The Economist's cover from 30 years ago

On January 9th 1988, one of the leading economic magazines, The Economist came out with a cover that must have been surprising to most readers and, thirty years later it is surprising again but for a different reason.

The cover shows a phoenix rising from the ashes of fiat currencies. There is a chain around the neck of the phoenix, holding a “10 Phoenix” coin. And you can read on the cover “Get ready for a world currency”

It must have shocked a lot of readers back in 1988 because it sounded quite radical and hard to imagine. To see the cover today may be even more shocking because the year that can be seen on the coin on the cover of the magazine is 2018.

The article says “THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.”

For the crypto-community it has become obvious by now that the time has come for a major change in the global finances.

The question is not whether it is realistic to happen any time in the near future any more. The thrilling question is only which crypto-currency will be the one that becomes the phoenix that rises from the ashes of the old currencies.

The good news is that we, who are aware of the coming changes, are the privileged ones who can make the most of this information and make the best investment of our lives.


Source: Economist; 01/9/88, Vol. 306, pp 9-10; and http://digitalcash.hu/2017/08/19/2018-vilag-penz-lesz-bitcoin/

Zsolt Balló