Bitcoin, U.S. Instant Gratification - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

August 15, 2021

My fellow plebeians of Bitcoin, El Salvadorians, Nigerians and Americans… I bring you here today for a very special reason. It is the 50th anniversary of a moment that has proven so pivotal and insidious, that every single corner of America’s economic market is feeling lasting ripple effects that have swelled into their own tsunamis

Fifty years ago today, a secret meeting at Camp David, comprised of U.S. President Richard Nixon and senior ranking White House and Treasury advisors, decided to call an end to the Bretton Woods Agreement. Convertibility to the dollar was suspended, and the fiat U.S. dollar was conceived. No longer were Americans able to convert their dollars for gold (with exceptions). This also meant that country-to-country trade could no longer be priced in gold, which the U.S. was running out of after World War II (and rapidly).