Jeremie Davinci calls the Fed “big scam against the world”

What’s new? On July 28, well-known crypto influencer Jeremie Davinci spoke on stage at the largest blockchain summit in Eurasia, Blockchain Economy Istanbul. The GetBlock Magazine team attended the event and compiled the most important points made by the speaker.

Jeremie Davinci is a Chilean programmer, blogger and one of the first bitcoin enthusiasts. Back in 2011, he bought 3 000 bitcoins and several altcoins. And in May 2013, he posted a video on YouTube asking his subscribers to buy at least $1 worth of BTC. Those who took his advice increased their capital by almost 185 times. In May 2013, 1 BTC was worth $130; as of this writing on July 29, 2022, 1 BTC is trading at $23 975.

About the global financial system

Davinci's talk was titled “Bitcoin 1000x,” which might have led one to believe he was talking about Bitcoin reaching 1 000 times its current price. However, the speaker immediately corrected that the talk would be about why bitcoin is 1 000 times better than the current financial system.

Davinci thinks it is a terrible system in which banks give money to governments at interest and “make us all slaves.” “Every time society starts with good money like gold or silver, and then bad money comes in and society degrades,” Davinci said.

The speaker went on to give a simple example of how the current financial system works. Let's imagine there are two people living on an island. And then a banker comes along and says to one of them, “How about I give you $100 so you can buy something from the other person?” Everyone agrees, and there is an exchange of goods for money on the island. One buys goods from the other, then sells something of their own products, and so the cycle closes.

But here's the catch. When the time comes to pay back the banker, he asks not for $100, but for $110. But there's only $100 on the island, so where do you get another $10 to pay him back? And then the banker says, “How about I lend you that $10?” The person has no choice, says yes, and the debt spiral begins to unfold again. Thus taxes on the part of the government and the debt load on the part of the Federal Reserve System (Fed) cause prices to rise, and prices always rise faster than our income. And all the Fed is doing is “just raising rates.”

During the speech, Jeremie Davinci stated that the Fed is a “big scam against the world.” It is a fraudulent system because it provokes formation of debt and its exponential growth. They are brilliant because they gained control over the issue of money. But, according to the speaker, all fraud has an end.

If we change the global financial system and introduce bitcoin as a form of money, prices will fall, injustice will disappear, and people will be able to multiply their income. These are the conclusions Davinci came to at the end of his speech.