![\"\"](\"https:\/\/stateofthenation2012.com\/wp-content\/uploads\/2017\/12\/20171220_fedcoin.png\")
<\/a>Fedcoin doesn\u2019t even exist yet, and yet\u00a0the Washington Post<\/a>\u00a0is already hyping it as the primary cryptocurrency that we will be using in the future.\u00a0 Do they know something that they rest of us do not?\u00a0 Just a few days ago I warned that global central banks could eventually try to\u00a0take control of the cryptocurrency phenomenon<\/a>, and so I was deeply alarmed to see the Post publish this sort of an article.\u00a0 We want cryptocurrencies to stay completely independent, and we definitely do not want the Federal Reserve and other global central banks to start creating their own versions.\u00a0 Because of course once they create their own versions they will want to start restricting the use of any competitors.<\/p>\nThe one thing that could derail the\u00a0cryptocurrency revolution<\/a>\u00a0faster than anything else would be interference by national governments or global central banks.\u00a0 Unfortunately, now that Bitcoin, Litecoin, Ethereum and other cryptocurrencies are getting so much attention, it is inevitable that the powers that be will make a move.<\/p>\n On Monday, the Washington Post published an opinion piece by Professor Campbell R. Harvey of Duke University that was entitled\u00a0\u201cBitcoin is big. But fedcoin is bigger.\u201d<\/a>\u00a0 These days, there is an agenda behind virtually everything that the Washington Post publishes, and so it is not just a coincidence that they have published an article with \u201cfedcoin\u201d in the title.\u00a0 Here is how that article\u00a0begins<\/a>\u2026<\/p>\n Over the past few weeks, investors have been flocking to bitcoin, the digital currency whose value has soared by about 2,000 percent in the past year alone. And while many economists are cautioning against excitement about bitcoin \u2014 which is caught up in what may be one of the biggest speculative bubbles in history \u2014 it\u2019s important to note just how revolutionary the technology may be.<\/p>\n Indeed, the technology underlying bitcoin could fundamentally change the way we think of money.<\/p><\/blockquote>\n Professor Harvey goes on to explain that it is \u201conly a matter of time before paper money is phased out\u201d, and that some version of \u201cfedcoin\u201d is inevitable.<\/p>\n But it doesn\u2019t have to be.<\/p>\n The Federal Reserve and other global central banks could just leave us alone and allow us to create our own currencies.\u00a0 The cryptocurrency revolution is moving along just fine, and there is no need for any sort of interference.<\/p>\n But I have a feeling that the powers that be will eventually manufacture some sort of a \u201ccryptocurrency crisis\u201d if one does not happen naturally.\u00a0 In the aftermath, they will attempt to introduce some version of \u201cfedcoin\u201d, and many in the general public will be very thankful for the \u201csolution\u201d that the government has provided.<\/p>\n And that day may be closer than we think.\u00a0 In fact, the U.S. government has already invested millions\u00a0into cryptocurrency research<\/a>\u2026<\/p>\n To add fuel to the fire, the U.S. government has been rigorously studying Bitcoin for about two years now\u2026 and instead of fighting Bitcoin, the Feds seem poised to wipe out the U.S. dollar by\u00a0creating their own digital currency.<\/a><\/p>\n The National Science Foundation, a U.S. government agency that supports and funds research\u2026 has awarded $3 million to three U.S. universities for wide-ranging cryptocurrency research.<\/p>\n Cornell, the University of Maryland and the University of California Berkeley will focus on developing new cryptocurrency systems that, according to principal investigator Elaine Shi, will address \u201cpain points\u201d attributed to Bitcoin and other existing networks.<\/p><\/blockquote>\n The Federal Reserve is far from alone.\u00a0 Other global central banks are doing their own research, and the Bank for International Settlements says that \u201call central banks\u201d may eventually need their own cryptocurrencies.\u00a0 The following comes from\u00a0CNBC<\/a>\u2026<\/p>\n Central banks may one day need to issue their own cryptocurrencies, the Bank for International Settlements said in its latest quarterly review.<\/p>\n \u201cWhether or not a central bank should provide a digital alternative to cash is most pressing in countries, such as Sweden, where cash usage is rapidly declining,\u201d the Sunday report said. \u201cBut all central banks may eventually have to decide whether issuing retail or wholesale [central bank cryptocurrencies] makes sense in their own context.\u201d<\/p><\/blockquote>\n This is going to be a critical phase for the cryptocurrency revolution, because the people of the world are going to have to make it exceedingly clear that they do not want central bank cryptocurrencies.<\/p>\n Central bank cryptocurrencies would simply be an extension of the current debt-based system\u00a0that is systematically enslaving humanity<\/a>.\u00a0 The thing that makes cryptocurrencies so great is the fact that they are not debt-based and they are allowing humanity\u00a0to express independence<\/a>\u00a0from the current system.<\/p>\n As existing fiat currencies fail, we want there to be independent cryptocurrencies that people can use\u00a0as an alternative<\/a>.\u00a0 And we don\u2019t have to just imagine what that would look like.\u00a0 In fact, it is already happening\u00a0in Venezuela<\/a>\u2026<\/p>\n But in Venezuela, the collapse of the bolivar has forced locals to turn to alternatives like bitcoin and local community-issued currencies with fixed exchange rates.\u00a0The rapid erosion of the bolivar\u2019s value made everyday transactions like buying groceries and paying cabbies untenable \u2013 customers had to pay with large, cumbersome stacks of bolivars that were difficult to transport.<\/strong><\/p>\n Patricia Laya, a Venezuela-based reporter, tweeted a photo of the 5,000 bolivars \u2013 the maximum amount \u2013 she was able to withdraw from an ATM in Caracas.\u00a0They\u2019re worth around $0.05. Laya stated that she had waited 20 minutes in line to obtain $0.05 in hyperinflated currency worth little to no value,<\/strong>according to\u00a0CCN<\/a>.<\/p>\n Even though bitcoin transactions can take hours \u2013 even days \u2013 to settle,\u00a0local merchants have readily embraced the digital currency.<\/strong><\/p><\/blockquote>\n This is a revolution that has the potential to completely change the global financial system, but I have a feeling that global central banks will never let it get that far.\u00a0 The current system funnels literally trillions of dollars to the very top of the food chain, and the elite are going to jealously guard their golden goose.<\/p>\n