Bitcoin seems to meet the definition of an energy-based currency as proposed by the famous American inventor in the interwar period.
In 1921, American industrialist Henry Ford proposed the creation of an “energy currency” that could form the basis of a new monetary system – offering striking similarities to the peer-to-peer electronic cash system described by Satoshi Nakamoto in the 2008 white-paper Bitcoin (BTC).
Bitcoin as an energy currency
On December 4, 1921, the New York Tribune published an article outlining Ford’s vision of replacing gold with an energy currency that he believed could break the banking elite’s oppression of global wealth and end wars. He intended to do so by building “the world’s largest power plant” and creating a new currency system based on “units of power”.
Ford, who founded the Ford Motor Company in 1903, said in the publication:
“In an energy currency system, the standard would be a certain amount of energy produced in one hour, which would be equal to one dollar. It is simply a case of thinking and calculating in terms other than those presented to us by an international banking group to which we have become so accustomed that we believe there is no other desired standard. “
Details of currency values ”will be worked out when Congress wants to hear about it,” he said.
While Ford has never been able to develop its vision of a fully supported currency, Bitcoin apparently validated the idea a century later. As of 2009, more than 18.8 million BTC has been created as a result of energy-intensive mining, which requires computers to solve increasingly complex mathematical problems.
The end of gold, the end of wars
On the relationship between gold and war, Ford explained:
“The basic evil of gold with war is that it is controllable. Break control and stop the war. “
Some of Bitcoin’s most die-hard supporters believe that sound rules for creating Bitcoin as money can eliminate wars, reducing a state’s ability to finance conflicts by printing money.
Users of the Reddit online forum speculate that the creator of Bitcoin may have been influenced by the late industrialist Henry Ford. Others jokingly said that Satoshi was in fact his reincarnation.
21-09-2021, Mr Advice TEAM