A Melting Ice Cube
I was watching a clip earlier this morning where a United States senatorial candidate for New Hampshire, Bruce Fenton called the US Dollar a melting ice cube. I think we can all go along with that is it is quite an accurate visual description.
Scary when you look at it in those terms and scarier if you hold another currency not fairing as well as the Dollar. I know the South African Rand is slowly turning into toilet paper. 1 Rand is worth less than $0.06c which is seriously depressing considering not that long ago it was $0.10c and is clearly showing the direction we are heading.
The ice cube description is correct as the longer you stay in FIAT the less you are going to have in value buying terms. Having R100 this year will not allow you the same buying power next year as the value has dropped whilst everything around you has risen.
Crypto is only one "safe haven" which is an odd one to even contemplate due to the volatility, but it is still a safer bet than FIAT. Gold, silver are the other obvious ones along with certain stocks you need to do your own research on. Having money sitting in the bank is actually costing you these days and is ok for convenience, but it does come at a price.
I think the positive from all of this is was very few people were speaking up for Crypto 5 years ago and now we have many more voices. Those voices are going to be heard far more frequently and become louder as it is clear the current financial system is broken. More money from not only the every day person in the street, but financial institutions and regular companies will be invested into Crypto creating far more value.
We are still so early and ahead of the oncoming curve that has to happen at some point. This wont take as long as many may think as I do believe many are waking up to the FUD that was created around Crypto which will subsequently turn into FOMO. The truth is you cannot afford to be ignorant and to stay out of Crypto for much longer as it will hurt you financially and people will see this. Regulation will have to happen first which will then open the doors for serious amounts of investment which we should be happy to see as what we have in our portfolios will multiply in value.
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Regulation will be a great thing in the beginning until it isn't. Like slowly boiling a frog in a pot :-)
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You are probably right, but see no other way to mass adoption.
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Actually they may not even bother with regulating crypto itself. They might just approach by putting pressure on the data centers/ISP's/Telcos.
I mean if I were doing it that's what I would do ;-) Maybe time for things like free radio Europe again except with pirate internet. Some of that is beginning to arise alreay though.
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Fiat is considered the safe bet.
But it's the only one that is GUARANTEED to depreciate.
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Since people tend not to understand the monetary system (although they think they do) and really dont understand money, it is no surprise that they both up currency too.
Those who are in currencies outside the USD need to get into the USD. There is no other way to put it. Sadly, USD is in short supply (contrary to the dumbasses who believe the Fed is printing more). For this reason, stablecoins could be a great move for those in countries outside the USD. It is a way to get USD equivalents while the dollars are in short supply.
That way, you would have had a 40% gain against the RAND.
This is why when things go to crap, the big player internationally jump into the dollar.
Hopefully you were stacking some HBD as a hedge.
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You are spot on with this as everything currency wise is weighed up against the dollar and being out of the dollar will only cost you. I have some HBD but not tons and will keep adding to the kitty. I have Rands tied up in properties but also have GBP but the hope is to be mostly in Crypto at some point once I have moved from South Africa.
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Anyone who is keeping fiat is in a lot of trouble. Everyone should embrace crypto at this point, and if they are looking for stability, they should consider looking into stable coins.
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