Throughout my lifetime the worlds monetary system has been a system of unbacked debt based money. We are quite unique living in a world where money devalues constantly, generations before us used to enjoy stable prices that lasted their lifetimes.

But cracks are starting to appear in this system which is unsustainable and must end. So far they are papering over it, propping it up and trying to keep it going  but even so the day of reckoning is coming. Every country on earth is heavily indebted to banks, and the debt growing bigger and bigger in unsustainable fashion. It is impossible to pay back the debt because all the money would also disappear with it. The debt literally is our money used in day to day transactions. Stated another way the money in your bank is someones debt it is not representing an asset somewhere. It must grow because the interest on debts which have gone before is still there needing payment.

Look at all the talk today about zero interest rates not being enough! Realise what this means. They are forced into a corner, to keep it going they will need more repression, they will need negative interest rates. They will need to ban cash. Clearly this will meet huge resistance, especially when things like bitcoin exist which people can flee to.

I guess my point is that capital controls becoming more and more restrictive will make decentralised, bitcoin look more and more peachy.

We may not get a gradual migration of banks to bitcoin but a flood of people using it as the fiat system goes into death throes.

These things can happen quickly, the world was gold backed then one day in 1971 suddenly it wasn't.