America is drowning in its own money. Salvation – Bitcoin


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America is drowning in its own money. Salvation - Bitcoin

America is drowning in its own money. Salvation – Bitcoin

  • Bitcoin can become an alternative to the dollar

  • DeFi will open up new opportunities for the use of cryptocurrencies

  • The future of the global economy is in cryptocurrency projects

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This is the opinion of Dan Morehead, CEO of Pantera Capital. In an open letter to investors, he said that the US is not coping with the crisis and is filling budget gaps with cheap dollars..

America is drowning in its own money. Salvation - Bitcoin

The dollar flood is killing the US economy

The United States printed more money in June than it did in the first two centuries after its founding. Last month, the US budget deficit – $ 864 billion – was larger than the total debt that arose from 1776 to late 1979. This is stated in the text of an open letter from Dan Morehead. The expert himself assures that the problem of the United States is in the wrong actions of the government, rather than in the general economic situation. After all, America previously managed to cope with crises perfectly and become a superpower with a very developed economy..

“With this first trillion, we defeated the British imperialists, bought Alaska and the Louisiana Purchase (13-state territory), defeated fascism, ended the Great Depression, built a system of interstate highways, went to the moon and more,” said Morehead.

Today, the White House is not coping with the crisis caused by the coronavirus pandemic, and instead of changing policy, it simply prints out huge amounts of dollars, not paying attention to inflation. It is not surprising that gold has risen so much in the global market. Morehead explains the rise in the value of the precious metal as follows.

“An ounce of gold is a nearly constant fraction of all land-based gold on Earth. It is no coincidence that gold recently hit a record high. Or, in other words, paper money has reached a minimum compared to short-lived ones such as gold and bitcoins, ”he wrote..

Morehead himself sees the only salvation for the sinking American economy in accepting bitcoin and using it on a par with or instead of fiat currencies..

“Bitcoin is digital gold – money that you can send around the world. You can make transactions without restrictions and with relatively low fees. This is what Bitcoin provides. But apart from shifting value, it prevents you from doing anything else in the area of ​​finance, ”says Morehead..

DeFi will help the world overcome the crisis

Morehead pays special attention to the decentralized finance market, which, according to the expert, has tremendous development potential. The investor is confident that, in the end, DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More will supplant the traditional banking system and open up limitless opportunities for users. Morehead commented on the popularity of DeFi.

America is drowning in its own money. Salvation - Bitcoin

“The concept is that anyone anywhere in the world, if they have a smartphone or computer, can freely create new financial markets or participate in them at a very low cost. This may sound like a dumb idea at first, but imagine if someone told you in the early days of the Internet (say 1995) that encyclopedias would disappear – in fact, there would be online versions edited by thousands of people around the world. and that they would actually be more accurate than the Encyclopedia Britannica. This would be regarded as a pretty crazy show. But this type of revolution is starting to happen now with finance, ”writes Morehead..

Morehead also believes that projects such as Ethereum will simply turn the world of finance upside down and help governments finally look sensibly at financial markets and accept digital currencies. More and more users will use staking to generate passive income. In particular, Morehead writes about this: “What is really taking off right now is the borrowing and lending of cryptocurrency, which provides the opportunity to generate returns on cryptocurrency assets. If you are going to use your cryptocurrency, why not generate additional income from these assets by making them work? ”.

With his appeal, Morehead, as it were, confirmed his intentions


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