AbdiGeedi
To keep your balance, you must keep moving.
I think the global pandemic is spelling the end of paper money due to the fact that the vast majority of countries live carrying a varying degree of debt. When economy shuts down or dramatically slow down, governments are forced to step in with financial assistance to businesses and population. The usual route to raise money was to issue treasury notes, bonds, etc. However, this pandemic is so severely affecting the global economy that I suspect that many countries around the world are simply printing the paper money. Few countries like the US are lucky and can afford this trick since the dollar is the facto the best currency in the world.
However, some countries have already started dumping dollars in anticipation of its gradual devaluation. Turkey is the biggest buyer of gold in the world at the moment purchasing 28 tonnes of gold in just 5 month period. And Russia is right behind.
I think the combination of digital currency and blockchain will eventually overtake the money medium of the world. Today's money system is suboptimal and prone to underhand manipulation and fraud, resulting in avoidable inefficiencies.
asia.nikkei.com
However, some countries have already started dumping dollars in anticipation of its gradual devaluation. Turkey is the biggest buyer of gold in the world at the moment purchasing 28 tonnes of gold in just 5 month period. And Russia is right behind.
I think the combination of digital currency and blockchain will eventually overtake the money medium of the world. Today's money system is suboptimal and prone to underhand manipulation and fraud, resulting in avoidable inefficiencies.
Turkey scrambles for gold, overtaking Russia as top buyer
Ankara's frictions with Washington fuel mad dash for the dollar alternative
asia.nikkei.com
