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Cryptocurrency and Restoring America
American Vision readers will be well aware of our position on sound money and banking, as well as individual liberty and private property. Our case against the federal reserve system, monetary inflation, and fractional reserve banking stands shoulder-to-shoulder with the tradition of Austrian economics, only expressed from the more explicit perspective of Christian ethics.
The move to accept cryptocurrency comes as part of a larger agenda outlined in my Restoring America chapter on Money and Banking. Earlier this year we began preparations for this emphasis by making that whole chapter available for free as a PDF download.
Readers may or may not recall one of the more obscure recommendations I had when I first wrote this chapter back in 2011. In the section on “How to return to honest money,” I wrote:
There is the possibility also of alternative currencies. These are not “money” in the legal sense, but are legally legitimate. Several local systems have existed historically, and several smaller, localized versions exist still today. These are essentially paper-assisted barter systems. They tend to remain local because they require a network of businesses that agree to accept the currency. This could be a viable practice in the future if it became prevalent enough.
Little did I know when I wrote this that Bitcoin was in a fast-growing infancy and destined to become a digitally-assisted barter system, and in fact much more than that—a global, digital currency powerhouse.
While I am quite aware there are many issues pro and con in the larger picture of cryptocurrencies, they have nevertheless blown through the limitations of “alternative currencies” I mentioned back in 2010. The vast network of business and individuals who participate provide a robust base that is neither tied to a small entity or in any sense merely local. It is now clearly “prevalent enough” and clearly a “viable practice.” The “future” of which I spoke is here.
In short, cryptocurrency is here to stay, and as a generality should be celebrated and embraced by all lovers of liberty.
I hope to have more to say on Bitcoin in the near future, and I also plan to publish more on private banking alternatives as well. There have been many helpful developments in these areas, and they fit right into the worldview and recommendations I outlined in Restoring America.