The journalist believes that the number of sovereign individuals who own their currency is multiplying. Nigeria and Latin America are at the top of the evolution of money, according to the Wall Street veteran.
In recent days, Max Keizer stated that “money printer brrr” is a universal language that has turned the nations of the world into banana republics. The journalist, along with television producer Stacy Herbert, analyzed the consequences of the mass issuance of fiat money and how citizens turn to Bitcoin to escape inflation.
Until not long ago, only inhabitants of Latin American countries were aware of the uncontrolled issuance of fiat money. The same did not happen with residents of the “United States, where no one yet understands what happens when hyperinflation is promoted and the national fiat currency becomes garbage. However, everyone can say that ‘money printer brrr’ is a universal language, since all countries do the same as Venezuela, Argentina and Zimbabwe”, Keizer and Herbert noted.
The “brrr” that Keizer and Herbert referred to is related to a meme in which a man is printing banknotes as if they were office papers. This reflects some concerns about how governments resort to their ability to generate money without backing. With this, they seek to combat economic crises, but do not take into account that this leads to higher inflation.
Uncontrolled money printing has generated hyperinflation in several countries, including Venezuela, Argentina, and Zimbabwe. Something similar could happen in the United States due to the all-time injection of liquidity from the Federal Reserve. With this, they seek to finance hundreds of companies and millions of Americans in times of stagnation and increased unemployment as a result of the COVID-19 pandemic.
However, Keizer and Herbert consider that the world economy has started the path towards deglobalization. They believe that Bitcoin is creating a process opposite to globalization, which implies the emergence of millions of sovereign individuals, rightful owners of their currency.
Nigeria and Latin America Are at the Top of Money Evolution
Central banks continue to print money and increase their money supply but Nigeria and Latin America are already at the top of the evolution of money. This is due to the high level of adoption that these regions have achieved, according to Keizer and Herbert.
Herbert highlighted the case of Nigerian Abdaji Odunjo, a trader who imports products from China and began using Bitcoin to pay his suppliers four months ago. The man was able to find several benefits of using the pioneering cryptocurrency to finalize his business deals. An instant settlement system now allows saving fees and streamlining paperwork by using Bitcoin as the unit of account. In other words, he is using the cryptocurrency as the standard unit for setting the price of the goods and services that he trades.
“Money has always evolved in stages: first as a collectible, second as a store of value, third as a medium of exchange, and fourth as a unit of account. While Bitcoin is already a unit of account in Nigeria, it is the transition stage between being a collectible and being a store of value in other countries,” concluded Keizer and Herbert.
By Alexander Salazar
