Our Largest Wealth System Is Doomed
But Bitcoin Can Save It
The global monetary system is the largest wealth systems there is.
We’ll start with how it works, then I’ll explain why it is doomed with a collapse that is already underway.
“Mommy, Where Does Money Come From?”
Most countries have a central bank responsible for issuing and managing their national currency. They control the money supply through various mechanisms like setting interest rates, buying or selling government bonds (open market operations), and reserve requirements for commercial banks.
Commercial banks play a crucial role in expanding the money supply through fractional reserve banking. They lend out a portion of the deposits they receive, creating new money in the process. The global flow of money is then connected and driven by exchange rates and interest rates.
Imagine the global monetary system as a vast ocean, with individual currencies as ships navigating its currents. Some (US dollar) are large and powerful, carving their own paths. Others, like the emerging market currencies, are smaller and more vulnerable, tossed about by the waves of global economic forces.
The creation of money is the lifeblood of this system.
Central banks, like the Federal Reserve in the US, act as the alchemists, conjuring new currency into existence through various means, such as quantitative easing or open market operations. This delicate process, if mishandled, can lead to dangerous imbalances and financial crises.
Commercial banks act as conduits through which newly created money flows into the economy. They take deposits from individuals and businesses, and then lend out a portion of those funds, creating new money in the process. This process is called fractional reserve banking. It can be a powerful tool for economic growth, but it also carries inherent risks if not managed properly.
It has not been managed properly. We’ll get to that.
Exchange rates are the invisible threads that bind the global monetary system together. They determine the relative value of different currencies, and their fluctuations can have a profound impact on international trade, investment flows, and even geopolitical stability. Understanding the factors that influence exchange rates, such as economic growth, interest rates, and political risk, is essential for making informed investment decisions.
The big problem: all of the money that central bankers have created comes with an unbelievable amount of debt + it debases the US Dollar.
The National Security Threat of Debt
I started on Wall St as an analyst at an investment bank and have been active in the markets for over 15 years since. I’ve been reading about the debt problem and watching the numbers tick higher this entire time.
Now the pace is speeding up. We’re in trouble.
This isn't just an economic issue; it's a national security threat of the highest order. We've reached a point where our debt burden is so immense that it shackles our ability to act decisively on the global stage, compromises our capacity to invest in critical infrastructure and future technologies, and leaves us vulnerable to the whims of our creditors.
Think of it like this: Imagine a company so laden with debt that it can barely cover its interest payments, let alone invest in research and development or respond to a sudden market shift. That company is vulnerable, its future uncertain.
Now scale that up to the level of a nation and the stakes become exponentially higher.
The U.S. national debt, currently exceeding $36 trillion, is a ticking time bomb.
It limits our ability to respond to unforeseen crises, whether it's a global pandemic, a natural disaster, or a military conflict. Every dollar we spend servicing this debt is a dollar that can't be used to rebuild our crumbling infrastructure, invest in cutting-edge research, or provide vital services to our citizens.
But the danger goes beyond mere budgetary constraints. Excessive debt weakens our position on the global stage, making us susceptible to economic coercion and limiting our ability to project power when necessary. Nations that hold a significant portion of our debt gain leverage over our policy decisions, potentially influencing our actions in ways that may not align with our national interests.
History is littered with examples of empires and nations brought to their knees by unsustainable debt. The Roman Empire, once a dominant force, crumbled under the weight of its financial obligations. Spain, in the 16th century, saw its global power wane as its massive debts to foreign creditors spiraled out of control.
More recently, Greece's debt crisis in the 2010s shook the foundations of the Eurozone and led to years of austerity and social unrest. I remember it vividly, I was just getting started on Wall St in 2010.
We cannot afford to ignore these lessons.
The U.S. dollar's role as the world's reserve currency has afforded us a certain degree of flexibility, but this privilege is not unlimited. As our debt continues to mount, our creditors, both foreign and domestic, will become increasingly wary. The consequences could be dire: higher interest rates, inflation, economic stagnation, and a decline in our global influence.
We must confront this challenge head-on, not with short-sighted solutions that merely kick the can down the road, but with bold, innovative strategies that address the root causes of our debt crisis and secure a prosperous future for generations to come.
I propose the pillars of a solution in this article, but first we need to fully understand the problem.
The Dollar Dilemma: Inflation as a False Solution
The conventional wisdom in Washington, when faced with a mountain of debt, is to simply print more money. It seems like an easy fix, a magic trick to make the problem disappear. But as any magician will tell you, illusions are deceptive, and the consequences of this particular trick can be devastating.
Inflation, the erosion of purchasing power caused by an increase in the money supply, is often touted as a solution to debt. The logic is deceptively simple: if you inflate the currency, the real value of your debt decreases. It's like paying back a loan with cheaper dollars. But this approach is akin to treating a fever with more fever; it might provide temporary relief, but it ultimately exacerbates the underlying condition.
The most insidious aspect of inflation is that it acts as a hidden tax, silently siphoning wealth from savers and those on fixed incomes. Imagine a retiree living on a pension, or a family diligently saving for their children's education. As prices rise, their hard-earned dollars buy less and less, their dreams and aspirations slowly slipping out of reach.
It's stealing from savers alongside "the working poor" and everyone else who depends on income to survive and cannot borrow against massive assets for 0%.
But the damage goes far beyond individual hardship. Inflation erodes trust in the currency, the very foundation of a stable economy. When people lose faith in the value of their money, they become less likely to save, invest, and engage in long-term planning. This can lead to economic stagnation, as businesses become hesitant to expand and consumers hold back on spending.
In extreme cases, unchecked inflation can spiral into hyperinflation, a catastrophic scenario where prices skyrocket uncontrollably, wiping out savings and plunging entire nations into chaos. Weimar Germany in the 1920s, Zimbabwe in the 2000s, and Venezuela in recent years stand as stark reminders of the devastation that hyperinflation can wreak.
The U.S. dollar's position as the world's reserve currency has, to some extent, insulated us from the worst effects of inflation. But this privilege is not a birthright; it's earned through sound economic policies and responsible fiscal management. As we continue down the path of debt monetization, printing money to pay our bills, we risk undermining the very foundation of our economic strength.
The consequences of a declining dollar are far-reaching. It diminishes our influence in international trade and finance, making it more expensive to import goods and services. It weakens our ability to attract foreign investment, as investors seek safer havens for their capital. And it erodes our credibility on the global stage, as other nations question our commitment to sound economic principles.
Inflation is not a solution; it's a dangerous gamble with potentially catastrophic consequences.
It's time to break free from this flawed approach and seek a more sustainable path, one that safeguards the value of our currency, protects the economic well-being of our citizens, and strengthens our position in the world.
Now we’re getting to the solution.
Bitcoin: The Ultimate Wealth Battery
Having spent 15 years immersed in finance I've come to appreciate the need for stability, for a reliable store of value that can withstand the storms of economic uncertainty. But I've also witnessed the inherent flaws in our current system, the fragility of fiat currencies, and the dangers of unchecked money printing. This is what led me to Bitcoin, a digital currency that offers a fundamentally different approach, one that has the potential to reshape the global financial landscape.
Bitcoin is a decentralized digital currency, operating independently of any central bank or government control. It's built on a revolutionary technology called blockchain, a secure and transparent ledger that records every transaction, making it virtually impossible to counterfeit or double-spend.
But what truly sets Bitcoin apart is its scarcity.
Unlike fiat currencies, which can be printed at will by central banks, Bitcoin has a fixed supply capped at 21 million coins. This inherent scarcity, combined with its decentralized nature and robust security makes Bitcoin the most attractive store of value -- a digital gold for the 21st century.
Gold 2.0 for so many reasons: portable, discreet, cheaper to store, easier to verify, harder to confiscate, etc...
In a world awash with inflationary pressures, where central banks seem intent on debasing their currencies, Bitcoin stands as a beacon of stability. Its fixed supply acts as a bulwark against the erosion of purchasing power, offering a haven for those seeking to protect their wealth from the ravages of inflation.
But Bitcoin is more than just a hedge against inflation. It's a global currency, accessible to anyone with an internet connection, transcending borders and empowering individuals to take control of their finances. It's a powerful tool for financial inclusion, offering access to banking services to the unbanked and underbanked populations around the world.
Of course, Bitcoin is not without its critics.
Its volatility, its energy consumption, and its perceived association with illicit activities are often cited as reasons for skepticism. But these concerns are often overblown or based on misconceptions. Some are outright lies being told by folks who fear a transition away from fairytale money, and losing access to the easy lives they live from it.
The harsh reality is that the USD is used in more drug deals than BTC ever has, or ever will.
The 100% untraceable American dollar buys more guns, traffics more human beings and funds more wars, too.
Don’t forget Bitcoin isn’t anonymous. Movement of funds can be tracked from wallet to wallet. Resolving wallets to names takes more time but its very easy for nation states.
Now lets talk money and the broader concept of wealth.
No one can reach into your bitcoin stash and silently drain their value from you, as every single central bank is currently doing to all dollar holders thanks to inflation from constant printing of new money.
Volatility, while a characteristic of any emerging asset class, is gradually diminishing as Bitcoin matures and its adoption grows.
The reality is that Bitcoin is here to stay.
Its adoption is growing exponentially, with individuals, institutions, and even some nations recognizing its potential as a store of value, a medium of exchange, and a catalyst for innovation. El Salvador's adoption of Bitcoin as legal tender, alongside the growing interest from other countries, is a testament to its growing legitimacy.
Not only is demand increasing for Bitcoin… but more channels for demand are opening up which is creating an exponential increase in buyers versus an algorithmically stable new issuance schedule.
Bitcoin is the first ever money that is designed to offset human greed. We can't mine more of it just because the value reaches $1M or $100M per Bitcoin.
President Trump, the 45th and 47th President of the United States is being hailed as the "First Bitcoin President".
BlackRock is the largest buyer of Bitcoin on a daily basis via their ETF products. Every day more Bitcoin is purchased than is produced by many multiples... and with the algorithmic decrease in issuance rate this curve promises to steepen forever.
If adoption trends continue the only thing that can happen is the price of Bitcoin goes up -- they can't mine harder to mine more.
That's perfectly hard money.
As someone who has witnessed the inner workings of both traditional finance and the tech world, I believe Bitcoin represents a paradigm shift, a fundamental reimagining of money and value in the digital age. It's a technology that has the potential to disrupt the status quo, empower individuals, and create a more equitable and transparent financial system.
The Solution for America: Launch the US Hash Force
The rise of Bitcoin presents both a challenge and an opportunity for the United States.
On the one hand, it disrupts the existing global financial order, potentially diminishing the influence of the U.S. dollar and the institutions that underpin it. Not great... as the US relies heavily on the USD as the International Reserve Currency.
On the other hand, it offers a chance to redefine our role in the emerging digital economy, to secure our economic future, and to strengthen our position on the world stage.
This is where the US Hash Force comes in.
Imagine a future where Bitcoin becomes a dominant global store of value, a digital gold 2.0 standard that monetizes into a $300 to $400T behemoth asset class.
In such a scenario, the nations that control a significant portion of the network's hash rate – the computing power that secures the blockchain and validates transactions – will wield immense economic and geopolitical power.
It is conceivable half the world's wealth will be distributed in a computer system spread across the globe.
The US Hash Force is designed to ensure that America remains a leader in this new world.
As I picture it today, it's a Joint Task Force, bringing together the expertise of various government agencies – the Treasury, the Department of Energy, the Department of Defense, and others – to achieve a common goal: securing a significant portion of the Bitcoin network's hash rate for the U.S. government.
This is not about nationalizing Bitcoin or controlling the network.
It's about ensuring that the U.S. has a seat at the table, a voice in the development and governance of this transformative technology. It's about leveraging our technological prowess, our innovative spirit, and our vast resources to secure our economic future and maintain our global leadership.
The Hash Force will operate as a public-private partnership, leveraging the strengths of both sectors. We will collaborate with leading cloud providers like AWS, Azure, and Google Cloud to build and operate massive, energy-efficient mining facilities. We will partner with AI companies like OpenAI and DeepMind to develop cutting-edge algorithms that optimize mining operations and enhance energy efficiency. And we will work with hardware manufacturers like Nvidia, AMD, and Intel to secure a stable supply of high-performance mining equipment.
The US Hash Force, while a government initiative, recognizes the vital role of the existing Bitcoin mining industry in driving innovation and ensuring the network's decentralization. Rather than competing with private miners, the Hash Force will actively collaborate with them, fostering a synergistic relationship that benefits both the public and private sectors.
Knowledge Sharing and IP Development
A growing % of the world’s value will be transitioning from physical to digital and IP will be the vehicle that stores and transmits that value, ultimately making it able to be monetized. A core component the US Hash Force will be a partnership that involves the development and sharing of intellectual property.
The Hash Force, with its access to government research labs, top academic institutions, and leading AI companies, will be a hub for cutting-edge research in mining optimization, energy efficiency, and hardware design.
The Hash Force will develop advanced mining software and algorithms and make them freely available to the public + drive the most advanced breakthroughs back to American firms under strict agreements to prevent technology transfer. This will empower smaller miners, increase network efficiency, and drive innovation across the industry. Imagine AI-powered tools that optimize mining parameters in real-time, maximizing efficiency and reducing energy consumption.
The Hash Force will collaborate with hardware manufacturers to improve the design and efficiency of mining equipment. This could involve developing new chip architectures, optimizing cooling systems, and exploring alternative materials. These advancements will be shared with the industry, leading to more powerful and sustainable mining hardware.
The Hash Force will work with industry leaders to establish best practices and standards for responsible mining. This includes guidelines for energy efficiency, environmental protection, and cybersecurity. By promoting these standards, we can ensure the long-term sustainability and security of the Bitcoin network.
Collaborative Research and Development
The Hash Force will actively engage in collaborative research and development projects with private mining companies. This will foster a spirit of innovation and accelerate the development of new technologies.
The Hash Force can form joint ventures with private companies to pursue specific research goals, such as developing new mining hardware or exploring alternative energy sources. These ventures will leverage the strengths of both sectors, combining the government's resources and expertise with the agility and innovation of the private sector.
The Hash Force can establish grant programs to fund research and development projects by private companies and academic institutions. This will encourage innovation in areas like energy efficiency, cybersecurity, and blockchain technology.
The Hash Force can provide access to its infrastructure and expertise to help private companies test and validate new mining technologies. This will accelerate the development and deployment of innovative solutions, benefiting the entire industry.
Data Sharing and Analysis
The Hash Force will collect and analyze vast amounts of data on mining operations, energy consumption, and market trends. This data will be shared with the mining industry, providing valuable insights and informing strategic decision-making.
The Hash Force can provide miners with real-time data on market conditions, energy prices, and mining difficulty. This will help miners optimize their operations and make informed decisions about investment and expansion.
By sharing data on energy consumption and efficiency, the Hash Force can help miners identify areas for improvement and reduce their environmental impact.
The Hash Force can share data on cybersecurity threats and vulnerabilities, helping miners strengthen their defenses and protect the Bitcoin network from attacks.
Benefits for the Mining Industry
By partnering with the US Hash Force, the mining industry will gain access to valuable resources, expertise, and technology. This will enhance their competitiveness, drive innovation, and promote the long-term sustainability of the industry.
Access to Cutting-Edge Technology: Miners will benefit from the Hash Force's research and development efforts, gaining access to advanced software, hardware, and best practices.
Increased Efficiency and Profitability: By leveraging the Hash Force's expertise in energy efficiency and mining optimization, miners can reduce their operating costs and increase their profitability.
Enhanced Security: Collaboration with the Hash Force will strengthen the cybersecurity defenses of the mining industry, protecting them from cyberattacks and ensuring the integrity of the Bitcoin network.
Industry Growth and Sustainability: By fostering a collaborative environment and promoting responsible mining practices, the Hash Force will contribute to the long-term growth and sustainability of the Bitcoin mining industry.
The US Hash Force is committed to building a strong and mutually beneficial partnership with the existing mining industry. By working together, we can drive innovation, enhance efficiency, and ensure that the U.S. remains a leader in the exciting world of Bitcoin and blockchain technology.
This is not just about mining Bitcoin; it's about investing in the future of American technology and innovation. The Hash Force will drive advancements in areas like artificial intelligence, energy efficiency, and cybersecurity, creating high-tech jobs and strengthening our national competitiveness.
The US Hash Force is a strategic investment in America's future, a bold step to ensure our economic security, geopolitical influence, and technological leadership in a rapidly evolving world. It's a recognition that the future of finance is digital, and that the U.S. must be at the forefront of this transformation.
Benefits of the US Hash Force
The US Hash Force is not just a technological endeavor; it's a strategic investment with the potential to yield significant economic, geopolitical, and technological benefits for the United States.
Economic Security
By securing a significant portion of the Bitcoin network's hash rate, the US Hash Force can generate substantial revenue through mining. This new income stream can be used to reduce our reliance on debt financing, fund critical government services, and invest in future technologies. Imagine a scenario where the Hash Force generates enough revenue to significantly reduce our national debt, freeing up resources for education, infrastructure, and research and development.
Holding a substantial Bitcoin reserve as a national asset can strengthen the U.S. dollar's position in the global economy. As Bitcoin gains wider acceptance as a store of value and medium of exchange, having a significant stake in the network can provide a hedge against volatility and enhance the dollar's long-term stability.
The Hash Force will stimulate economic growth by creating high-tech jobs in fields like AI, energy, and cybersecurity. Building and operating large-scale mining facilities will require a skilled workforce, driving innovation and fostering a new generation of tech talent.
Geopolitical Influence
In a world increasingly influenced by digital currencies, the US Hash Force can enhance America's geopolitical influence. By controlling a significant portion of the Bitcoin network's hash rate, the U.S. can play a leading role in shaping the future of this transformative technology.
A substantial Bitcoin reserve can provide the U.S. with strategic leverage in international trade and finance. As more nations adopt Bitcoin or other cryptocurrencies, having a significant stake in the network can enhance our bargaining power and influence on the global stage.
Some nations may seek to control the Bitcoin network for their own strategic purposes. The US Hash Force can act as a counterbalance, ensuring that no single entity gains undue influence over this critical infrastructure.
Technological Advancement
Bitcoin mining is energy-intensive, but the US Hash Force can drive innovation in energy-efficient computing and renewable energy solutions. By partnering with leading energy companies and research institutions, we can develop new technologies that reduce our reliance on fossil fuels and promote a more sustainable future.
The Hash Force will accelerate the development of advanced AI algorithms with applications beyond just mining optimization. These advancements can be leveraged in various fields, from national security and cybersecurity to healthcare and scientific research.
By investing in the infrastructure and expertise required for large-scale Bitcoin mining, the US Hash Force can position America as a leader in the emerging digital economy. This leadership will attract investment, talent, and innovation, further strengthening our technological competitiveness.
The US Hash Force is not just about mining Bitcoin; it's about securing America's future in a rapidly changing world. It's about embracing innovation, leveraging our strengths, and ensuring that the U.S. remains a leader in the global economy and a beacon of technological advancement.
Addressing Potential Concerns
The US Hash Force, while offering significant potential benefits, is not without its challenges and potential drawbacks. It's crucial to address these concerns head-on, with transparency and a commitment to responsible innovation.
Environmental Impact
One of the most common criticisms of Bitcoin is its energy consumption. Mining requires significant computing power, which translates to high electricity usage.
The reality is far from headlines -- most energy that is generated is NOT used. Even during peak times grids typically still have excess capacity. This is run into the ground, literally. Bitcoin can act as a "battery" to capture these watts and ultimately convert them to satoshi (smallest unit of bitcoin) via bitcoin mining.
That said, the US Hash Force can be a catalyst for more positive changes in this area, too.
Renewable Energy Partnerships: We will prioritize partnerships with power generation firms that utilize renewable energy sources like solar, wind, and hydro. This will not only reduce our reliance on fossil fuels but also stimulate investment in green energy infrastructure.
Energy Efficiency Research: The Hash Force will invest in research and development of more energy-efficient mining technologies. This includes exploring new hardware designs, optimizing mining algorithms, and developing innovative cooling solutions.
Grid Balancing: By coordinating with power grids, we can leverage excess energy production during off-peak hours, further reducing our environmental footprint and contributing to grid stability.
Centralization Concerns
Some may argue that a government-backed entity mining Bitcoin undermines the decentralized nature of the cryptocurrency. However, the US Hash Force is designed to operate responsibly and transparently.
No Control over the Network: The Hash Force will not seek to control the Bitcoin network or influence its development in any way. Our goal is to participate in the network, not dominate it.
Transparency and Accountability: The Hash Force's operations will be subject to public oversight and scrutiny. We will regularly disclose our mining activities, energy consumption, and Bitcoin holdings to ensure transparency and accountability.
Promoting Decentralization: We will actively support initiatives that promote the decentralization and security of the Bitcoin network, such as funding open-source development projects and advocating for responsible regulation.
Ultimately, United States Hash Force will be a force multiplier across multiple American industries. Our industries will gain expertise, access to the latest technology and incredible intellectual leverage.
Security Risks
Large-scale mining operations can be targets for cyberattacks, potentially leading to significant financial losses or disruption of the network. The US Hash Force will prioritize robust cybersecurity measures.
We will leverage the expertise of the Department of Defense and the intelligence community to implement state-of-the-art cybersecurity protocols and protect our infrastructure from cyber threats.
We will employ a multi-layered security approach, including physical security measures, network security protocols, and advanced threat detection systems.
We will partner with leading cybersecurity firms to ensure our systems are resilient and constantly evolving to counter new threats. This will be a major offshoot opportunity for America as well - as our assets digitize more rapidly we must advance cybersecurity at rising rates as well.
America can use this initiative to maintain and build on its global lead in cyber.
Digital and Physical Are Fusing Together
The world is changing at an unprecedented pace. The rise of digital currencies, with Bitcoin at the forefront, is reshaping the global financial landscape and challenging the established order.
The U.S. cannot afford to stand idly by while other nations seize the opportunities presented by this transformative technology.
The US Hash Force is not just about mining Bitcoin; it's about securing America's future. It's about embracing innovation, leveraging our technological prowess, and ensuring that the U.S. remains a leader in the global economy.
By harnessing the power of Bitcoin at a National scale we can:
Reduce our reliance on debt financing: The revenue generated from mining can help us tackle our national debt and invest in critical priorities.
Strengthen the U.S. dollar: Holding a substantial Bitcoin reserve can enhance the dollar's stability and maintain its global prominence.
Drive technological innovation: The Hash Force will spur advancements in AI, energy efficiency, and cybersecurity, creating jobs and boosting our competitiveness.
Enhance our geopolitical influence: A significant stake in the Bitcoin network can provide strategic leverage and ensure that the U.S. has a voice in shaping the future of digital currencies.
The US Hash Force is a bold initiative, but it's a necessary one. We must confront the challenges of the 21st century with vision, courage, and a commitment to innovation. By embracing the potential of Bitcoin, we can secure a more prosperous and secure future for generations to come.
Our current system is burdened by impossible-to-repay amounts of fiat debt. We need to address this and prepare for the future. The future is digital. The US Hash Force is our opportunity to seize the moment, to lead the way as we mitigate real risks posed by our national debt.
This is not just a matter of economics or technology; it's a matter of national security. The US Hash Force is an investment in our future, a strategic imperative for a nation determined to maintain its leadership in a rapidly changing world.
America stands to get $100T richer if we move quickly on this.
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