The era of virtual currency emerged in 2009 when Bitcoin was introduced. The virtual asset was overlooked in its initial years, with very few believing its potential to replace the current monetary system. One of those few individuals who believed in Bitcoin from the very beginning was Max Keiser.
In a recent segment of the Keiser Report, Stacy Herbert, one of the show host, discussed a ‘paradigm shift’ evolving in the financial industry. She indicated an imminent collapse of fiat, taking the example of China’s current ‘meltdown’ with the trade war and suggested that the era of Bitcoin had officially begun.
Keiser opined on the matter and stated that the financial industry had entered a state of “de-globalization” and “de-dollarization” and the current situation could only be supported by Bitcoin. He said that bitcoin was an asset that cannot be confiscated and this property would give rise to a group of “individually sovereign individuals.” He stated,
“The nation state will subside and the role of fiat monet will collapse. And we’ll have a new era.”
Keiser continued his argument against fiat and explained that earlier in 2012, Bitcoin was collectively hated before its price took a parabolic swing and started to hike. He said that the virtual asset had now become a ‘Veblen good’ in the eyes of the consumer since its price growth made a lot of people extremely affluent.
Keiser also mentioned that all the protests around the world were connected and against the existence of fiat and banks. He stated,
“The solution to the protest in Hong Kong is Bitcoin. The solution to the oppression in Egypt is a Bitcoin. It has the same solution they have. All these groups are protesting. Once the penny drops or the Bitcoin drops and they understand this, then you’ll see the $100,000 price of Bitcoin pretty quickly.”