Dumping the dollar: Amagi Metals to use only crypto by 2017

Friday 29 August 2014

The usual news stories about the latest companies accepting bitcoin have taken a unique twist. One global, precious metals dealer is ditching the dollar in favour of bitcoin and is planning to do so within three years.

dollars not acceptedBullion dealer, the Denver, Colorado based Amagi Metals, made a bit of a splash with the announcement that 2016 will be their final year accepting the US dollar – or any fiat currencies for that matter. The CEO of Amagi Metals, Stephen Macaskill, recently announced his business would be dumping the dollar and accepting crypto-currencies exclusively, citing the mistrust in the dollar as the primary reason.

Is this a marketing ploy or a sound business decision? Macaskill does not yet seem fully committed to the decision but is confident the move will not see them lose a significant amount of business.

BitScan's Jeran Camapnella interviewed Macaskil about this and here's what he had to say:

Do you think we will see more businesses announcing soon that they too will cease dealing with dollars?

Do you think Amagi Metals will still be accepting dollars on January 1 2017?

Macaskill brings up an interesting point: What is going to happen in the coming months and years when it comes to the US dollar? He recently spoke with former Texas congressman, presidential candidate and known Libertarian, Ron Paul, to discuss just that. Checkout this video as they speak about gold, the economy and the future of the US dollar.

The fact remains, that the leader in world currency for more than half a century, the dollar, has survived in recent years thanks only to the mechanisms used to prop it up. Those mechanisms, like elastic bands can be stretched only so far and this one is near breaking point. Macaskill is making his decision to try to get ahead of what he sees as a potential catastrophe: the dollar losing its reserve currency status, meaning all the paper that the US has been printing without anything to back it up will become virtually worthless overnight.

Bitcoin and cryptocurrency could be the get out card if the dollar ever collapses; the country could go on with a monetary unit that has value in and of itself and that ultimately, was the goal of bitcoin. Early adoption will only help ease the transition as it reduces costs and fees, making spending more efficient.

Now is the time to focus on “sound” money and as Stephen Macaskill said:

“We are on the cusp of the largest, non-violent human revolution the world has ever seen. That’s based on disruptive, decentralizing technology that is changing the way we look at government, look at businesses, look at communication, look at internet and it is really an exciting time.”

So is the move by Amagi Metals a smart one? What about the timing, the reason? What are your thoughts?

comments powered by Disqus