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Entrepreneur and popular author Jeff Booth has predicted a grim future for fiat currencies, <\/strong>expecting them to fail as central banks keep printing money. Foreseeing an unavoidable, severe depression and banking failure, he believes bitcoin will become the world\u2019s reserve currency and all national currencies will be pegged to it.<\/strong><\/p>\n The author of \u201cThe Price of Tomorrow: Why Deflation is the Key to an Abundant Future,\u201d Jeff Booth, has made the case that bitcoin will become the world\u2019s reserve currency and all national currencies will eventually be pegged to bitcoin. Booth published his book in January, detailing why we are due for a financial reset and a new economic framework. The entrepreneur also founded Canada-based technology company Builddirect, an online marketplace for home improvement products.<\/p>\n In an interview with Cambridge House International, published last week, he discussed the current economic situation and why he is more bullish on bitcoin than any other asset class. He began by explaining the consequences of what the Federal Reserve is doing right now. \u201cAll of the printing is going directly into asset prices and it\u2019s being robbed from the greater economy,\u201d he described. \u201cWhat\u2019s coming next is MMT, helicopter money, and everything else. And once the Fed loses its credibility then all bets are off in inflation so the Treasury essentially will become the Fed and print money and can distribute that money to [the] population, and then you are going to lose currencies all over the world.\u201d<\/p>\n Moreover, Booth predicts that \u201cinterest rates are going to continue to go down until currencies fail,\u201d emphasizing that central banks are artificially keeping interest rates low. The Federal Reserve recently pledged to keep interest rates<\/a> near zero for several years, after it announced a policy shift to push up inflation<\/a>.<\/p>\n To preserve wealth in this environment, Booth diversifies and cautioned against putting all wealth in one asset class. While having both gold and bitcoin in his investment portfolio, he affirmed, \u201cI am much more bullish on bitcoin for a variety of reasons. I think it could be the new gold \u2026 bitcoin works on a network effect.\u201d The popular author elaborated:<\/p>\n [Bitcoin] should keep on growing and I think one day other currencies will be pegged to bitcoin \u2026 I think it\u2019s highly likely that bitcoin becomes the reserve currency.<\/p>\n<\/blockquote>\n He noted that \u201cGold is valued where it is for the exact same belief that it will be pegged to currencies,\u201d asserting that bitcoin is a much better bet than gold, and more importantly, everyone\u2019s portfolio \u201cmust\u201d include bitcoin. In addition, \u201cWhen currencies break and safety becomes an issue, portability of gold is really difficult,\u201d he warned, adding that \u201cThe portability alone of bitcoin for safety reasons becomes paramount.\u201d<\/p>\n<\/p>\n When asked about the biggest challenge bitcoin faces, he said government bans are the number one concern. However, he expressed: \u201cI see that as a very low probability \u2026 because of game theory. So in a competitive world where every region needs to attract wealthy people, businesses. If regions ban it, other regions accept it faster.\u201d He outlined that if a country tries to stop bitcoin, \u201cit creates more of an incentive for other countries to accept it and build rules around it,\u201d pointing to Switzerland as an example.<\/p>\n Booth also shared his view on the future of the stock market. \u201cThe stock market is teetering. You feel like it\u2019s about to collapse and that\u2019s all around stimulus. Without more stimulus, expect a downward spiral \u2026 if stimulus stopped that downward spiral would take stocks down 80%,\u201d the author opined. However, he firmly believes that governments will not let this happen and will print their way out in order to prevent it.<\/p>\n While his book highlights a more optimistic outlook since he wrote it shortly before the coronavirus crisis, Booth now sees a grimmer future, as trends have been accelerated by the covid-19 pandemic. \u201cIt accelerated the monetary easing and now there just isn\u2019t a way out without a severe depression and banking failure,\u201d Booth opined, adding:<\/p>\n Bitcoin becomes a really good choice to protect wealth and what\u2019s happening because it cannot be confiscated \u2026 I think bitcoin will go up, largely up, like a macro theme.<\/p>\n<\/blockquote>\n Do you think bitcoin will become the world\u2019s reserve currency? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post All Currencies Will Be Pegged to Bitcoin, Says \u2018Price of Tomorrow\u2019 Author Jeff Booth<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\u2018Highly Likely\u2019 Bitcoin Will Become the Reserve Currency<\/h2>\n
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