Ljubljana – Finance, the business paper, argues in Monday’s commentary that a monetary revolution is under way globally, as evident from recent events surrounding cryptocurrencies.
Tesla owner Elon Musk’s announcement that he bought over a billion dollars-worth of bitcoin and that bitcoin would be accepted as legal tender for his cars may be speculation by an enfant terrible, or “a clear introduction to the dollar, yen or euro no longer being global currencies,” the paper says.
Instead, there could be tesla dollars, amazon dollars, facebook dollars or apple dollars, private currencies that will compete against national currencies.
“What if the majority wants ‘private’ money instead of government money. What does competition between government and private money means for monetary policy, for governments, for the fortunes of ordinary people?
“A monetary revolution beckons. After disease, the feudal system ended. Competition between those who are good should make lives better for ordinary people once again,” the paper concludes.