The current mania in Bitcoin is a harbinger of things to come. It signifies a shift in sentiment, driven largely by exasperation with the current state of affairs.
If we could fully trust the currencies issued by central banks, there would be no place for Bitcoin. Commerce would simply take place with the currency currently in circulation.
However, people are waking up to the fact that central bank issued currencies are in fact fraudulent, benefiting a very small group of people at the expense of everybody else. In an effort to get away from this tyranny, people have turned to crypto as a viable alternative.
But, as many will soon find out, crypto is both slow and expensive to circulate. It takes a lot of energy to clear a crypto transaction. Also, there is no limit to how many crypto currencies can be created. There will be inflation in crypto, and their price will crash.
When the crash comes, the exasperation with the system that caused the bubble to grow as large as it has will be channeled towards demand for reform. There will be increased pressure to return to sound money. There will be calls to abandon central banking.
In short, there will be a general drive to reverse the damages caused by the progressive era, which started with central banking at the start of the 20th century.
If successful, the revolution will herald in a new era, similar to 19th century England, but technologically more advanced. While the 20th century will go down in history as similar to 18th century France, the 21st century will hopefully be an era of sound money, growth, and prosperity for all.
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