Zero Hedge: In light of the recent “blockchain” naming craze, this morning we said that the inevitable next round of corporate name changes would involve “JP Blockchain” and “Blockchain Sachs”.
While this was supposed to be a joke, as so often happens, it ended up predicting the shape of things to come because as Bloomberg reports, Goldman Sachs – using its pre-blockchain name for the time being – is in the process of setting up a trading desk to make markets in digital currencies such as bitcoin. The bank aims to get the business running by the end of June, if not earlier, two sources said. A third said Goldman is still trying to work out security issues as well as how it would hold, or custody, the assets.
Why the rush to have the world’s first dedicated institutional desk? more …
Opinion: Me, me, me, teacher …
Goldman is the gold standard of Wall Street investment banks. It reminds me of “When EF Hutton talks … people listen”. I should know I was there for 7 years until the crash of 1987 and Hutton went bye bye. I digress …
Goldman has the power to make cryptocurrencies a legitimate form of commerce. It won’t be long before every investment bank has a crypto desk and the realization that paper money and checking accounts has gone the way of the horse and buggy.
Central banks have been studying digital currency and one day, possibly soon, we may wake up to find that the way we do business has radically changed. According to the rider on the Black Horse, it will happen with hyperinflation (after a peace treaty with Israel), likely caused by the collapse of one or more major currencies.
Revelation 6:5-6 describes a sudden phenomenon in which the price of everything skyrockets and wages do not. Since money controls almost every aspect of life, when it is scarce and people are hungry, civility goes out the window.
Out of that chaos a new world order will come very fast and it will necessarily cause controls by government so severe that only certain very wealthy citizens (oil and wine) will have the ability to stay above the turmoil. Cuba and Venezuela are prime examples of that happening today.
The final world power controlled by one man will necessarily have to control buying and selling (Revelation 13:16-17) and the only way it is remotely conceivable, is for the nations to transact business digitally with fewer and fewer currencies until there is only one.
No other generation had the technology to make this happen before now, making the road to revived Rome clearly marked.