin, but I am not ready to pull the trigger until the insolvency phase forces many market adjustments. I am a revenue guy. Without revenue nothing good happens. After the elections, I see the possibility of many insolvencies as you are projecting when business and family revenues plummet. Like both you and Mr. Gundlach I am expecting better shopping days ahead for Bitcoin, Gold, Stocks and Land. Nearing 75 I might see the world differently from most of you. As for now, I am holding on to cash to see what will happen when the insolvency phase is taken seriously by the markets The pandemic will drive insolvencies to a depression level. I may be completely wrong, but I am 90% in US dollars waiting for a real downturn. If the insolvency phase begins, I will be able to average down my gold position and balance with stocks and Bitcoin. The only good news is my current revenues exceeds my current expenses. I will be solvent in an insolvent world. Not the worse place to be. I hope we do not go too far down the rabbit hole. So many people will be hurt. So many families will be damaged. You are doing your best to get the work out. I hope people listen and act. DLS

I found the first half of the video really interesting. The second part is a powerful bitcoin sales pitch by an ex Goldman sales guy. So I ask myself why is he pitching bitcoin so hard? what's in it for him or for his business? Where is the conflict of interests that characterises every WS sales pitch? When I think of Raoul's talk with Jeffrey Gundlach and how he changed the subject when he did not endorse bitcoin, and how the bitcoin subject keeps coming up with everyone on realvision, I think that maybe realvision is to bitcoin what cnbc is to stocks? Maybe realvision as a business has chosen this path to expand into a global media business? good for them! Whatever the case I love many of the interviews, great content, great team, I just don't listen to bitcoin broadcasting, because it obviously is, in my opinion, the bitter pill to swallow to get all the other good stuff! I will buy some bitcoin when nobody talks about it for a while. Keep the good stuff going :-) thanks

Raoul: I'm not a bitcoin hater nor am I an enthusiast. I'd like to own some and have immediate questions - how does one buy and hold it safely? I'm in the IT world and knew a few bitcoin miners - they all claimed to own some bitcoins but later told me someone striped them of their bitcoins - in essence they claimed that they were stolen. So, in my mind bitcoins present many issues for a person like me to deal with before I can even consider buy a cryptocurrency. - how do you buy and securely hold them? - where can you buy them? - how do you sell them? - a bitcoin today is worth about $12,000 US - that is a fairly large amount of value. Most of society doesn't have the wealth to own even one of them. How can that be usable? How do you pay the plumber, baker, mechanic or dentist with it? Can the distributed ledger that underpins bitcoin actually deal with buying a gallon of milk and a loaf of bread? Thanks!

How do you guys view GBTC? It is an ETF that provides some BTC exposure.

Great stuff. A couple observations: 1) China is driving the competitive development among nations here. CBDCs are like the new space race. As the USSR was to Sputnik, the CCP is to the digital yuan. China already has a beta rollout that has just gone to 50,000 users. Other nations are in fear that China will get too far ahead. 2) The big impacts here are not monetary policy, they are fiscal policy. It is Modern Monetary Theory in hyperform. That means the driver here will be politicians, not central banks. The Federal Reserve will defer to Treasury on the big details here in terms of how money gets spent, and Treasury will defer to congress. The Fed will be a conduit for implementing CBDC spending measures authorized by congress, e.g. customized tax policies, spending credits with expiration dates, and so on. The Fed would not want the political heat for authorizing direct spending, and congress will want to call the shots in terms of who gets how much on what terms. 3) The implications of 2) are that central banks will not actually drive this, nor will they want to. Central banks will prefer to be the dumb pipe, working in coordination with Treasury, as policy makers decide what fiscal actions to undertake. This is the dawn of 21st century fiscal, basically. 4) The social credit and micro-management aspect of CBDCs will not come right away because the technology is not yet there. It is the Ethereum problem and the "not ready for prime time" DeFi problem. There will be a lot, lot of bugs yet to solve before a CBDC is actually technologically advanced enough to, say, send tax payments only to laborers with incomes below $30,000 a year or offer spendable credits with an expiration date. 5) If CBDCs start to fulfill their promise, there won't be a need for negative interest rates, in the U.S. or anywhere else. The Europe experience has shown they don't really work, and in fact they tend to destroy the banking system. If you have transfer payment capability through CBDCs and a willing government, meanwhile, you don't need negative rates at all. You can just spot-target money to specific groups. You could even spot-target different lending rates, e.g. small businesses of a certain size can borrow with embedded tax rates and big corporations can't. With that kind of granularity, the blunt instrument of negative rates is not needed. 6) A USD short squeeze implies a loss of policy control. It still isn't clear why this has to happen, particularly if the US kicks off a new multi-trillion fiscal program in 2021. At the same time, the more functional the international transfer system becomes, the easier it will become to transfer undesirable dollar-denominated assets into desirable non-dollar assets, like debt-for-equity stakes in emerging market companies. The USD short squeeze threat is also existential in the manner that Y2K was existential, which reduces the odds of its occurrence: The powers that be will be so intently focused on it, it becomes less likely to happen.

Thank you for distributing this video so quickly - fascinating. In light of the steady rise in Bitcoin since Monday, would love a flash update on BTC and the market dynamics this week following on from Powell's speech. I listened to the DB this week and there was some BTC discussion but not a direct follow-on from this piece (please let me know if I missed something) which I would love.

Gold failed before. I don't understand why gold fans think it won't fail this time, while having the exact same limitations. Gold is difficult to store and verify for an individual, it gets naturally centralized in a few locations. These few locations can then be attacked by the state (or anyone else), and this is exactly how the gold standard ended. Due to gold's physical nature, the emergence of a black market is difficult, and the transfer of wealth (or the trade) across borders is almost impossible. Bitcoin solves these problems. You can store as much Bitcoin as you want in your head by remembering your private key, and you can verify all Bitcoin you receive inexpensively by running a full node. These two key points help keep Bitcoin decentralized. This means that centralized points of attack for the state or anyone else are close to non-existent. Because of its digital nature, sending it across a border is easy, and the emergence of a black market (a parallel economy) is possible. Bitcoin was created to succeed in exactly the adversarial environment where gold has failed. Gold needs a benevolent state and a huge infrastructure to succeed because you cannot verify and store it by yourself; Bitcoin does not need any of those things. For these reasons, Bitcoin is the only technology that allows you to claim your monetary sovereignty and liberty—something gold will never be able to do.

Raoul or RV members. I saw Raoul mention a hardware wallet recently however I can’t find where it was mentioned. What was the wallet Raoul referred to for storing crypto?

The share number of likes this video has compared to other videos on the platform makes me fearful of BTC as an asset. (Its more akin to a cult/bubble). That said, sure I have traded it and done well. Would I "hodl" it for eternity I think not. Until the turning point where BTC is globally accepted for business transactions, the Achilles heel will still be swift/bank conversion system. For those who think 'this time is different .' Its not. Government and central banks will reign. For BTC to win this race will require all out hard war, at which point none us us will "win". Bullets and canned goods will be currency long before BTC will be a reserve asset.

Anyone else think Satoshi Nakamoto was a time traveller?

Where is the red head at the end?

And here I was thinking the cockroaches that can't be killed are the Federal Reserve and its sibling cockroaches known as the BOJ and ECB. Big mean brown cockroaches with wings. Scary critters.

PayPal allowing its clients to use bitcoin starting from early 2021. PayPal has about 300m clients worldwide

Why was this so urgent? Just the usual sales pitch for BTC.

Sorry, Raoul, but I must disagree with your Bitcon thesis. First, it is competing with the perfect reserve asset par excellence - Gold! At the 'big boy' table where the new 'reset' system will be agreed, the critical commodity in shortest supply will be TRUST! And Nothing will be Trusted other than Gold. It's why most CB's hold gold in reserve, and some have been massively buying it because they well know what is coming, and they will be at that decision table. (China/Russia/India etc). Second, why will there be another reserve asset required, other than gold? A great deal of CB energy has already been invested in Gold, for good and well tested reasons, over a long period of time. Gold wasn't taken out of the monetary system because it failed its duty, but rather the opposite, and the corrupt debt based fiat proponents couldn't run their corrupt ponzie program with gold as the foundation, because it acts as the fiat policeman, and is an anti corruption asset with no counter party. And also it seems to me that Bitcon has a fatal flaw. By design it takes a tremendous amount of energy to mine and run it, and that is increasing exponentially. That will at some point be recognized, and will cause its downfall. Another aspect which supports Gold as the foundational monetary reserve is that it is already widely held throughout the world, and that greatly adds to its power to regulate the financial system as the reserve asset. Just a few thoughts for your consideration.

Proper content, thank you. Raoul, i will show this video to my kid in 9 years time and tell him Mr. RP made daddy buy an extra Bitcoin for his 18th Birthday! Bitcoin bullish does not does justice to how explosive this investment could be. Mahalo

I have read that there are something between $1Trillion and $2Trillion held as dollar cash (mostly $100 bills) outside the US, where people hold them as protection against their own country's currency. So if these bills are de-monetized, what happens to these dollar holders? If they deposit them in their local banks, they will be converted to the local currency and their value lost. There may be some who just hold onto them and keep using them in preference to other options, but it seems to me that this would cause a great amount of (additional) rage against the US, primarily among the well-to-do in other countries, although probably not so much among the ultra-wealthy. People in Argentina who hold several hundred thousand in US cash with the intention of buying a house, people in Venezuela who now largely transact in US currency, people in Turkey who are desperate to hold a store of value against the collapse of the lira, etc. I realize that the US government will probably take a "screw them" attitude toward such dollar holders, but I suspect that the blowback from such an attitude may be worse than they expect. Or do we expect that every CBDC would be useable around the world? That people in any country would be able to transact in whatever CBDC they want? I don't think so! In any case, there are a lot of details to be worked out, and I foresee the potential for a lot of blowback and unintended consequences.

If this kills SWIFT and stable coins, where does all this leave ripple and XRP? Could their tech be used to facilitate the new payments system?

Raoul in your next bitcoin talk can you go into more detail as to how BTC and it’s centrally governing bitcoin core developers, more specifically Adam Back and Gregory Maxwell are preparing BTC to handle the translations of the world while keeping the network capped and doing only 4-7 transactions per second. I would love to know your thoughts.

Thanks for another great video Raoul! Why is Bitcoin the holy grail of the crypto value proposition? I keep battling with the idea that even though BTC has a finite supply, there is a potentially infinite supply of cryptocurrencies out there! Is there a video in the crypto series explaining this? Gold you can't print...if you want leverage and can stomach the volatility then get silver, which has a loose monetary character and also will be needed to help circuit all these digital solutions of tomorrow (I know I'm sounding like a typical PM bug now). Why does BTC specifically have an edge over hard assets and all the other cryptocurrencies in this regard? It will appreciate, but isn't there limited upside when it becomes just another (crypto)currency in a sea of other (crypto)currencies that are mutually exchangeable like FX? I understand that the central bank cryptos will be transactional in that regard more like FX, but you can potentially have thousands/ millions of these value preserving cryptocurrencies that will surely dilute their overall value, no? I found the discussion with Marc Cohodes fascinating around tokenization and what OSTK and its subsidiaries are doing in that space...looks like a destination for a lot of speculative money flow in the future, but also some actual exciting opportunities. Gaming tokens coming into the world of fintech and investment, gotta love it! Thanks for the great content, as always!

I love that bitcoin is now central to financial discussion. I've been in crypto for four years and have watched it's prominence grow in this way. One thing that could be more emphasised: the bitcoin network only functions because hobbyists around the world (somewhere between 10000 to 50000 of them) run a full node. If you're reading this and are keen on bitcoin I think you should considering running the software. You need a mostly always-on computer or server with 500gig plus of HD space...

Big Bitcoin, Ethereum, Polkadot and Defi fan in general. However...18 + of the 21 million BTC is already minted with 4 odd million minimum lost forever and most of the remaining 14 million is Hodled.....so my question (to which I've never had a good answer): Aren't we just creating a new <<<< 1% super class to replace the old one ?

Raoul, thank you as a very thought provoking piece. Very helpful for my on-going internal debate about how much to allocate to gold and bitcoin. Also, very entertaining. Still LMAO over the statement "Bitcoin is the cockroach in finance..."

There's just one issue: there is a bottleneck in bitcoin's transaction processing capacity. It may work as a storage of value for some time, but Bitcoin don't scale very well, that's why there are so many hard forks (such as Bitcoin CASH). The transaction costs (and delays) are a real issue as they could potentially exceed the value of the exchange. In addition, Bitcoins need to be safely and phyically stored: it can be stolen, like gold. Bitcoins may prevail (if not ETH or any other) but in the end some institution will just create paper over it to facilitate exchange. What will we have won?

Don’t underestimate the ability of the government to go after Bitcoin. They will go after the exchanges where the average Joe holds his / her coins. I am not going to hold in cold storage, I forget my YouTube password once a week, so I need the exchange / wallet - which leaves me at the whim of the govt.

Raoul, thank you. This is the first time that I "kind of" got it. Technically I always knew blockchain was a game changer, but I didn't understand enough about the monetary system to see value in "another" type of currency. Now I see that Bitcoin will be a great store of value at a minimum, and when demand develops, a possible rocket ship to wealth. Thanks for making this kind of knowledge accessible. Brilliant.

ALL ABOARD THE HYPE TRAIN BOYS! CHOO CHOO!

One of the best videos in RV in a long time. Fantastic fluid talk. It's impressive seeing how Raoul had the vision to realize Bitcoin (BTC) is the best way to invest and protect your wealth.... 12 years now.... the 12 next ones will be even more impressive.

Raoul, you're right. Its one of the many reasons I've been in on Bitcoin since 2011. The financial system will remake itself, and many won't make the jump if they're not prepared. Crypto is the lifeboat in this financial storm. You don't need a lot, you just need something other than the typical debt-laden currency systems.

Raoul, your ability to communicate (authentically) complex ideas from a broad view ...yet not lose sight of those pesky “devil in the details” parts of BTC, Euro$/US$, Central bank group-think... is world class. You have a gift. Many subscribers here can trace their initial “wake up moment” back to 9/11. Given where we’ve come since then (from the freedom-destroying Patriot Act to now a completely politicized “pandemic”) your analysis/vision let’s us begin to create a future less dependent on “the system”. It’s so simple... (my view) - own some physical gold (10%+) - be in some cash (20% for short term optionality) - heavy into BTC (at least 25%) - allocate the balance to your other life needs (real estate, your business, etc) At 51 years old ...here is what I know - If you have your health and someone who truly loves you ...you’re 90% in the game. The rest is makes life just marginally better. ...enjoy the Caymans.

Hope we get to see a discussion on hedera hashgraph

All well and good, but you had to mention "Pomp" ...?

Expected features of CD currencies: 1. Cannot be converted to fiat. Cannot be used to pay down debt or hoarded (deflationary). 2. Will have an expiration date. Inflation now! 3. Will reflect social engineering policies. Use for food but not gasoline (climate policy). 4. Means tested. No everyone gets it

MMT can work. But it is dependent of who operates the controls. Will it be a reliable government or the new world order for instance?

Raoul tremendous video. China is full steam ahead on their CBDC and will certainly weaponize it for control of their populus. Strange times. I know you have been asked about XRP as a bridge currency between CBDC's as it is privatized and the largest holdings are in a private company (although it is stashed in escrow). Lagarde and others from the IMF have addressed it directly as an innovative solution to legacy SWIFT. Have your thoughts changed on Ripple? If the XRP token does not appreciate into this role, what do you think will be the medium and liquidity for exchange between CBDC's? Kind regards.

Time to re-read Hayek's The Road to Serfdom. Before reading the shape of things to come: https://www.amazon.co.uk/Unelected-Power-Legitimacy-Central-Regulatory/dp/0691176736/ "Guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good Central bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. Unelected Power lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens. Paul Tucker draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union. Blending economics, political theory, and public law, Tucker explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. He explains why the solution must fit with how real-world government is structured, and why technocrats and their political overseers need incentives to make the system work as intended. Tucker explains how the regulatory state need not be a fourth branch of government free to steer by its own lights, and how central bankers can emulate the best of judicial self-restraint and become models of dispersed power. Like it or not, unelected power has become a hallmark of modern government. This critically important book shows how to harness it to the people's purposes."

Banks are also required for loan origination, adjudication and servicing. I don't see how any of that changes. Banks also have valuable distribution networks which offer customer contact, support. I don't see how a central bank displaces that?

A comprehensive sweep of the turbulent issues we face in the political economy of our times. Thank you so much for having the passion and persistence to make these important ideas accessible. Having been involved in markets since Nixon ushered in the Post Bretton Wood regime, I am mesmerized with what we're on the verge of and think the contribution of your platform to raising awareness is magnificent.

Raoul’s dog is all “Would you STFU and take me to the beach?”

Can someone point to an article that explains why/how US dollars are not fungible with euro-dollars? Does Raoul mean that if Apple is holding USD overseas, the company can't transfer the funds to a U.S. bank?

Hi Raoul. Would a digital currency where one has direct payments to citizens be super inflationary ?

😱 you know what you have just done don’t you . You have scared so many people that we are all moving to Little Cayman . Prepare for some noisy neighbors :-)

Great and inspiring speech. True about privacy. Anyone carrying a mobile phone is not truly concerned about privacy. Or using credit cards, mobile payments, "loyal customer" cards at your market etc. Not to mention what Facebook and Google are capable of. Raoul is right. We never had privacy after we started using other than cash payments.

hi Raoul, why do you think the US will let the IMF takeover on the USD hegemony and let everyone out of the swift system? - and therefore loosing "control" and strong leverage on competition and enemies.

Thank you for your thoughts. However, I'm a bit sceptical, that bitcoin can become a mainstream store of value here in Denmark. As of now, I'm not allowed to buy bitcoin - none of workers in banking system are allowed. Due to money laundering rules, none of banks accepts money deposits coming from sale of bitcoin. We'll see, how the laws will evolve, but I don't see how to allocate part of my savings to bitcoin without breaking the laws.

great video Raoul. let me offer a different opinion: - BTC's 21M is also it's Achilles heel. It will become an asset class like fine art, only for a small uber wealthy segment. It won't be bid to the moon by the masses like gold. People want to get in at the beginning (ie, gold mining) not really interesting if all the coins are mined for eternity (but hey, we can create BTC 2.0 and start over again!) - A variety of stable coins will be created based on trust (who do you trust to hold your $$$) and ease of transfer cross-borders. as long as you "trust" the issuer (stability, longevity) you can/will buy as store of value. - Behavioural economics.... hmmm, sounds like academic speak for socialism :-)

Raoul, Governments allowing competition be it private crypto currencies or any other private assets, gold etc. seems extremely unlikely to me... apart from the option 'disabling' cryptos being not that impossible via domain name servers and exchanges... Also, it is important to discuss what a socialist society is, which is what is coming, unless civil unrest and revolution break. It is based on psychological influences and preconditions. This is not helping your thesis. However, I would like to thank you for all your thoughts shared with us!

And Raoul ... Kinesis is a system that can be adopted not just by individuals, but entire countries. Indonesia is working with Kinesis through PTPOS now and Africa and Latin America look likely to get involved. Would be keen on your thoughts ....

The Kinesis Monetary System solves a lot of these issues in my opinion. Blockchain digitised PM .... mmmmmh. kinesis.money

Hi Raoul, great piece. Can you please update us on your allocation split between BTC, Gold, USD, Tradable Cash? Many thanks, Mark

Great explanation so well thought; and I am totally with you. We are going to face scary scary times. What price has your freedom? BTG GLD are the way. Power top down means authoritarianism. No matter from whom. Not sure if the osmosis between the two systems will stand. Crucial will becomes as well to build the next internet, because the one we have right now is dead and already a citizen in China or Russia cannot see the same things that a citizen in the US or in France can do. Last a reminder that what IMF wants to do looks like a Bancor but isn't. Keynes aside even an keynesian like James K Galbraith warned about this in a magnificent article entitled "Don’t turn the world over to the bankers" (2003 https://mondediplo.com/2003/05/06galbraith ). Many thanks for this.