Will Bitcoin Replace the Dollar

Summary

The video script explores the potential of Bitcoin to replace the euro dollar system, emphasizing the need for a more efficient and sustainable currency standard. It discusses Bitcoin's advantages, such as eliminating the need for banks and its limited supply promoting economic efficiency. However, it also highlights challenges, including Bitcoin's volatility and focus on being a store of value rather than a medium of exchange. The speaker expresses hope for Bitcoin's success, urging a shift in focus towards improving its utility as a medium of exchange and addressing issues like elasticity to truly compete with the euro dollar.

Takeaways

• 😀 The speaker suggests that Bitcoin's potential lies in its ability to replace the euro dollar system, which has been unstable since 2007.
• 💡 Bitcoin represents a hard money advocacy, appealing to those who believe in limited currency supply to promote economic efficiency.
• 🏦 The script argues that Bitcoin's innovation eliminates the need for banks as intermediaries, as it operates on a transparent, shared ledger system.
• 🌐 The euro dollar system is criticized for its extreme elasticity, which has led to financial instability and a lack of focus on intermediation.
• 💰 The speaker highlights Bitcoin's role in addressing the euro dollar's issues, such as asset bubbles and economic crises.
• 🔑 A key advantage of Bitcoin mentioned is its potential to reduce financialization and inefficiencies by forcing users to earn access to money.
• 🔄 The script discusses the importance of elasticity in currency and questions whether Bitcoin's limited supply can serve as an effective medium of exchange.
• ⏳ The speaker expresses frustration with Bitcoin's focus on being a store of value rather than a medium of exchange, which they see as a missed opportunity.
• 📉 The volatility of Bitcoin is noted as a significant issue, leading to the rise of stablecoins as an alternative.
• 🌟 Despite criticisms, the speaker maintains high hopes for Bitcoin and digital currencies, provided they can address the issues of elasticity and functionality.

Q & A

What is the main issue with the euro dollar system according to the script?

The main issue with the euro dollar system is that it has become too elastic, leading to a breakdown in its function as a reserve currency. This has created an opportunity for a competing currency standard that could potentially perform better.

What is the allure of hard money advocacy like Bitcoin and gold as mentioned in the script?

Hard money advocacy is appealing because it suggests that with a limited supply of currency, people must compete and earn their money, which theoretically leads to a more efficient economic system without waste and asset bubbles.

Why does the script suggest that Bitcoin could be a solution to the euro dollar system's problems?

Bitcoin is seen as a solution because it represents a hard money approach, aiming to eliminate the issues associated with extreme elasticity in currency, such as waste and inefficiencies, and to promote a more sustainable economic system.

What is the significance of Bitcoin's ability to function without banks as discussed in the script?

Bitcoin's ability to operate without banks is significant because it demonstrates a shift from traditional banking systems to a more transparent, shared, and accessible ledger system, which could potentially increase efficiency and reduce the need for intermediaries.

How does the script view the role of intermediation in the economy?

Intermediation is viewed as a crucial function in the economy, responsible for the redistribution of money and credit. The script suggests that when intermediation is done properly, it can lead to a more productive and efficient economic system.

What is the script's stance on the limited supply of Bitcoin and its impact on the economy?

The script suggests that Bitcoin's limited supply could heighten intermediation and efficiency, potentially eliminating the business cycle. However, it also acknowledges the historical tendency for people to seek elasticity in monetary systems when they become too restrictive.

Why does the script argue that Bitcoin should focus more on being a medium of exchange rather than just a store of value?

The script argues that Bitcoin should focus on being a medium of exchange because it will demonstrate its usefulness and utility, which is essential for widespread adoption and success. Waiting for the dollar to fail as a store of value is seen as a passive approach that misses opportunities for growth and development.

What is the issue with Bitcoin's price volatility as mentioned in the script?

Bitcoin's price volatility is an issue because it hinders its use as a stable medium of exchange, leading to the proliferation of stablecoins as an alternative. This volatility is seen as a barrier to Bitcoin becoming a widely accepted currency.

How does the script view the potential of digital currencies to replace the euro dollar system?

The script views digital currencies, including Bitcoin, as having the potential to replace the euro dollar system if they can demonstrate better performance as a medium of exchange, address issues of elasticity, and adapt to a dynamic economic environment.

What is the script's final verdict on Bitcoin's future and its ability to replace the euro dollar system?

The script maintains a hopeful outlook for Bitcoin and digital currencies, provided they can overcome challenges related to elasticity, volatility, and the need to serve as a more effective medium of exchange. The potential for Bitcoin to replace the euro dollar system is seen as possible but not guaranteed.

Outlines

00:00

💡 Bitcoin's Potential to Replace the Euro Dollar System

The speaker begins by questioning whether Bitcoin could surpass the dollar, suggesting that a more pertinent issue is whether it could replace the euro dollar system. The euro dollar system, which faltered in 2007, has created an opportunity for a new currency standard. Bitcoin, with its hard money characteristics, is seen as a potential contender due to its limited supply and the need for economic efficiency. The speaker also touches on the allure of hard money and the inefficiencies of the current financial system, hinting at the possibility of eliminating business cycles through hard money policies like Bitcoin.

05:01

🚀 Bitcoin's Advantages Over Traditional Banking

The second paragraph delves into the benefits of Bitcoin, particularly its ability to operate without the need for banks. The speaker explains that the current financial system largely relies on ledger money, where banks act as intermediaries. Bitcoin, with its blockchain technology, offers a more elegant solution by providing a transparent, shared ledger accessible to all, thus eliminating the need for banks. The speaker also discusses the problem of intermediation in the euro dollar system and how Bitcoin's hard money approach could potentially address these issues by forcing economic actors to earn their access to funds.

10:02

🌐 The Need for Elasticity in Currency Systems

In the third paragraph, the speaker addresses the concept of currency elasticity, arguing that a limited supply of currency, like Bitcoin's, could heighten intermediation and efficiency, potentially eliminating the business cycle. However, historical monetary systems show that strict money standards are rarely maintained as people always find ways to create elasticity. The speaker points out that Bitcoin's focus on being a store of value has overshadowed its development as a medium of exchange, which is crucial for its success. The speaker also criticizes the belief that Bitcoin will succeed simply by waiting for the dollar to fail, emphasizing the need for Bitcoin to prove its usefulness as a medium of exchange.

15:04

🔄 The Importance of Medium of Exchange in Currency Systems

The final paragraph reinforces the importance of a currency's ability to act as a medium of exchange. The speaker argues that Bitcoin's limited supply and price volatility have hindered its adoption in this role, leading to the rise of stablecoins. The speaker, who is a trustee of a stablecoin, suggests that Bitcoin needs to focus more on becoming a useful medium of exchange rather than solely a store of value. The speaker concludes by reiterating their high hopes for Bitcoin and digital currencies, provided they can perform the necessary functions and adapt to a dynamic economic environment, which is crucial for replacing the euro dollar system.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. In the video, Bitcoin is discussed as a potential replacement for the euro dollar system due to its hard money characteristics and the issues faced by the current financial system post-2007 financial crisis.

💡Euro dollar system

The euro dollar system refers to the offshore market where US dollars are deposited and lent outside the United States. It is characterized by its elasticity and adaptability. The video discusses how the breakdown of this system in 2007 opened the door for a competing currency standard, like Bitcoin, to potentially replace it.

💡Hard money advocacy

Hard money advocacy refers to the support for a monetary system where the money supply is limited and not subject to inflation by a central authority. The video suggests that hard money systems like Bitcoin, which have a capped supply, promote efficiency and competition, as opposed to elastic money systems that can be inflated at will.

💡Business cycle

The business cycle refers to the periodic but irregular fluctuations in economic activity that an economy experiences over time. The video posits that a hard money system like Bitcoin could potentially eliminate the business cycle by reducing the waste and inefficiencies associated with elastic money systems.

💡Intermediation

Intermediation in finance refers to the process by which financial intermediaries, such as banks, channel funds from savers to borrowers. The video discusses how the euro dollar system's excessive elasticity led to a breakdown in intermediation, which is a crucial function for a healthy monetary and economic system.

💡Money creation

Money creation is the process by which new money is introduced into an economy, typically by a central bank or through fractional reserve banking. The video criticizes the euro dollar system for mixing up money creation with intermediation, leading to an imbalance and the proliferation of bad financial products.

💡Medium of exchange

A medium of exchange is an item that is commonly accepted in trade for goods and services. The video emphasizes the need for Bitcoin to become a more effective medium of exchange rather than just a store of value, in order to truly compete with and potentially replace the euro dollar system.

💡Store of value

A store of value is an item that can be stockpiled and saved for future use without a significant loss in value. The video points out that while Bitcoin has been positioned as a store of value, this focus has hindered its development as a medium of exchange, which is essential for it to replace the euro dollar system.

💡Elasticity

In economics, elasticity refers to the responsiveness of an economic variable to a change in another variable. The video discusses the need for currency elasticity, suggesting that a completely inelastic currency like Bitcoin might not be able to adapt to a dynamic economic environment, which is necessary for it to succeed as a global currency.

💡Deflation

Deflation is a decrease in the general price level of goods and services. The video briefly touches on deflation as a potential downside of a fixed money system like Bitcoin, where a limited supply could lead to a decrease in prices over time, which can have negative economic consequences.

Highlights

The euro dollar system's breakdown in 2007 has paved the way for a competing currency standard.

The euro dollar's elasticity was initially adaptive but became too loose, leading to the allure of hard money like Bitcoin.

Hard money advocates believe in earning money through competition rather than it being freely printed.

A limited currency supply promotes a more efficient economic system, potentially eliminating asset bubbles and business cycles.

Bitcoin aims to eliminate the inefficiencies and political extremes associated with the euro dollar's extreme elasticity.

Bitcoin's transparency and shared ledger system could replace the need for banks as intermediaries.

The dollar system has been largely virtual and distributed for over a century, contrary to popular belief.

Bitcoin's innovation addresses many inefficiencies within the euro dollar system.

The limited supply of Bitcoin is seen as a way to heighten intermediation and efficiency in the economy.

The euro dollar system's problem was the mixing of money creation with intermediation, leading to financialization.

Bitcoin's proponents argue for a hard money system to avoid the waste and inefficiencies of an elastic currency.

The public's appetite may swing towards hard money systems like Bitcoin as a reaction to the euro dollar's issues.

Bitcoiners often view the Fed as the culprit for printing money, which is a misconception.

Bitcoin's focus on being a store of value may be misguided; it should prioritize being a medium of exchange.

The euro dollar became dominant not because of its store of value but because it was an effective medium of exchange.

Bitcoin's price volatility has led to the rise of stablecoins, indicating a need for a more stable medium of exchange.

Human history shows that strict money standards are unsustainable as people always find ways to create elasticity.

Bitcoin's success may lie in becoming a more elastic and useful medium of exchange rather than just a store of value.

The speaker maintains high hopes for Bitcoin and digital currencies to replace the euro dollar system.

Transcripts

will Bitcoin overtake the dollar the

more appropriate question is whether or

not it can replace the euro dollar

because ever since the euro dollar

system broke down in August of 2007 it

has left the door wide open for some

competing currency standard that can do

a much better job at the roles of a

reserve currency now the euro dollar

represents maybe the other side of the

spectrum from Bitcoin not maybe it

actually is in that it is highly elastic

in fact it was too elastic now while

that solved a specific set of problems

early on it was adaptive it was

responsive it was flexible to the

dynamic World in which it was trying to

serve

you can see the Allure of the hard money

advocacy like Bitcoin like gold in the

breakdown of the system the crisis the

aftermath of 2007 and 2008. now hard

money advocacy I think we are all hard

money Advocate Advocates at heart

because what it basically says is that

when you have a limited supply of

currency you have to compete for you

have to really earn your money it's not

just given out freely by the printing

press wherever that printing press might

actually reside and because we all have

to earn our money we have to earn access

to money that means that the economic

system itself is much more efficient

we're not wasting time and effort on

financial sometimes useless Financial

tasks we have more time and more focus

on the most productive efforts that

create first of all we have a more

productive and sustainable economic

system and one that is in theory free

from the Affliction of asset bubbles and

if we don't have acid bubbles in all

this waste and stupidity during the boom

part of the cycle then maybe we don't

have the major crisis that leads to the

downturn maybe we don't even have the

business cycle to begin with can we

eliminate the business cycle altogether

with strictly hard money that's the

attempt that's what Bitcoin is really

focused on to eliminate some of the

stupidity and as well as the political

extremes that go along with extreme

elasticity in the euro dollar format and

to get the economy back on track with a

useful sustainable hard money like

currency system the question is whether

bitcoin's on the right track and whether

it can actually Dethrone the euro dollar

system and in whether in doing so it can

replicate all of the things that the

euro dollar actually did well because

there were quite a lot of them

now we're going to talk about Bitcoin

today but I want to do mention I do want

to mention that my own perceptions and

my own views are have been developed

through studying the euro dollar system

as it actually is and that's something

that we offer at euro dollar University

through our memberships we go through

the history the details how it works how

it's supposed to work how it hasn't

worked we talk about intermediation

which is a huge part of our discussion

here all the information about euro

dollar University memberships if you

want to know how the euro dollar system

works you want to know a little bit of

something about monetary Theory check us

out at our website eurodollar.university

now like a lot of people I began my

career thinking extreme quite a lot

about hard money and all of its positive

attributes in fact I want to read you an

article I wrote more than a decade ago

it was that long ago specifically about

Bitcoin Believe It or Not here's what I

said it cannot in my opinion simply be a

historical accident of pure coincidence

that such massive and productive

Innovation seem to have diminished or

disappeared during the exact same period

where meaning and money was so highly

diminished by monetary quote-unquote

Innovation talking about the euro dollar

system

the less meaning contained in modern

currency the greater the incentive to

chase the easy Buck rather than face the

double spending problem through hard and

Innovative work that pays off in

economic advancement I have said many

times that there has to be a hefty

opportunity cost for a generation of day

Traders and house flippers the

accumulation of so much talent and

intellectual capacity for exclusive use

in and on Wall Street where money to

again hold meaning Wall Street and

governmental economics would be

Curiosities a sideshow distraction to

the new Giants of industry and

Innovation Innovation is not dead it is

simply buried in a tsunami of

meaningless tokens euro dollar tokens

and I fear the opportunity cost of

delaying its arrival grows exponentially

that was written on March 8th of 2013

and here's the final line in that

article it would be easy to Simply blame

the CPI but I have high hopes for

Bitcoins and I still have high hopes for

Bitcoin to this very day I believe it

was an elegant attempt at a solution

given the set of problems that we were

dealing with and still dealing with

because as I said at the introduction

the euro dollar opened the door wide for

a competing currency system let's step

back let's let's talk about the good

parts about Bitcoin because there are

several and there are several very key

ones first of all

we don't need Banks I know that's that's

hard for many people to grasp and that's

it's a concept that might be too

difficult at least at first most people

don't realize that we have been on a

virtual distributed Ledger system

narrowly distributed Ledger system for

decades

the dollar system that everybody thinks

that they've been using is physical

currency like we're using printed

currency from the Federal Reserve or the

federal government that's just not the

case and it hasn't been the case in

large part for over a century we've been

using Ledger money for a long time

except Ledger money in this format is

where banks are given a special present

place and privilege because we're led to

believe that these are storehouses of

physical government money when you think

of a bank what do you think of you think

of a solid fortress-like building with

this massive Vault that that it takes

thieves Hollywood style as a scripts to

try to break into to steal cash let's

know what a bank is and Bank these days

is nothing more than a glorified

bookkeeper they keep track of who owes

what to whom and how much that's really

what they do and their ledgers fit

together with your individual ledgers

that piece together with other

individual ledgers and that bank Ledger

fits together with a system-wide ledger

through all of these Financial utilities

throughout the euro dollar system when

wouldn't it be much more elegant to have

just one Ledger that we all share that

we can all access that's completely

transparent that's what Bitcoin gets

right and gets right in Spades the idea

that we don't need Banks to keep track

of who owes what we could do that

ourselves we have the technology and

capability and Bitcoin

by God it has demonstrated that for a

very long time so that's one point in

there in bitcoin's favor and it's one

that I wrote about several times over a

decade ago one of the reasons why I

hired high hopes for because block

blockchain technology is an incredibly

elegant solution to many inefficiencies

that riddle the euro dollar to this day

the other good point about Bitcoin as a

limited Supply is again the problem we

have of intermediation and that in the

euro dollar system especially its later

years as I said before it got to be way

way too far people think that I'm an

advocate of the euro dollar because I

talk so much about it but really what

I'm trying to do is explain what it

actually is and how it used to work and

how it works nowadays so that we can

realize that we do need to replace the

system we should replace it with a

system that focuses back on

intermediation the real problem of the

euro dollar in theoretical terms was

that it mixed up money creation

capacities which not the fed or federal

government this global banking card town

which is even worse than the federal

government a global banking cartel that

wrestled or actually actually gained the

control of the money printing in the

global system because it was neglected

for a long time

so we have Global banks that are

essentially money printers that realize

that they could just start printing

money and as they printed money

intermediation fell apart and what is

intermediation intermediation is the

redistribute redistribution of money and

credit money through credit through the

global through any economic system

which is something that is very vital

and necessary to happen because in any

economic system you're going to have

winners and losers you're going to have

more successful companies businesses and

individuals and this has become more

successful guess what money tends to

flow in those directions not to depend

money does flow in those directions and

it can pool with those successful people

who if they use it as a store of value

it doesn't circulate it leaves less

money for circulation throughout the

economy which requires a high degree of

financialization to recirculate it which

is not a bad thing

of intermediation is a good thing if

it's done properly if it's done for

productive purposes which is usually hey

I don't want to lend money to somebody

that I'm going to lose it because I'll

be out of business if they're out of

business so intermediation is a very

crucial function to any monetary and

economic system and when you have more

money creation and money creation is

done by those who are supposed to

intermediate the system sometimes they

just completely forget to intermediate

that's really what was what went wrong

with the euro dollar system that's where

subprime mortgages came from in ninja

loans and all of the bad financial

products that we associate with the

bubble era that was all about

intermediation going down money creation

taking over so Bitcoin quite rightly in

Bitcoin uh Bitcoin proponents surmise

that look we need intermediation to be a

big thing again so strict money hard

money let's make people earn their earn

access to funds so in in doing so they

have to earn it we don't have we're not

funding and just printing money creating

all sorts of waste and inefficiencies

like day Traders and house flippers what

seems like a generation ago now and

there's all sorts of ways in which

financialization that really I think

showed up in the 1990s and early 2000s

it really goes back to the 1980s too

that people began to to Really zero in

on as symptoms of this wider deeper

problem so the euro dollar way too

elastic fixing or mixing up money

Creation with intermediation and it

would make sense that the pendulum might

swing a pendulum of public appetite an

opinion would swing to the opposite

direction let's think about a hard money

system where we don't have those

ridiculous stupid absurd costly excesses

we won't have a crisis if we have hard

money at least that's the thought

the question is first of all whether

that's a sound Theory then whether or

not Bitcoin can execute the the the

attempt

again let me say here as I offer some

criticisms that I do so from a

perspective as I wrote over 10 years ago

I would love nothing more than Bitcoin

to succeed

um I think the euro dollar needs to be

replaced and I'm on record in numerous

places and for a long time saying I

believe digital currencies are indeed

that solution and it would be great if

Bitcoin could provide it because Bitcoin

is the first one out of the box the

first real one out of the box it's the

biggest brand on the planet as far as

digital currency projects are concerned

so it makes sense it's the furthest

along it's got the most it's been Road

tested over and over again despite

repeated challenges

Bitcoin has the path you would think the

the easiest path to success but that

path is not easy they have a leg up on

all their competition but I think there

are some things that bitcoiners need to

realize in order to in order to make

theirs make their answer make Bitcoin

itself more likely to succeed and when

it does succeed assuming it does it'd be

more effective and then sticking around

and Performing all of the all of the

goals and meeting all the goals that we

wanted to for the commercial and

economic system

and it starts with bitcoiners hate the

fed and they hate the FED because they

think the FED printed money and that has

become sort of a unchallenged belief an

article of faith that has driven many

bitcoiners toward Bitcoin the idea that

the FED has printed so much money it's

going to destroy the dollar therefore

Bitcoin is going to take over from the

dollars ashes and I think in believing

that why that's why that's potentially a

big issue is because instead of

realizing that Bitcoin needs to be a

more effective medium exchange this view

has prioritized Bitcoin as a store of

value and so bitcoiners take the the

position that they just have to wait

around for the dollar to destroy itself

and then Bitcoin will sort of

self-evidently arise from those ashes

when I think that instead realizing the

FED never printed the money and the FED

still hasn't printed money and money

actually comes from the banking system

which is even even easier sale in my

opinion tell people that um not only

have we have a distributed virtual

currency Ledger it's maintained by a

global cartel of banks a a decentralized

system becomes even more desirable

however

because it's been so focused on being a

store of value it hasn't really

developed as a medium of exchange which

has led to this other odd sort of

assumption that is taken as an article

of faith that if you develop a store of

value it will then become a medium

exchange when there are numerous

examples when that's not the case the

euro dollar itself is a prime example

the euro dollar took over the entire

world despite the fact that it is at

best a horrible medium a horrible store

value it's a terrific meaning of

exchange it's a horrible store of value

in fact it doesn't really have a store

value the store value in the euro dollar

system is financial markets so the euro

dollar took over based on being a the

best medium exchange that could be

offered at that time

Bitcoin focuses on store value think and

I think they get that backwards focus

more on you and making Bitcoin a useful

medium of exchange and less on store

value because if you're waiting for the

dollar to go to zero you're going to be

waiting a long time and you're missing

all of this opportunity to demonstrate

usefulness of the of the token and

especially during this period of time

when people are searching for answers

make it a better meeting of exchange and

stop focusing so much on store of value

which brings us to the question of store

value because of the limited Supply

and this is an age-old question about

elasticity do we need an elastic

currency as I said the theory is that

you don't have an elastic currency

because limited supply of any currency

or money heightens intermediation

heightens efficiency maybe even

eliminates the business cycle altogether

and again it sounds great in theory but

when you study monetary history look at

it in practice first of all what you see

is that there has never been a truly

hard money standard not a strict money

standard in existence because people

will always if if a monetary system

becomes too restrictive people will

always find a way to create elasticity

to find ways around it the euro dollar

being the prime example triffin's

Paradox drove these Banks to create a

offshore

virtual Ledger system that they

controlled and they created so they

circumvented the somewhat hard money

standard of the Bretton Woods era by

creating this euro dollar ledger so I

again I think there needs to be some

attention to elasticity uh the fact that

human beings if if a monetary system is

too restricted people will look for

Alternatives so need to be a better

useful medium exchange a better

elasticity and there are all sorts of

other problems uh bitcoin's price has

been exceptionally volatile which has

given rise to the birth and the

proliferation of stable coins full

disclosure I am a trustee of a stable

coin

so that along with with issues about

Bitcoin Supply about how elasticity how

inelastic Bitcoin is how how it's not

paid too much not paid nearly enough

attention to becoming a useful medium

exchange and what you left with is

Bitcoin has so many of these positive

attributes you're just frustrated that

it can't complete complete the final few

steps to really becoming a potential

answer to the euro dollar breakdown and

there's more there's more behind all of

these things obviously you can't fit

this in just a single YouTube video but

again back to what I said from the very

beginning I have high hopes for Bitcoin

and All Digital currencies assuming that

they can actually perform these

functions they need to be able to

respond to a dynamic environment which

fixed money systems aren't going to be

able to do fixed money systems also have

several inherent downsides to them

deflation being a huge part of it and we

can spend a whole video on just that too

but by and large it's some elasticity

that that allows the coin that allows

the currency to become a useful medium

of exchange I think that's the big part

that's missing for me once Bitcoin

becomes if it can if it can can become a

useful medium exchange then building

upon all of these huge attributes that

have been that have been tested and

built and and developed over the last

what has it been 16 years 15 years now

almost 15 years January 3rd 2009

and Bitcoin could possibly be the the

replacement to the euro dollar system

but these are serious issues including

you know again elasticity is a big one

medium of exchange it's not just enough

to say we're going to be the Survivor

after the dollar explodes and goes It

goes to zero it's completely worthless

because waiting for the dollar to go to

zero you're gonna waiting too long and

you're wasting all this time along the

way the dollar isn't going to go to zero

because as the euro dollar is the only

viable alternative to itself the only

the only variable option currently

there's always going to be some use for

the euro dollar therefore the dollar

denomination so making it better more

elastic potentially medium of exchange

and there's a whole argument there I

understand but elasticity that's a huge

part of becoming a medium exchange and

doing that that then really takes

advantage of the situation that we find

ourselves as I wrote in March of 2013 I

still have High Hope for Bitcoins and

that's the big one you know it's medium

of exchange first and foremost the

dollar the euro dollar took over the

world by being the best medium and the

one that can supplant it and the one

that can show it's a better medium

exchange a more stable more productive

medium of exchange that's the one that

actually takes over and supplants the

euro dollar system

I did a video almost a year ago about

whether or not we actually need Banks

and whether or not there was a place for

cryptocurrencies and digital currencies

to replace them you could check that out

at the link below me as always I thank

you very much for joining me a huge

thank you you're at all University

members and subscribers until next time

take care