Posted 2 years ago | by Ben Armstrong
NBC: Trump Takes Meeting with Zuckerberg and Thiel-Cryptos on the Table
US news network NBC has run a story that puts US President Donald Trump, Facebook frontman Mark Zuckerberg, and Silicon Valley billionaire Peter Thiel in the White House together sometime last October, and the topic of discussion was likely cryptos.
Facebook made a big splash with its Libra project, which was the centerpiece of a new online payments platform that was seemingly designed to cash-in on the popularity of cryptos. There was a lot of enthusiasm for the project early on, but as the US government got involved, interest from companies like PayPal, Visa, and MasterCard quickly waned.
— ????. (@_Jo_di) November 21, 2019
The report that NBC is running has yet to be confirmed by any of the people involved, but if it is accurate, it would mean that the highest levels of the US Government are keeping a close eye on cryptos. While Libra may end up being a non-starter, it is clear that cryptos are here to stay.
Where's the Action?
Even with all the popularity that cryptos have gained over the last two or three years, the entire market is still tiny. It feels a lot like the early days of the internet, when people didn't have any clue that one day dial up modems would be replaced with high speed connections, and AOL would be a dated reference to the days of yore.
Likewise, in the 1990s, people had a hard time visualizing how that annoying sound the computer makes could decimate the retail landscape, and propel a person who was selling books online to multi billionaire status. Everyone was buying books at Borders...buying anything online was just way to nerdy for the masses.
Go get a Cinnabon at the mall...it is so much cooler!
Today most of the malls in the USA are rotting, and Jeff Besos turned his nerdy online bookstore into a multi-billion dollar tech powerhouse that could gobble up just about any company out there.
The internet made it all possible. Strangely, even though the internet totally upended the retail economy, many stores did little to raise an alarm, or adapt. The same can't be said for cryptos, which are making a big impact, even as though it is still a very niche market.
The Money Game
It might seem weird to think about money as the lack of something, but that is exactly what modern money is. Fiat currency, as it is currently used, is a rather new idea. The use of it goes back to 1971, when then-US President Nixon decided to stop swapping US dollars for gold, and take the 'free world' off the gold standard.
Massive inflation followed. The 1970s were defined by stagflation, commodity shortages, and political upheaval. Things are shaping up to be a rerun of the same narrative today, but on a much larger scale.
People like Donald Trump, Mark Zuckerberg and Peter Thiel know that there is a big change coming. The elected officials in the USA likely know that the US dollar's days are numbered, and a decentralized, global digital currency that is controlled by no specific entity is an existential threat to the established power structure.
Big changes are coming.
The people at the top know it, and are keeping their meetings secret for a reason. Instead of projecting a price for a popular token in US dollars, it might make more sense to project how long the current incarnation of the US dollar will be convertible to anything, other than fire.