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How Henry Ford Envisioned Bitcoin 100 Years Ago – A Unique ‘Energy Currency’ That Could ‘Prevent Wars’ – Featured Bitcoin News

It will be 55 days from now when American industrialist and businessman Henry Ford talks about a unique “energy currency” that will “stop wars” for the centennial anniversary. The well-known founder of the Ford Motor Company suggested that a currency could be backed by energy in kilowatt-hours (kWh) in the same way that energy is used to power bitcoin.

New York Tribune, December 4, 1921: ‘Ford Will Replace Gold with Energy Currency and Stop Wars’

About 100 years ago on December 4, 1921, Henry Ford discussed an idea he had conceived in the New York Tribune. The published article was titled “Ford Will Replace Gold with Energy Currency and Stop Wars.”

Ford is known for developing assembly line technology and for producing one of the first mass-produced American-made automobiles. Ford’s energy currency concept describes a digital currency similar to Satoshi Nakamoto’s bitcoin and one that is even rarer.

Not only would Ford’s energy currency be supported by energy measured in kilowatt-hours (kWh), he also discussed with the Tribune that the currency would be “issued only for a certain fixed amount and for a specific purpose.”

How Henry Ford Envisioned Bitcoin 100 Years Ago - A Unique 'Energy Currency' That Could 'Prevent Wars'

It has always been understood that Henry Ford was well ahead of his time, but he also thought of a concept similar to that described in the Bitcoin white paper. Ford even had plans for a location to start the idea at Muscle Shoals Dam. The treacherous and wooded Mussel Shoals section of the Tennessee River generates a great deal of energy as the dam provides electrical power, flood control and water supplies.

Ford also targeted the banking cartel in 1921, which were essentially the same financial institutions and members of the family that run the world’s finances today. “It is a matter of thinking and calculating beyond what the international banking group has prescribed to us, to which we have become so accustomed that we feel there is no other desirable standard,” Ford stressed.

While cyberpunks such as Timothy May and Eric Hughes wrote about concepts that looked closer to cryptocurrencies today, many others had similar views to Henry Ford’s energy currency concept. Nobel laureate and Austrian economist Friedrich Hayek discussed the idea of ​​a free market currency.

“I can’t believe we’ll have good money again before we get the thing out of hand” [the] government,” Hayek insisted. “that is, we cannot take it violently out of the hands of [the] Government, we can only do some sly crossroads [to] Offer something they can’t stop. “

In addition to Hayek, Milton Friedman discussed the idea of ​​a cryptocurrency in 1999. “I think the Internet is going to be one of the major forces undermining the role of government,” Friedman said during his interview that went viral in 2014. The economist said, “One thing that is missing, but that will be developed soon, is a reliable e-cash, a method by which you can transfer funds from A to B or from A to B without knowing B or A over the Internet. “

Henry Ford: ‘It would mean a change in world finance – bankers always resist change’

Ford’s Energy Currency editorial in the New York Tribune not only takes aim at bankers but also blames gold. “It’s a lot easier when you analyze it,” Ford insisted. “The cause of all wars is gold. We will show the world two things, first, practicality; second, the desirability of displacing gold as the basis of currency and replacing it with the world’s indestructible natural wealth. Ford continued:

Almost everyone in the world except newspapers and bankers believes that civilization has entered a new era. Newspapers don’t see it and international bankers don’t want to see it – that would mean a change in world finance and bankers always oppose change.

It can be said that the trend in the US has already entered the digital currency sector which is mostly managed by the database of banking systems. In many ways, Ford got its way as the powers that be were essentially replacing the gold with unbacked Fiat. However, fiat is a rare and energy-backed currency far from the one Ford dreamed of long ago.

Banking cartels have pushed “the desirability of displacing gold” from both sides of the spectrum by moving away from the gold standard. Decentralized crypto assets like bitcoin (BTC) are actually displacing gold, even though the measure of displacement is still quite small.

These days people use cryptocurrency as a hedge against the massive monetary expansion of fiat and central banks, such as precious metal (PM) collectors and the ‘gold bug’. This thinking is also creating “the desirability of displacing gold” among the public as digital currencies provide benefits that PM cannot provide like gold.

According to AssetDash.com, Bitcoin (BTC) is the sixth top asset by market cap. Web portal companymarketcap.com says that Bitcoin (BTC) is ranked eighth. According to the website’s metrics, Gold has the top spot with a market valuation of $11.161 trillion, while that of BTC is around $1.041 trillion. The valuation of gold is 972% higher than BTC as the crypto asset has a long way to go to catch up to displace gold.

What do you think about Henry Ford’s prediction of a currency like bitcoin almost 100 years ago? Let us know what you think about this topic in the comment section below.

Tags in this story

100 years ago, American industrialist, assembly line, bitcoin, bitcoin (BTC), business magnate, cipherpunk, crypto assets, December 4, 1921, energy-backed currency, Eric Hughes, Ford, Ford’s vision, Frederick Hayek, gold, gold market cap , Henry Ford, Milton Friedman, New York Tribune, PMS, Precious Metals, Timothy May

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