*Texas* Launching NEW Gold-Backed DIGITAL Currency [Crypto]

folks Texas might be creating its own

digital currency as the state of Texas

to help you get around the fears of a

central bank digital currency so let me

first address the fears and then let me

tell you what Texas is thinking about

doing about it now remember Texas is the

state where people go to get away from

tyranny and get away from big government

this isn't a left first right argument

it's just to bring you content on what's

going on with digital currencies

potentially backed by gold

in taxes all right ready for this first

you have to know that there was a lot of

fear right now about Central Bank

digital currencies there's so much fear

that a lot of people get mad at me when

I talk about them because I'm going to

give you my opinion and then I'm going

to tell you how I could be wrong okay

not a lot of people do that but I'm

going to give you both first of all I

have this little wallet thingy I

actually really like this this is

probably my most favorite wallet I've

ever had it's a little like Pelican

wallet that you could stick to the back

of your phone with the magsafe adapter

and this thing is freaking awesome okay

so we got money in here and then we have

credit cards in here and you know

whatever uh so what I love about this is

you still have cash in America as long

as we have cash in America you don't

have to worry about a central bank

digital currency but people get mad at

me when I say that because they think

that eventually cash is going to go away

for example if you have five dollar tips

in your wallet you don't want the

government to be able to take away your

opportunity to go up to a barista or or

the valet or whatever and give a five

dollar tip right this is why I get fives

I go to the bank and I get fives to give

them out as tips sometimes I do two

dollar bills uh and a five because it's

kind of cool it's like no but anyway

um the point is Cash is great because

the government can't control it right

you can go to an ATM you can take it out

you could use it you could spend it on

whatever you want the government's not

watching you're every single move and

they can't restrict your access to it so

the big fear that people have about a

central bank digital currency is that

the government is going to potentially

track every single tip you give every

single little purchase you make and

potentially control control and restrict

your access to cash

now I don't think cash is going away

anytime soon but there is some Merit to

that if cash goes away yeah the

government's got a lot of control now

I'll give a counter argument to that in

a moment but China is is purposely

trying to uh go with these cbdc's uh

Central Bank digital currencies because

they like control they love control they

want to take control and just savor it

they love it but anyway so what is Texas

doing to potentially

counter the fear of the Central Bank

digital currencies well Texas is

considering enacting legislation that

would enable the following you getting

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script uh actually Texas look at this a

bill to be entitled the establishment of

a digital currency backed by gold

look at that

digital gold currency

in the subject a subtractor digital

currency means digital gold currency

digital Cold Gold currency the

Comptroller shall establish a digital

currency that is backed by gold so each

unit of the digital currency issued

represents a particular fraction of a

troy ounce of gold held in trust and

provided by this chapter the Comptroller

May contract with a private vendor to

establish this digital currency or

perform other duties of this chapter

that's good because I wouldn't really

trust a state government to actually be

able to like pull this off but the

controller serving as trustee or another

person appointed by the controller who

serves as trustee

uh shall hold interest on behalf of the

digital currency holders all gold

purchases to back the digital currency

the trustee shall maintain enough gold

to provide for the Redemption in gold

all of the digital currency that has

been issued holy smokes think about that

for a moment folks Texas

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for more okay moving on think about what

this means

in theory first of all this should

increase Demand on gold because what

you're doing is you're saying hey look

if we can create a currency that is a a

digital currency so it's basically like

something you could have on coinbase or

uh or you could have in a a cold storage

wallet where basically you have the

right to money and the government can't

see it can't access it nothing

then it's entirely possible that you can

actually see an increase in the demand

for gold

now I believe that to some extent

because the government of Texas is

creating this technically the government

still has its hands on it but what I

actually think is likely to come out of

this is I think it's likely that you're

going to get a lot of private

Enterprises

that end up creating gold-backed digital

currencies so I would not be surprised

that private Enterprises

create and allow you to withdraw gold uh

which is backed by blockchain uh

blockchain technology in fact you know

what

if you want to help create

a private blockchain technology backed

by gold with me

email me at Kevin me kevin.com let's

brainstorm can we create it if Texas can

do it why can't we I can create a

blockchain backed by gold that'd be

interesting I would trust but well even

if it's not me I would trust probably

very a competition in the private space

more than I would trust government

and I think that's very interesting I

think there's some interesting uh

there's an interesting backing thesis

for this but think about what this

generally means first

if a digital currency backed by gold

in theory uh every this should increase

the demand for gold which should

increase the price of gold right should

increase demand for gold however if

speculation increases the price of gold

first then it's possible that gold

doesn't actually meaningfully rise

though it recently has been on

recessionary fears right there's

something known as the gold copper ratio

and basically gold is a fear metal metal

copper is an industrial metal and if we

think we're going into a recession gold

generally Rises and copper generally

Falls right fear goes up copper goes

down gold goes up so it's possible that

there could be a lot of speculation so I

wouldn't necessarily say just because

governments maybe are thinking or about

private Enterprises are thinking about

creating a digital currency backed by

gold I don't actually think that you're

going to see a meaningful increase in

the price of gold because of that

anytime soon and the reason I think that

is because what you really need is you

need private Enterprises to actually

make this functional you need private

Enterprise to create the following okay

what I think you need is you need an

apple wallet you need Apple wallet

android wallet to make this very

functional right I need to be able to

transact

at every register I go to with my

digital currency that is backed by gold

I need to be able to use it daily

otherwise it's worthless right now to

some extent you could park uh your cash

reserves there but if it's not simple

the adoption will be Niche that's the

problem right so you need to make this

very useful functional secure so things

you have to create usefulness

uh security trust uh a transparency

these are very difficult things to

create uh and I do think it could be

aided by a government like the state of

Texas the fact that the state of Texas

is thinking about creating something

like this I think is phenomenal and it

increases potentially the legal uses of

blockchain technology and given that it

would be backed by gold you can't just

print more of it or create a new

blockchain where you essentially have

this infinite supply of currency that

that you could back stuff with instead

you're backing with a finite resource

like gold so I actually think it's very

interesting it's it's not a bad idea we

need the gold coin from John Wick

exactly yes third party Audits and

that's something that you don't get a

lot of right now in crypto you don't get

a lot of currents not just proof of

reserves but also proof of debts you

need a a fully audited blockchain

and and I mean probably like not just

third party audited but like

multi-audited third-party audits multi

like multiple different companies right

I think there will be a private

Enterprise that can create this

it will be very hard uh and very

expensive

um

I'd be interested in in working on a

project like that uh it would take it

would take it obviously we have to call

it like I don't know you come up with

some name for it it'd be a separate

Venture from all of the other crazy

things that I obviously do separate from

like obviously separate from househack

or or my media Biz or something like

that but it doesn't it doesn't even have

to be me whoever it is I think that

something like this could happen and in

the long term it could actually increase

the demand for gold I do believe that

demand for gold could increase on

something like this and I would actually

support something like this a gold back

digital currency because I believe

heavily in blockchain technology but I

don't believe in companies like binance

and I personally and that that is not

I'm not anti-crypto when I say that you

know I'm not I don't think I'm

anti-crypto when I say stable coins are

problematic uh I I think stablecoins in

part of problematic because they're

backed by the US dollar but they're also

problematic because we don't have full

audits on things like tether uh you know

and then you get dpegs regularly I mean

we just recently saw deep pegs during

the baking crisis on on uh on usdc

so gold backed and fully audited could

reduce that uh that chance right uh so

something I think is very interesting

um

I think what Texas is doing is great and

I'd love that Texas is sort of front

running some of this Innovation you know

when I actually ran for governor in

California I talked about California

creating its own Stock Exchange to

create more transparency and uh we also

talked about a digital currency that

could be created in California something

like this so I'm a big fan of this and

I've been talking about this for years

because I'm a big fan of blockchain but

it's got to be done right so anyway good

on Texas very good on Texas

did we have a state-controlled currency

in the US before the Civil War

that's a very good question I don't know

the history of uh state-controlled

currency I mean I wonder did the Bear

Flag Republic have its own currency

that's interesting let me let me look at

that Bear Flag Republic that would be

California right did they have their own

currency California Bear Flag group

California Bear Flag Republic coin wow

you did that's very cool yeah you had

your own State back currencies back then

very interesting

yeah but you gotta you gotta trust the

ultimate institution that runs it right

uh a single Bitcoin can be cut into 500

trillion pieces you can't do that with

gold right but that's the point is that

you have you just have gold backing

right so you have a coin that can be

divided into 500 trillion different

pieces it's just decimal points right

but it's backed by physical gold and

redeemable that I think is very

interesting problem is you probably have

to have some kind of fees involved in

that it would be very bit difficult to

have that be feeless unless the

government was paying for it and then

therefore taxpayers were paying for it

right so how to make money with it would

be the challenge

um

anyway

my thoughts thank you so much for

watching this meet Kevin report how

would a central bank DC convert to Fiat

uh well I mean I think the way you would

do this with Texas is that it would be

it would be basically a probably a

stable coin that was pegged to the

dollar but backed by gold redeemable

with gold

uh I'm assuming that's how Texas would

set it up because if you didn't set it

up that way you would constantly every

time you would want to transact with it

you would have a market risk price of

gold goes up or down and you would have

currency conversion risk which is a pain

in the ass and it wouldn't be functional

so you would have to have it pegged to

the dollar but backed by gold

that would take a little bit more

theoretical thinking and I encourage

those of you who are going to leave

comments on this stat to help me think

through that I'm thinking about this

live but those are those are things that

I think of yes the dollar was last

backed by gold in 71 when we left the

gold standard all right folks thank you

so much I appreciate y'all and we'll see

you in the next one goodbye and good

luck going over to the elite Hustlers

live stream in about two minutes thanks

bye