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News Link • Central Banks/Banking

Deutsche Bank: 'End of Fiat Money' May Be Near

•, Josiah Wilmoth

Bitcoin was originally developed as a peer-to-peer electronic cash system that would free its users from the bondage of state-controlled currency and the erosion of wealth due to inflation. Despite its phenomenal growth, most mainstream financial analysts remain skeptical that it will ever achieve mainstream adoption – at least as a currency used for everyday transactions.

However, as Business Insider reports, Deutsche Bank strategist Jim Reid envisions that the current fiat monetary system could begin to collapse within the next decade, creating a climate that would encourage the rise of an alternative currency system.

Reid made this shocking claim in a recently-released research paper, and he argues that the current fiat monetary system – which began in 1971 when U.S. President Richard Nixon decoupled the dollar from gold — is "inherently unstable and prone to high inflation".

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