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The future of cryptocurrencies may not be the one you think
When it comes to cryptocurrencies, and given the sheer volume of information poured into the media with each tweet from Elon Musk on the subject, it is quite likely that when you ask the woman or man in the street, you discover that they have only one word on their lips: Bitcoin! Yet, my interview with Michel Volle on the occasion of the release of The tectonics of currencies, a collective book published by the Institut de l’Iconomie(*), led me to discover a very different reality. This book, only available in French, depicts a world, which will be ours in just a few years, where cryptocurrencies will top the list, but with one important nuance: the cryptocurrencies that will prevail, according to our economist friend and his writing pals, will not be Bitcoin or Ethereum and even less the laughable Dogecoin, but the national currencies digitised and transformed into cryptocurrencies. A provocative theory, remarkably substantiated, which I invite you to discover through this interview, also available from our podcast channel. As for the outcome, time will tell, but things are moving fast, Michel explains, so we should find out soon enough.
Tomorrow’s cryptocurrencies may not be the ones you know
Important notice: on May 13, 2021, Elon Musk’s about-face regarding Tesla’s acceptance of Bitcoins. While this about-face is justified on environmental grounds, it is quite possible that his motives run deeper. Would this prove the Iconomy Institute right? Until we find out, if you want to invest in Bitcoins, and you’re not afraid of the rollercoaster ride of a pure competition economy, it might well be worthwhile to listen to the statements made by the quirky entrepreneur. For instance as of May 13, the value of the flagship crypto had already dropped by 9%.
cryptocurrencies will rise, but the dollar is King
At the moment, the dominance of the dollar is obvious and excessive,” says Michel.
This allows the Americans to cover their balance of trade deficit by printing paper, as the demand for dollars by citizens all around the world is overwhelming.
According to Michel, our friends from across the pond are “abusing their legal system to bend all those who use the dollar – the whole world – to their geopolitical whims”.
At the moment, no one can trade with Iran, for example, because at some point you will have to use the dollar, which will expose you to very punitive fines.
The dollar is thus, for Michel and his fellow writers, compared to Pangaea in the Carboniferous era, where on the planet there was a gigantic ocean, then a gigantic continent. According to the theory of plate tectonics, as evolution took place, the plates broke apart and this resulted in the continents we know today.
The war is heating up between public currencies. While the commercial and judicial dominance of the dollar has made the world a monetary continent as compact as Pangaea was, that continent could be broken, as if by plate tectonics, into three pieces each dominated by a major currency: the crypto dollar,