Project 2025—a progressive policy plan created by the right-wing think tank Heritage Foundation—has spread like wildfire in Washington DC, fanned by the embattled Biden administration.
"Project Google 2025," Biden's official X account posted after former president and 2024 Republican candidate Donald Trump claimed "no knowledge of Project 2025" and "no idea who is behind it this case" on his Truth Social page.
The Project 2025 plan, detailed in a massive 920-page document, recommends a sweeping overhaul of every branch of government, which would abolish the Federal Reserve and create a system known as free banking or an alternative system to the commodity-backed US dollar— with some increasingly confident that bitcoin will be more attractive than gold .
“Under a free banking system, banks typically issue debt (e.g., current account) denominated in dollars and backed by a commodity of value".
"In the 19th century, this backing currency was typically gold coins: For example, each dollar was defined as approximately 1/20th of an ounce of gold, redeemable on demand at the issuing bank," Winfree writes.
"Today, we can expect most banks to back their banknotes in gold, although some may prefer to back their banknotes in another currency or even in stocks or other assets. like real estate."
The open nature of free banking opens the door for banks to secure loans in bitcoin or another cryptocurrency, as "free banking leads to stable and sound currencies and financial systems". strong because customers will stay away from riskier issuers, pushing them out of the market," Winfree wrote.
Meanwhile, a commodity-backed dollar would see the Fed back the notes it issues with "some hard asset like gold," Winfree writes, in a system designed "to control spending and inflation, lest their gold reserves be depleted".
Bitcoin, often called digital gold due to its immutable nature and fixed supply, has seen its price skyrocket over the past few years as it was embraced by Wall Street and adopted as its currency by the nation of El Salvador official currency.
Larry Fink, the BlackRock chief executive who heads the world's largest asset manager, overseeing about $9 trillion in assets worldwide, said last year that bitcoin and cryptocurrency cryptocurrency could "revolutionize finance," setting off a chain reaction that led to a flurry of bitcoin exchange-traded funds (ETFs) on Wall Street in January.
Last month, former billionaire and All In podcast "close friend" Chamath Palihapitiya predicted bitcoin could "completely replace gold" as countries adopt it — something he said could boost market capitalization its market to $15.7 trillion of gold .
Meanwhile, fears of a looming economic crisis and a return to inflation have prompted Jefferies analysts to say they predict the Federal Reserve will soon be forced to restart the money printing press. , potentially causing the US dollar to collapse and fueling bitcoin's price boom to compete with gold .
