Fred Krueger “Bitcoin is going to replace fiat”

In a recent interview entrepreneur, investor and mathematician Fred Krueger says Bitcoin is going to replace fiat.  According to Krueger fiat is unable to compete with Bitcoin.  He sees the world moving to a global monetary standard based on Bitcoin.

Realise what Krueger is saying here. 

The global M2 money supply is currently around $103 trillion. The market capitalization of Bitcoin is $1.3 trillion.  This means for Bitcoin to become the global monetary standard it needs to go up 100x.  Is this possible? Since the famous pizza incident in 2010 Bitcoin has risen 1 million times.  Krueger knows of no other asset that has done this.

Krueger’s message is simple – this is a make or break moment for a lot of people (7:10).  If you want to accumulate wealth buy Bitcoin. 

But if Krueger is right what is the mechanism that turns a volatile store of value like Bitcoin into money?

A competition has been recently launched to build the first iteration of the Goosie smart contract. 

As private Bitcoin-backed gold-pegged money Goosie is specifically designed for the job.

It takes the strength of Bitcoin as a store of value and combines it with the long term price stability of gold.

Goosie are minted at 54% the value of the Bitcoin deposited. The team that wins the competition receive 1% of all Goosie minted each time men and women deposit their Bitcoin into the smart contract in return for the Goosie coin.  1% of $103 trillion * 54%  is $540 billion.

The Build Rules for the smart contract are open source and can be downloaded here.

Anyone wishing to get involved receives support from members of the Goosie club by emailing hello@goosie.me.