Spanish Bitcoin
The new president of Argentina, Javier Milei, wants to use the dollar ($) instead of the Argentine peso to escape Argentina’s high inflation. Both he and the president of El Salvador, Nayib Bukele, also want to use bitcoin with a ₿. However, it is physical bitcoin, the Spanish Dollar, that they should consider. El dólar argentífero es bitcoin fisico. The silver dollar is physical bitcoin.
The new apparently Austrian economist president of Argentina, Javier Milei, campaigned on dollarization to escape Argentina’s inflation. Argentina is synonymous with inflation. The print even more than the USA, so the $ appears comparatively valuable.[1][2]
On September 6, 2021, Nyaib Buckle had El Salvador buy ₿400. He has since bought more, bringing El Salvador’s total to ₿2,700. Milei has indicated that he wants to treat crypto currencies as legitimate.[3][4][5]
However, fundamentally, neither ₿ nor the $ will be good for either country in the long term because ₿ is a derivative of the $ and the $ is being replaced as the world’s reserve currency. The BRICS nations are the best example of countries replacing the $ in international trade, buying gold with the implication to back their currencies. Iran and Saudi Arabia joining BRICS today implies that they may not exclusively sell their oil for $. Maybe they’d accept gold and silver. Indeed, central banks became net buyers of gold in 2009 after being net sellers for the previous two decades. The Great Recession of 2008 appears to have been the beginning of the end of the $ in the eyes of central banks. Otherwise, why would they not own more $ instead of gold?[6][7]
Like how the British Pound Sterling was replaced by the US gold and silver backed dollar in 1944, the US petro-dollar is being replaced today. ₿ won’t replace the $. ₿ is used in place of the $ by people who value the $. ₿ can go to $1,00,000. ₿ is as good as the $. When people lose faith in the $, ₿ won't be as good as gold. ₿ is worth its weight in gold and silver. ₿ is just an additional brand of fiat money on a computer screen that needs to use gold and silver hardware: $¥€£₿ƉΞ
Mr. Buckle is trying to hit the jackpot. He wants ₿ to go to $1,00,000. But unless the US backs the $ brand with gold and silver dollar coins, then the $ won’t be worth a continental. The USA have $8 trillion federal debt maturing next year. We don’t have the money. We’d have to go $trillions into debt to pay the maturing debt before needing trillions more to fund social security, medicare, medicaid, or the federal defense.[8]
And if people are using gold and silver as money again, including currencies backed by gold and silver, why would they trade a gold coin for an imaginary gold coin?
Credit for a gold coin is worth more than credit for an imaginary gold coin. All national fiat currencies are defaulted credit for gold and silver coins, that became derivatives of the credit for oil, the petro-dollar.[9]
It is a combination of bitcoin and the dollar that is the solution.
The Founding Fathers in the American Revolution printed too much money (continentals) to pay for the American Revolution. The money became almost worthless. To end inflation, they adopted physical bitcoin, the Spanish silver dollar. The former Spanish colonies of El Salvador and Argentina should consider physical bitcoin, not imaginary gold coins. Argentina even means The Land of Silver, from the Latin word Argentum, silver. El dólar argentífero es bitcoin fisico. The silver dollar is physical bitcoin.[10]
Central banks and nations own silver and gold for a reason.
End Note: Satoshi is probably Alan Greenspan. He called it bitcoin to troll historians of the Spanish dollar.
[2]https://qz.com/dollarization-is-no-silver-bullet-despite-what-argenti-1851035161
[3]https://bitcoinmagazine.com/business/president-bukele-bought-bitcoin-dip-el-salvador
[6]https://www.hamiltonmobley.com/blog/death-of-the-petro-dollar-ii
[8]https://www.hamiltonmobley.com/blog/turning-points-ii
[9]https://www.hamiltonmobley.com/blog/r9tu385c22azkxuycdia7o3kludljh
