According to a recent commentary on the former BREXIT minister Jacob Rees -Mogg for the YouTube channel, the British Bank has a risk of shaking the public’s belief in the pound before the new bill design.
He argues that confidence in Fiaton is based on shared faith rather than essential values. His warnings come to release a note that features modern images instead of a familiar person.
History of hard money
Rees -Mogg traced paper calls to China 11th century when the initial notes first appeared. He pointed out that from 1660 to 1914, the purchase power of the British pound was barely sprouted thanks to the connection with gold.
In contrast, paper without blanks has an inflation record. He said that the government, which prints more money, acts as a hidden tax for guardians and creditors.
https://www.youtube.com/watch?v=LI3L1S5VK0
Fantasy
Based on the report, Res -Mogg maintained a modern coin with the silver sealing of Charles I ‘S’. He pointed out that while old coins maintain their value through metal content, today’s basic metal works are entirely dependent on trust.
He warned, “It is worth believing that paper money is unique because it is not worth outside of the system of accepting notes and coins.”
Image: Experian
Bitcoin and gold
Rees -Mogg drew a line from GOLD’s long history to Bitcoin’s fixed supply. Gold increases by 1-2% annually through mining, and Bitcoin cannot exceed 21 million coins.
He suggested that both assets would provide “real value”. Bitcoin’s distributed protocol, unlike Fiat, does not leave for additional tokens, unlike Fiat, which can be flooded with fresh notes, especially after the 2008 financial crisis.
Image: Blueberry Markets
Psychology
He claims that the shape and feeling of money are important. He said he replaced his familiar monarch with abstract art.
He warned that when confidence collapsed, the call to the excess inflation of Weimar Germany and Zimbabwe was a terrible example of what happened when people stopped faith.
Encryption community reaction
Based on social posts, many people in Crypto World have cheered for Bitcoin’s “Hardness”. Rees -Mogg stops calling Crypto a better alternative, but his focus on scarcity reflects the long debate of Digital -Invocates.
His opinion adds to the mainstream voice of whether Bitcoin can serve as a hedge to inflation or hedging for central bank overrich.
Rees -Mogg’s warning reminds readers that the power of money goes beyond design. Daily trust depends on the achievements of the economy and how clearly the central bank communicates.
Bitpapa’s main image, TradingView chart
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