Investors Op-Ed: Currency: Is the venerable dollar bill on the way out, along with all the other cash we spend and save? How about that change jingling in your pocket? It may sound far-fetched, but the future of money may not be in your pocket, but on your computer or cellphone.
“Things are moving fast,” says Andrew Levin, a Dartmouth University economist working on so-called digital currency. “It is quite possible in the next couple of years major central banks will issue digital currency.”
Opinion: Quite possible, indeed. Since the 2008-9 financial crisis we have dozens of posts calling for the end of paper money.
We predicted that first the US dollar would cease to be the world reserve currency in favor of a basket of currencies called SDR’s that would include the dollar, renminbi and euro.
Reasons for a move to digital currency abound:
- Digital currency eliminates the 2-4% cost of credit cards
- Digital currency greatly simplifies monetary activity
- Digital currency would help deter terrorism, drug trafficking, etc.
- Digital currency eliminates counterfeit (except from central banks)
- Digital currency is the only way a future dictator could control buying and selling
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or[a] the name of the beast, or the number of his name.” Revelation 13:16-17
Open wide – it tastes just like cherry.