The future is going to be radically different from what we have all experienced in our lifetimes so far.
Currencies, which are mediums of exchange and store holders of value, will be one major way that the times ahead will be largely unrecognisable to how they are today.
The US dollar has reigned supreme for around 75 years. But there’s no doubt that the world is shifting away from a dollar-dominated system.
This is because off-the-scale debt, and the seemingly unstoppable money printing to monetise these debts, have caused the significant decline in the value of the global reserve currency.
Understandably, investors – including individuals and governments – are looking for alternative currencies. Moving forward, these will increasingly compete with traditional, fiat ones and this will trigger the falling-out-of-favour of currently leading global currencies.
This shift has been accelerated by the Russia-Ukraine war which has placed new pressures on the world.
As the tragic events in eastern Europe shift, this should be a time of reflection too about what has been learned so far about the horrors of war.
One thing very few people saw on the horizon was how since the beginning of this conflict, cryptocurrencies, and in particular Bitcoin, have played a critical – and unprecedented – role. This should not be forgotten, underestimated or dismissed.
Back in February, Ukrainian officials posted addresses for two crypto wallets on their Twitter account. They garnered more than $10.2m within only four days and they continue to raise funds today to help the Ukrainian forces take on Putin.
Crypto donations have the capability to attract younger generations who are looking to support various causes, they cannot be seized or confiscated by others as cash can be, and they are more resistant to inflation, which means they are worth more in real terms.
There are other stories of a more personal nature too. As more than a quarter of Ukraine’s population has been forced from their homes as the shelling continues, CNBC reported a Ukrainian refugee took a USB stick with him across the border to Poland containing 40% of his life savings in Bitcoin.
This was just one example of people being able to flee the invasion as ATMs across the country started to run out of cash, and some people stood in line for hours only to face a $33 limit per transaction. As momentum built on the need for crypto in a modern war zone, Ukrainian president Volodymyr Zelensky enacted a law officially making cryptocurrencies legal in the under-fire country.
The new law allows foreign and Ukrainian crypto exchanges to operate legally in Ukraine in what’s regarded as a major step to developing a legal market for digital assets in the country.
All of this flies in the face of the out-dated and false commentary by some financial traditionalists and naysayers who espouse that crypto is primarily used for criminal activity – as if dollars are not – and ill-gotten gains.
The war in Ukraine highlights the values of a viable decentralised, tamper-proof, unconfiscatable monetary system for the good of humanity.
It is truly revolutionary as it permits anybody, anywhere, regardless of their political beliefs, nationality, ethnicity, religion, gender, or sexuality, the same, equal conditions. It can’t discriminate.
The tragedy in Ukraine continues and it’s why this weekend I’m taking part in La Valette Marathon to support those displaced by the Russia-Ukraine war.
Having had business operations in Ukraine and across the whole region for many years, we have direct contact with families whose lives have been destroyed by this war and who now need to start again from scratch.
I’ve also pledged to match whatever anyone sponsors or donates, up to a million. If you donate £50, I’ll match it, if you donate £100,000, I’ll match it.
Let’s help give those displaced by war an opportunity for the future they deserve. Thank you.
Donations can be made here: https://www.justgiving.com/fundraising/deveresupportsukraine
Crypto is already shaking up the world order and, we hope and believe, for the better.
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