Fifty-five years from now will mark the centenary when American industrialist and businessman Henry Ford spoke of a unique “energy currency” that could “stop the war.” The well-known founder of the Ford Motor Company suggested that the way energy is applied to bitcoin mines, a currency could be supported by kilowatt-hours (kWh) of power.
New York Tribune, December 4, 1921: ‘Ford will replace gold with the currency of power and end the war’
About 100 years ago, on December 4, 1921, Henry Ford discussed his ideas with the New York Tribune. The title of the published article was “Ford will replace gold with the currency of power and end the war.”
Ford is well known for developing assembly line techniques and building the first mass-produced automobiles made by Americans. Ford’s Energy Currency Concept describes a digital currency that is a lot like Satoshi Nakamoto’s Bitcoin and it is also very rare.
Not only will Ford’s energy currency be supported by the energy measured in kilowatt-hours (kWh), he discussed with the Tribune that the currency “will only be issued in a certain amount and for a specific purpose.”
It is always understood that Henry Ford was better than his time, but he also thought of an idea that is similar to that described in Bitcoin white paper. Ford even had a career plan to kick start the idea at Shoals Dam. The treacherous and wild muscle Shoals section of the Tennessee River produces a lot of energy because the dam provides electrical power, flood control and a water supply.
Ford even took a shot at the banking cartel in 1921, which is essentially the same financial institution and family members conducting financial activities in the world today. “It’s just a matter of thinking and calculating in terms of what is set for us by the international banking community, where we have become so accustomed that we think there is no other preferred value,” Ford insisted.
While cipherpunks like Timothy May and Eric Hughes wrote about ideas close to today’s cryptocurrencies, many others had the same outlook as Henry Ford’s idea of power currency. Nobel laureate and Austrian economist Friedrich Hayek discusses the concept of free market currency.
“I don’t believe we’ll ever have good money again before we take the thing out of hand [the] The government, ”Hayek insisted. “I mean, we can’t take it out of hand violently [the] Government, all we can do is by some clever way [to] Present something they can’t stop. ”
In addition to Hayek, Milton Friedman discussed the concept of a cryptocurrency in 1999. The economist added, “One thing that is missing, but will be evolving soon, is a reliable e-cash, through which you can transfer funds from A to B on the Internet, if you don’t know A or B.”
Henry Ford: ‘It will change global financing – bankers always oppose change’
Ford’s Energy Currency editorial in the New York Tribune not only targets bankers but also blames gold. “It’s very easy when you analyze it,” Ford insisted. “The cause of all wars is gold. We will show the world two things, first, practicality, second, the desire to displace gold as the basis of currency and to replace it with the world’s inexhaustible natural resources. Ford continues:
Almost everyone in the world except newspapers and bankers acknowledges that civilization has entered a new era. Newspapers don’t see it and international bankers don’t want to see it – it means change in world finances and bankers always oppose change.
It can be said that the American trend has already entered the world of digital currency which is mostly done by the database of the banking system. In many cases, Ford has found its way because of the capabilities that substitute gold with essentially unchanged fiat. However, Fiat is far from a rare and power-backed currency that Ford dreamed of long ago.
Moving away from the value of gold has pushed the “desire to displace gold” on both sides of the banking cartel spectrum. Decentralized crypto resources such as Bitcoin (BTC) are actually displacing gold, although the displacement measure is still quite small.
Nowadays people use cryptocurrency as a hedge against the huge financial expansion of fiat and central banks such as precious metal (PM) collectors and ‘gold bugs’. There is also a “desire to displace gold” among the people in this line of thought because digital currencies offer benefits that a prime minister cannot afford like gold.
Bitcoin (BTC) is the sixth top asset in terms of market cap, according to Assetdash.com. The web portal companiesmarketcap.com says that Bitcoin (BTC) is in the eighth place. According to the website’s metrics, Gold tops the list with a market value of $ 11.161 trillion, and BTC’s total value is about 0 1.041 trillion. The valuation of gold is 22% higher than that of BTC because if crypto assets want to displace gold, they have to go a long way to catch it.
What does Henry Ford think about predicting a currency similar to Bitcoin 100 years ago? Let us know what you think about this in the comments section below.
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