Posted 2 years ago | by Ben Armstrong
If You Can't Beat 'Em, Join 'Em
Surely it can't be a coincidence that within the same 30 day period, Facebook went to Capitol Hill to discuss Libra coin, Donald Trump tweets about Bitcoin & cryptocurrency, and now the Federal Reserve has announced via press release that it intends to develop a "round-the-clock real-time payment and settlement service."
It makes sense for them to do this. Really, it would have made more sense for the Fed to do this 10 years ago about the time that Bitcoin was created. The world is moving toward a more connected, 24-7-365 environment. Just two days ago as I was driving home from a trip, I noticed a small town bank that was open on a Sunday. It's simply where the world is moving (except for Chick-fil-A).
The thing is though, we already have this beautiful and efficient payment model called Bitcoin. The Federal Reserve will pour millions of dollars (probably funded by an outdated and unfair digital assets tax policy) on reinventing the wheel... when it doesn't need to be reinvented.
The Federal Reserve payment system will be available in 2023 or 2024. Bitcoin will most likely be 6 figures by then. If the Federal Reserve were to simply embrace Bitcoin then they could achieve everything they are looking to do without wasting money. And not sure if you've noticed this, but the U.S. government isn't exactly the best at creating efficient systems.
Reaction to this announcement poured in via Twitter.
Great that the @federalreserve is taking a forward looking and intelligent stance regarding innovation in #DigitalAssets and #payments. I recommend considering the benefits of #Bitcoin, a functioning, reliable, trust-minimized base-layer for sound money. https://t.co/jyQfXBJNmm
— Gabor Gurbacs (@gaborgurbacs) August 5, 2019
NEW: The Federal Reserve will launch a real-time payments system called FedNow that is expected to be available in 2023 or 2024. pic.twitter.com/JHtvc61V7u
— CNBC Now (@CNBCnow) August 5, 2019
Bitcoin is already available. ??♂️ https://t.co/HW0Lp7N8dz
— Pomp ? (@APompliano) August 5, 2019
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