Up front, I’m strongly of the view that “crypto” or “private money” will soon enough replace the dollar, euro, yuan, pound, Swiss franc, and any other widely circulated exchange mediums. It’s all in my 2022 book, The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution. I believe this will happen simply because no one buys, sells, borrows or lends money. In reality, all monetary transactions are exchanges of goods, services and labor for goods, services, and labor.
This being the case, it’s only logical that private money would replace government money given the historical tendency for governments to devalue their currencies. Devaluation robs individuals of all stripes of the fruits of their work by shrinking the amount of goods, services and labor that money can be exchanged for.
At present, the dollar is the world’s currency with it at least on one side of…
