The CEO of deVere, which describes itself as one of the world’s leading independent financial advisory organization, has called US President Donald Trump as “backward-looking,” “out-of-touch” and like “King Canute trying to turn back the tide.”
In an ancient allegory, the danish King Canute is portrayed as so deluded he thought he could turn back tides with this obviously meaning once high up there, it can be too easy to lose touch.
“Cryptocurrencies, such as Bitcoin, are becoming almost universally regarded the future of money.
Why? Because of the staggering pace of the digitalization of our lives and cryptocurrencies are digital by their very nature.
They’re also borderless, making them perfectly suited to the world of commerce, trade, and the movement of people.
In addition, it comes down to demographics. Younger generations, such as Millennials and Gen Z, are digital natives and more likely to hold crypto assets. If demographics are on your side, the future probably is, too.”
On the demographics, Mr Trump was born in 1946, making him 74. That’s retirement age with perhaps an outlook more to the past than to the future.
In the present, just recently a tenner cash note was not accepted in the shop because there are now new designs for cash notes, and therefore they are trying to get rid of the old ones.
Something you’d think you’d know, but many probably found out when the shopkeeper told them so because with contactless cards, plenty probably can’t even recall the last time they had cash on their hands.
Digitization is a process that is only beginning to a wide extent, and if all fiat is going to be digital, then the necessity for digital cash is self-evident.
To the younger generation that is. The retired one on the other hand, and specifically in the case of Trump, often doesn’t even use email although they all now love the Twitters and Facebooks.
We’re generalizing out of necessity, but while grandpas are just learning about chatting online, the younger generation is learning about the command line.
That’s the scary haxors tool, which is actually just a notepad but for code instead of words. There you can tell your own sites or whatever, and even your computer, to do whatever.
As digitization progresses, the necessity to know basic code is progressing too. That’s in all professions, except the very manual ones, but lawyers, doctors, investment bankers, architects, anyone with skills really and of working age instead of retirement age, needs to get more and more familiar with code.
Bitcoin provides that familiarity especially for university students who have plenty of time and thus sometime play with dogecoin.
It also provides them with some basic knowledge of the financial system. How companies are funded, what is a stock exactly, what role the government has in all of this, how does money work, what effects do its workings have on the economy, how any and all of this can be made better, and of course how you can produce value in our current system.
You combine the two, tech and finance, and you make it fun for the young, and you have a disruption which necessarily has to go very slowly, but quite gradually it is changing the world and will continue to do so.
As such, the approach of someone in Trump’s position, whichever country, should be encouraging and accommodating the future, because it is modernizing the world and of course it is led by people who hope to enjoy a far better world when they do eventually also retire.
Whether America’s government will change its ways, however, is to be seen. But for now, if you’re young, ambitious and a bit smart, Europe is where you want to be as far as this space is concerned.