{"id":5914,"date":"2022-01-25T15:45:04","date_gmt":"2022-01-25T15:45:04","guid":{"rendered":"http:\/\/egrowonline.com\/?p=5914"},"modified":"2022-01-25T15:45:04","modified_gmt":"2022-01-25T15:45:04","slug":"u-s-dollar-apocalypse-coming-in-10-years-more-countries-will-make-bitcoin-legal-tender","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=5914","title":{"rendered":"U.S. dollar &#8216;apocalypse&#8217; coming in 10 years, more countries will make Bitcoin legal tender"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">&#013;<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"U.S. dollar \u2018apocalypse\u2019 coming in 10 years, more countries will make Bitcoin legal tender - Pt. 1\/2\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/6SDaueBJk0I?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p>&#013;<br \/>\n&#013;<\/p>\n<p><a target=\"_blank\" title=\"Kitco News\" href=\"https:\/\/www.kitco.com\/\" rel=\"noopener\">(Kitco News)<\/a> &#8211;  Over the last 300 years, most major global fiat currencies  have depreciated substantially, if not lost all its value, and investors should  not bet against this trend said Max Keiser, host of The Keiser Report and  co-host of The Orange Pill Podcast.<\/p>\n<p>&#013;<br \/>\n&#8220;I think over the next 10 years, as you see these major  economies like the U.S. and China, who are carrying debt loads at 300% of GDP,  and they&#8217;re going to just print their way out of this, we&#8217;re talking about a  fiat money apocalypse,&#8221; Keiser told Michelle Makori, editor-in-chief of Kitco  News.<\/p>\n<p>&#013;<br \/>\nKeiser&#8217;s solution for hedging against an inevitable dollar  debasement is to buy Bitcoin.<\/p>\n<p>&#013;<br \/>\n&#8220;I&#8217;d rather be cautious and load up on as much Bitcoin as I  possibly can now and not try to play games on the timing side. What I do know  now for sure is that these fiat [currencies are] going to go to zero. The  reason is why Bitcoin is already in the tens of thousands of dollars a coin is  because all of the major fiat money in the world is in a hyper-inflationary  collapse against Bitcoin,&#8221; he said.<\/p>\n<p>&#013;<br \/>\nKeiser&#8217;s comments come as Bitcoin fell 20% over the last  week, having dropped 31% year-to-date so far.<\/p>\n<p>&#013;<br \/>\nMeanwhile, the U.S. dollar index (DXY) is relatively flat,  year-to-date. <\/p>\n<p>&#013;<br \/>\nDespite Bitcoin seeing the worst start to any year since its  inception, Keiser is still fundamentally bullish long-term and said that  relative to the U.S. dollar, Bitcoin&#8217;s price will rise to &#8220;infinity&#8221; over time.<\/p>\n<p>&#013;<\/p>\n<hr \/>\n<p>&#013;<br \/>\n&#013;<\/p>\n<hr \/>\n<p>&#013;<\/p>\n<p>&#013;<br \/>\nPart of the story behind Bitcoin&#8217;s rise against fiat  currencies is its wide-spread that the world will see in the coming decades,  and in fact, is already seeing now, Keiser noted.<\/p>\n<p>&#013;<br \/>\nIn El Salvador, where Keiser is currently based, a large  portion of the population that previously did not have bank accounts now have  Bitcoin wallets and are using it in everyday transactions.<\/p>\n<p>&#013;<br \/>\n&#8220;The number of people who have Bitcoin wallets now exceeds  the number of people who have bank accounts in total,&#8221; he said. &#8220;That&#8217;s the  process of banking the unbanked, and that&#8217;s part of the magic of Bitcoin.&#8221;<\/p>\n<p>&#013;<br \/>\nThe Chivo Wallet, El Salvador&#8217;s official Bitcoin wallet, has  managed to onboard 4 million users within 45 days. The government offered a $30  sign-up bonus, similar to an &#8220;air-drop&#8221;, to all users who have set up a wallet.<\/p>\n<p>&#013;<br \/>\nEl Salvador made headlines last year when it became the  first country in the world to make Bitcoin legal tender. <\/p>\n<p>&#013;<br \/>\nKeiser said that other countries will soon be joining in the  ranks in adopting Bitcoin as legal tender. <\/p>\n<p>&#013;<br \/>\n&#8220;I&#8217;ve been saying for six or seven years now that we could  see a country make Bitcoin legal tender and this would set off a global hash  war, or hash race, countries competing with each other to adopt Bitcoin and  hoard Bitcoin,&#8221; he said.<\/p>\n<p>&#013;<br \/>\nKeiser said that the next country to follow El Salvador&#8217;s  example will most likely be in Latin America.<\/p>\n<p>&#013;<br \/>\nEl Salvador is also building the world&#8217;s first &#8220;Bitcoin  City,&#8221; a special trade zone with its own trading and tax laws. Built upon the  foot of a volcano, Bitcoin City will also set up the infrastructure to mine  Bitcoins, harnessing the geothermal energy of the volcano.<\/p>\n<p>&#013;<br \/>\nThe Central American country is issuing $1 billion worth of  Bitcoin-backed bonds, half of which will be used to build Bitcoin City, hence  the moniker &#8220;Volcano Bond,&#8221; while the other half will be used to buy more  Bitcoin.<\/p>\n<p>&#013;<br \/>\nThe bond is a 10-year maturity, 6.5%-yielding coupon that is  already oversubscribed before it goes on market next month, Keiser said.<\/p>\n<p>&#013;<br \/>\n<strong>To learn more about volcano bonds and El Salvador&#8217;s  current economic conditions, watch the video above. <\/strong><\/p>\n<p>&#013;<\/p>\n<p>&#013;<br \/>\n<strong>Follow Michelle Makori on Twitter: <\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/MichelleMakori\" rel=\"noopener\"><strong>@MichelleMakori<\/strong><\/a><\/p>\n<p>&#013;<\/p>\n<p>&#013;<br \/>\n<strong>Follow Kitco News on Twitter: <\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/KitcoNewsNOW\" rel=\"noopener\"><strong>@KitcoNewsNOW<\/strong><\/a><\/p>\n<p>&#013;<br \/>\n &#013;<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   &#013;\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<p><strong>Disclaimer:<\/strong> The views expressed in this article are those of the author and may not reflect those of <strong>Kitco Metals Inc.<\/strong> The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.&#013;\n<\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.kitco.com\/news\/2022-01-25\/U-S-dollar-apocalypse-coming-in-10-years-more-countries-will-make-Bitcoin-legal-tender.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; &#013; &#013; (Kitco News) &#8211; Over the last 300 years, most major global fiat currencies have depreciated substantially, if not lost all its value, and investors should not bet against this trend said Max Keiser, host of The Keiser Report and co-host of The Orange Pill Podcast. &#013; &#8220;I think over the next 10 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[4182,50,135,2148,579,603,4183,1507],"class_list":["post-5914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-apocalypse","tag-bitcoin","tag-coming","tag-countries","tag-dollar","tag-legal","tag-tender","tag-years"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/Max-Keiser_0125.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5914"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5914\/revisions"}],"predecessor-version":[{"id":5916,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5914\/revisions\/5916"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/5915"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5914"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}