The idea is intriguing on a number of levels. In terms of retaining value though thick and thin, the ultimate reserve currency cannot be printed (and thus devalued) with abandon by a government.
Today, a small group of central bank chiefs can meet in private and wield unprecedented power over global markets, economies, and wealth distribution. They are held accountable to the ruling politicians that in most cases have no respect for the principle of sound money.
It might seem so obvious as to appear facile but it is easier to make money in a bull market. Anyone who has ever taken part in a bull market that has persisted for any meaningful length of time has been pleasantly surprised by how well their investments do and how easy it all seems.
The Latest Conference Board Leading Economic Index (LEI) for September was released this morning. The index rose to 0.7 percent to 97.1 percent from the previous month's 96.4, a slight downward revision from 96.6 (2004 = 100).
With one firm swoop, banks could eliminate the threat from Apple, Google, and PayPal by embracing the new bitcoin cryptocurrency. Disruption doesn't always come from the outside but revolutions do form at the periphery which is precisely where Bitcoin sits today.