"The Fed's Secret Bitcoin Report in 2014 and the Aftermath"
In 2014, the Federal Reserve had a secret Bitcoin report that it didn't want anyone to know. Back when I first discovered Bitcoin, a researcher at the Federal Reserve posted a post that most people thought was fake at the time, but I kept it and always believed it was real.
This is a "game changer": A Federal Reserve researcher who is proficient in economics and quantitative analysis tells how a project on the potential impact of Bitcoin in May 2014 caused their team's career to suffer a Waterloo. At first, the team's task was to study Bitcoin as a developing currency and treat it as regular work. But after submitting the first report, the board asked them to expand the scope of analysis to focus on analyzing Bitcoin as a major currency, such as simulating capital flows, interest rates, and its impact on macroeconomic policies around the world.
The team's results were shocking: Even if Bitcoin is only moderately adopted, it is very likely to completely subvert traditional monetary models and monetary policies. Their simulations showed that in the worst case scenario, by 2021, and in the best case scenario, by 2026, Bitcoin may surpass the dollar's global dominance, thereby weakening the Fed's control. After presenting these shocking results to the board, the team was punished, disbanded, and members were reassigned to less important positions with limited resources. The researchers feel that instead of facing the emerging reality of Bitcoin's disruptive potential, the Fed and the government chose to suppress these findings to protect the existing system.
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