German financial giant Deutsche Bank has accidentally made the case for Bitcoin while commemorating National Dollar Day. | Source: Shutterstock
When the fat-cats at Deutsche Bank instructed their social media interns to draft a tweet commemorating National Dollar Day, they probably didn’t realize that they’d accidentally end up shilling Bitcoin to their more than 650,000 followers.
But while the Bitcoin isn’t directly mentioned, it’s difficult to imagine anyone writing a better advertisement for the leading cryptocurrency.
It’s #NationalDollarDay! #OTD in 1786, Congress established the US monetary system and introduced the US dollar. In today’s money, one dollar from 1791 would be equivalent to 27.60 USD. #ThrowbackThursday pic.twitter.com/FwOBvD8kvh
— Deutsche Bank (@DeutscheBank) August 8, 2019
Is Deutsche Bank a closeted Bitcoin admirer?
In the tweet, Deutsche Bank observes that since the U.S. monetary system was established on this day in 1786, the dollar has lost tremendous purchasing power. The German multinational notes that the equivalent of a single dollar from 1791 now has the purchasing power of about $27.60 today.
You do not need years of exposure to Bitcoin to appreciate that Deutsche Bank has by implication turned a negative spotlight on the world’s favorite reserve currency – and by extension, the worldwide fiat currency regime. The bank inadvertently made a case for an anti-inflationary currency that is not printed at the whim of unelected government bureaucrats.
With the maximum number of Bitcoins that will ever be in circulation capped at 21 million, the cryptocurrency was designed to be free of the inflationary risks that all fiat currencies have proven to be susceptible to. This was stated unambiguously in the Bitcoin whitepaper:
“Once a predetermined number of coins have entered circulation,