How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’ – Featured Bitcoin Newson October 11, 2021 at 4:18 am

55 days from now would be the hundred-year anniversary of when the American industrialist and enterprise magnate Henry Ford talked a few distinctive “power forex” that might “cease wars.” The well-known founding father of the Ford Motor Firm steered {that a} forex could possibly be backed by power in kilowatt-hours (kWh) similarly to the best way power is leveraged to mine bitcoin.

New York Tribune, December 4, 1921: ‘Ford Would Substitute Gold With Vitality Foreign money and Cease Wars’

Near 100 years in the past on December 4, 1921, Henry Ford mentioned an concept he conceived within the New York Tribune. The title of the revealed article was referred to as “Ford Would Substitute Gold With Vitality Foreign money and Cease Wars.”

Ford is well-known for creating the meeting line method and creating one of many first mass-produced American-built vehicles. Ford’s power forex idea describes a digital forex very similar to Satoshi Nakamoto’s Bitcoin and one which can be scarce.

Not solely would Ford’s power forex be backed by power measured in kilowatt-hours (kWh) he additionally mentioned with the Tribune that the forex would “be issued solely to a sure particular quantity and for a particular objective.”

It has all the time been understood that Henry Ford was effectively forward of his time, however he additionally thought of an idea that’s similar to what’s described within the Bitcoin white paper. Ford even had a location deliberate to kick begin the concept at Muscle Shoals Dam. The treacherous and wild Muscle Shoals part of the Tennessee River produces a whole lot of power because the dam gives electrical energy, flood management, and a water provide.

Ford even took pictures on the banking cartel in 1921, that are principally the identical monetary establishments and members of the family working the world’s funds at this time. “It’s merely a case of considering and calculating in phrases completely different from these laid all the way down to us by the worldwide banking group to which we have now grown so accustomed that we expect there is no such thing as a different fascinating commonplace,” Ford harassed.

Whereas the cypherpunks like Timothy Could and Eric Hughes wrote about ideas that regarded nearer to at this time’s cryptocurrency, many others had visions much like Henry Ford’s power forex idea. The Nobel laureate and Austrian economist Friedrick Hayek mentioned the concept of a free market forex.

“I don’t imagine we will ever have good cash once more earlier than we take the factor out of the arms of [the] authorities,” Hayek harassed. “That’s, we are able to’t take it violently out of the arms of [the] authorities, all we are able to do is by some sly roundabout means [to] introduce one thing that they’ll’t cease.”

Along with Hayek, Milton Friedman mentioned the concept of a cryptocurrency in 1999. “I feel that the Web goes to be one of many main forces for decreasing the position of presidency,” Friedman mentioned throughout his interview that went viral in 2014. “The one factor that’s lacking, however that can quickly be developed, is a dependable e-cash, a technique whereby on the Web you may switch funds from A to B, with out A realizing B or B realizing A,” the economist added.

Henry Ford: ‘It Would Imply Modifications in World Finance — Bankers All the time Oppose Modifications’

Ford’s power forex editorial within the New York Tribune not solely takes goal on the bankers however blames gold as effectively. “It’s quite simple while you analyze it,” Ford emphasised. “The reason for all wars is gold. We will show to the world two issues, first, the practicability, second, the desirability of displacing gold as the idea of forex and substituting instead the world’s imperishable pure wealth.” Ford continued:

Virtually everyone on the planet, besides the newspapers and bankers acknowledges that civilization has entered on a brand new period. The newspapers don’t see it and the worldwide bankers don’t wish to see it — It could imply adjustments in world finance and bankers all the time oppose adjustments.

It could possibly be mentioned that the development in America has already entered a realm of digital forex which is completed largely by the banking system’s databases. In lots of respects, Ford acquired his means as a result of the powers that be primarily changed gold with unbacked fiat. Nonetheless, fiat is a far cry from a scarce and energy-backed forex Ford dreamt up way back.

The banking cartel shifting off the gold commonplace has pushed a “desirability of displacing gold” from each side of the spectrum. Decentralized crypto belongings like bitcoin (BTC) are certainly displacing gold even when the measurement of displacement remains to be fairly small.

Nowadays individuals use cryptocurrencies as a hedge in opposition to fiat and the central banks’ huge financial expansions similar to treasured steel (PM) collectors and ‘gold bugs.’ On this line of considering there’s additionally a “desirability of displacing gold” forming among the many lots as digital currencies provide advantages that PMs like gold can’t present.

In line with assetdash.com bitcoin (BTC) is the sixth prime asset by market cap. The online portal companiesmarketcap.com says bitcoin (BTC) is positioned within the eighth spot. The highest place held by Gold is an $11.161 trillion market valuation, whereas BTC’s is roughly $1.041 trillion, in line with the web site’s metrics. Gold’s valuation is 972% bigger than BTC’s because the crypto asset has a protracted approach to go to catch up if it needs to displace gold.

What do you consider Henry Ford predicting a forex much like bitcoin near 100 years in the past? Tell us what you consider this topic within the feedback part beneath.

Tags on this story
100 years in the past, American industrialist, Meeting Line, Bitcoin, Bitcoin (BTC), enterprise magnate, cipherpunks, crypto belongings, Dec. 4 1921, Vitality Backed Foreign money, Eric Hughes, Ford, Ford’s Imaginative and prescient, Friedrick Hayek, gold, Gold Market Cap, Henry Ford, Milton Friedman, New York Tribune, PMS, Valuable Metals, Timothy Could

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55 days from now would be the hundred-year anniversary of when the American industrialist and enterprise magnate Henry Ford talked a few distinctive “power forex” that might “cease wars.” The well-known founding father of the Ford Motor Firm steered {that a} forex could possibly be backed by power in kilowatt-hours (kWh) similarly to the best
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