With historic lows in M2 Money Velocity (GDP/Money Supply) and the relentless decline in the purchasing power of the US Dollar since the creation of The Federal Reserve System in December 1913,
not to mention the incessant borrowing by the US Federal government,
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faith in the US Dollar has been crumbling. This had led to the evolution of cryptocurrencies such as Bitcoin.
But there is competition coming for Bitcoin, one that is backd by commercial real estate properties.
National Mortgage Professional Magazine – Phil Hall- Move over, Bitcoin—a new cryptocurrency is coming online that is backed by the properties held in real estate investment trusts (REITs).
According to a Business Insider report, the Swiss-based fintech company Brickcoin plans to roll out REIT-backed currency called brickcoins, which will be managed and tracked with blockchain technology. The company is registered in the U.S., U.K. and European Union, although it not yet clear which REITs will be used at the core of this new endeavor or when it plans to become fully operational.
“BrickCoin challenges tradition by making real estate investment an accessible, practical and smart option for everyone,” said the company on its Web site. “The idea is clever and simple, and has already caught on with some of the leading minds in the finance industry. It is a smart investment strategy, which is why many people are already getting involved. And you can too.
We are the future of real estate investment.”
Yes, fiat currency like the US Dollar (currency not backed by a metal like gold, or similar) is dangerous because it leads to abuse by host governments.
I wonder if Federal Reserve Chair Janet (symbolically) owns a Fiat?
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