Viewpoint: Bitcoin is similar to the concept of an energy-backed currency proposed by Ford 100 years ago

Viewpoint: Bitcoin is similar to the concept of an energy-backed currency proposed by Ford 100 years ago

2021/9/20

According to the news, in 1921, American industrialist Henry Ford proposed to create an "energy currency" that could form the basis of a new currency system which is in line with what was outlined in Satoshi Nakamoto's 2008 Bitcoin (BTC) white paper Peer-to-peer electronic cash systems have striking similarities. It is reported that on December 4, 1921, the "New York Tribune" published an article outlining Ford's vision of replacing gold with an energy currency, which he believed could break the banking elite's control of global wealth and end the war. He intends to achieve this goal by building "the world's largest power plant" and creating a new currency system based on "power units." Ford explained the relationship between gold and war: "The fundamental drawback of gold and war is that it can be controlled. Break the control and stop the war." An article in the New York Tribune circulated on Reddit's r/CryptoCurrency page on Saturday, Received considerable support. Although Satoshi Nakamoto never mentioned Henry Ford in online forum posts, some Reddit users speculated that the late industrialist might have influenced the creator of Bitcoin.


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