November 12th 2020 - Pointless Monetary Sovereignty Debate

Croatian government has just announced its plans to abolish Croatian Kuna (HRK) and replace it by Euro by 2024. This decision, which is advertised as done deal and something good by Croatian media. However, judging by at least some of reactions on social media, certain sections of Croatian public aren't happy with this. Some are those who took 1990s ideas of independence and national sovereignty too seriously and some are concerned that the Euro might wreak havoc with country's finances and standard of living in a same way it did in Greece and other southern countries of Europe a decade. However, in the long run, debate whether Croatia should adopt Euro or not is pointless, because in the world which is being created these days there wouldn't be much difference if one worthless fiat currency is used instead of another.

And today is another day that show how pointless this debate is going to be, at least judging by the way price of Bitcoin is doing its own thing, regardless of Chinese exchanges problems, post-election political uncertainty in USA or months of strict COVID-19 lockdowns strangulating economy in most of the world. Price of Bitcoin has just now (10:21 UTC) crossed another important bechmark of 16,000 US$, a level not seen since 2017. Although many would like to see Bitcoin's recent rise nothing than another FOMO-fueld fakeout like in those days and even with inevitable corrections and consolidations, Bitcoin seems much healthier and more solid than three years ago. The price has remained over psychologically important level of 10,000 US$ for 109 days, which was, until very recently, unimaginable.

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