With the world’s second largest economy still reeling from the global financial crisis and still struggling to recover from the shock of the 2008 crash, it may be time to rethink the value of the US dollars.
It’s hard to imagine the US going into deflation, with US inflation running at 3.5%, and US central bank governor Jerome Powell’s prediction that inflation could hit 10% this year.
But with Bitcoin’s value at more than $4,000 per coin and Ethereum’s worth at $4.6 billion, a global economic collapse is almost certainly just around the corner.
The cryptocurrency boom is not yet over.
But the world has a lot to learn from the lessons of China, India, and Brazil.
Bitcoin has a clear upside.
Its price has soared from under $1,000 in 2014, to $1.7 million in May 2016, and it’s likely to hit $1 million this year, according to Coinbase’s Mike Novogratz.
Its market cap has more than tripled since its 2014 inception, reaching more than 1 billion dollars.
Its value is so high that many of its early adopters are now millionaires.
In the same way, Ethereum, the second-largest cryptocurrency, has been the subject of a number of scandals.
Its founder Vitalik Buterin has been accused of embezzling funds and embeasing assets, including $250 million from the Ethereum Foundation, according a court document.
Meanwhile, a recent lawsuit filed by two former employees of the Ethereum foundation, alleging fraud and breach of contract, accuses the foundation of fraud, including allegedly stealing $250m from the network, and of emasculating a group of employees.
A growing number of businesses are using blockchain to power their operations, which has allowed them to offer new services, such as a platform for managing their IT infrastructure, or a way to pay for goods and services.
And a recent study by McKinsey found that blockchain-based businesses are already employing hundreds of thousands of people.
But the US is a prime example of the growing number and power of blockchain in the world.
The government and its regulatory agencies have largely failed to implement blockchain-enabled solutions.
Even though the technology is far from ready for widespread adoption, the government still doesn’t have a formal policy on the subject, according the Federal Reserve Bank of San Francisco.
Its view is that blockchain is a “semi-validating technology.”
The Federal Reserve notes that the Federal Deposit Insurance Corporation (FDIC) is the largest regulator of the financial system, and that it has a policy on financial technology, but that it is “not a policymaker or regulator of blockchain.”
What do you think of the idea of using blockchain?