CRYPTO NEWS: WAS THE DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD?

DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD

WAS THE DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD? HENRY FORD, A BUSINESSMAN AND INDUSTRIALIST, IS CREDITED WITH CREATING A NUMBER OF INNOVATIONS THAT FORD MOTOR CO. PIONEERED FOR THE AUTOMOBILE SECTOR. FORD MIGHT HAVE PLAYED A KEY ROLE IN THE INVENTION OF BITCOIN, TOO.

WAS THE DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD?

WHAT OCCURRED: HENRY FORD SUGGESTED REPLACING THE GOLD STANDARD WITH A CURRENCY BASED ON ENERGY.

THE NEW YORK TRIBUNE PUBLISHED AN ARTICLE ON DECEMBER 4, 1921, WITH THE HEADLINE, “FORD WOULD CEASE WARS AND REPLACE GOLD WITH ENERGY CURRENCY.”

DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD
WAS THE DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD?

FORD AIMED TO PUT AN END TO THE WARS BROUGHT ON BY MONETARY POLICIES AS WELL AS THE POWER THE BANKING SECTOR HAD OVER THE WORLD’S RICHES.

TO DEMONSTRATE HIS IDEA FOR A CURRENCY BASED ON “UNITS OF ELECTRICITY,” THE BUSINESSMAN INTENDED TO BUILD “THE WORLD’S GREATEST POWER PLANT.”

ACCORDING TO FORD, THE STANDARD UNDER THE CONCEPT OF “ENERGETIC MONEY” WOULD BE “A PARTICULAR QUANTITY OF ENERGY EXERTED FOR AN HOUR THAT WOULD BE EQUAL TO ONE DOLLAR.”

ALTHOUGH FORD’S SUGGESTED ENERGY MONEY WAS NEVER IMPLEMENTED, IT MAY BE SAID THAT BITCOIN WAS INSPIRED BY IT.

WHAT MAKES IT SIGNIFICANT IN 2008, SATOSHI NAKAMOTO, THE PERSON WHO INVENTED BITCOIN, PUBLISHED THE WHITE PAPER FOR BITCOIN, EXPLAINING HOW A CURRENCY BASED ON PROOF-OF-WORK MINING WOULD BE MADE.

MORE THAN 18.8 MILLION BITCOINS HAVE BEEN PRODUCED THROUGH MINING SINCE 2009. FORD WASN’T SPECIFICALLY MENTIONED BY NAKAMOTO IN HIS WHITE PAPER.

IN 1971, U.S. PRESIDENT RICHARD NIXON DECLARED THE END OF THE GOLD STANDARD. IN 1976, THE LINK BETWEEN THE DOLLAR AND GOLD BULLION WAS FORMALLY SEVERED.

THE FIRST MASS-PRODUCED CAR, AUTO ASSEMBLY LINES, THE FIGHT FOR THE MINIMUM WAGE, SAFETY GLASS IN WINDSHIELDS, AND NUMEROUS OTHER INNOVATIONS STILL IN USE TODAY ARE ALL CREDITED TO MR. FORD.

IT SHOULDN’T BE A HUGE SURPRISE THAT FORD WAS OUTSPOKEN ABOUT MODIFYING MONETARY POLICY GIVEN HIS FORWARD-THINKING IDEALS.

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CRYPTO NEWS: WAS THE DEVELOPMENT OF BITCOIN PREDICTED BY HENRY FORD?

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