While most politicians are behind the curve in understanding Bitcoin, one U.S. Mayor has a good grasp of the way the digital currency is going. When Jackson, Tennessee Mayor Scott Conger tweeted his predictions, he made it clear what will be at the source of Bitcoin’s consistent growth far into the future.
It’s not that most politicians throughout the U.S. aren’t aware of what Bitcoin is. The problem is they keep trying to find a way to straddle it. A recently failed measure in Washington attempted to regulate cryptocurrency, regulations that have, “struck a nerve with supporters of an industry designed to take out intermediaries and grant autonomy to its users via a decentralized system.”
Attempting to regulate cryptocurrency is just one way in which governments demonstrate a sheer lack of understanding of this fairly new digital currency age. But Mayor Scott Conger seems to be on top of it when he tweeted his vision a few days ago.
“As the feds continue to print more USD, this chart will continue to rise! #Bitcoin could be the present, but is definitely the future monetary system, and after 21M, there isn’t anymore.” @MayorConger
That’s saying tons about the difference between digital currency and fiat money. The Fed does have the responsibility of regulating money in the economy and that also means printing money from time to time to pour into it. But a deeper understanding of what The Fed actually does will baffle even the most learned financial amateurs among us as Investopedia explains,
“The Fed figured out that money doesn’t have to be physically present to work in an exchange…Money creation doesn’t have to be physical, either; the central bank can simply imagine up new dollar balances and credit them to other accounts.”
It doesn’t take a genius to realize that’s not a stable system. By taking snapshots of the economy over different intervals of time, it’s easy to see how volatile the ancient fiat system is. On the other hand, as Mayor Conger mentioned, when mining of Bitcoin reaches 21 Million, that’s it. There will be no more Bitcoin creation or addition into the system. The value of Bitcoin will keep rising because the quantity will never be compromised.
Mayor Conger is trying to tell his colleagues something very important. If they listen, they might be able to get ahead of the game and come to terms with Bitcoin’s unstoppable future. If they don’t, they might soon find themselves out to pasture wondering what happened to their cushy little day jobs.
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