A whistleblower who was employed as a briefing researcher at the Federal Reserve has revealed that Fed governors were "highly alarmed" by a major internal report which revealed that Bitcoin would likely supercede the dollar system within the next 12 years.
The individual outlined what happened in a Reddit post, explaining that he was a trained economist with a B.S. in Computer Science, an M.S. in Operations Research, a PhD in Econometrics, and had been tasked by the Federal Reserve to compile a report on Bitcoin and how the cryptocurrency would impact the existing monetary system. Several other research teams had also been assigned the same task by the Fed.
Having initially treated the project with a lackadaisical attitude, the researcher presented a short report to Fed governors but was severely reprimanded for its inadequacy. "I almost lost my job for not taking this project as seriously as I should have and the Board of Governors renewed the project and gave us explicit research directions along with weekly addendums," he writes.
The whistleblower goes on to explain the "shocking" findings of the subsequent report, which discovered that the Federal Reserve's dollar system, and in turn its control over the global economy, would be supplanted by Bitcoin within 12 years.
We were directed to upgrade our modeling of bitcoin from developing currency to a major currency. In addition to all of the common modeling and forecasting that task entails, we were instructed to do full simulations of money flows, interest rates, multi currency derivative baskets, risk metrics, and their effects on global macro monetary policy and trade agreements. What we found was shocking. Even with a mediocre adoption rate and variable growth rate, bitcoin severely disrupts how we model, forecast, and ultimately understand currency interactions to make monetary policy decisions.
This is a huge technological, monetary, and policy disruption which leaves the Fed, the US govt, and other entities with much less control. Our best case scenarios are modeled upon current bitcoin adoption rates which have simulated a tipping point for the year 2026 (worst case 2021); this time frame projects the Fed (via the dollar) to lose its dominant global monetary policy maker status ? instead everything will superceded by bitcoin.