Entrepreneur and industrialist Henry Ford is credited with creating several items that Ford Motor Co F pioneered for the automotive industry. Could Ford also have been a leading voice in the creation of Bitcoin?
What Happened: Henry Ford proposed creating an energy currency that would replace the gold standard.
“Ford would replace gold with energy currency and stop wars,” a headline reads in the Dec. 4, 1921 issue of the New York Tribune.
Ford wanted to end the control the banking system had on global wealth and the wars caused by monetary policies.
The industrialist planned on creating “the world’s greatest power plant” to demonstrate a plan that would create currency based on “units of power.”
“Under the energy currency system the standard would be a certain amount of energy exerted for one hour that would be equal to one dollar,” Ford told the newspaper.
Ford was never able to advance the energy currency he proposed, but it can be linked to the creation of Bitcoin.
Why It’s Important: Bitcoin creator Satoshi Nakamoto released the white paper for Bitcoin BTC/USD in 2008 outlining the creation of a currency created from proof-of-work mining.
Since 2009, over 18.8 million Bitcoin have been created through mining. Nakamoto did not mention Ford directly in his white paper.
President Richard Nixon announced the end of the U.S. gold standard in 1971. The dollar and gold bullion were officially disconnected in 1976.
Mr. Ford is credited with creating the first mass-produced automobile, assembly lines for automobiles, pushes for minimum wage, safety glass in windshields and many other items used by the sector today.
Given his forward looking ideas, it shouldn’t come as that big of a surprise that Ford was vocal in changing monetary policy.
Some users on the Reddit subreddit r/cryptocurrency have jokingly said Nakamoto could be the reincarnation of Henry Ford.
Price Action: Bitcoin trades at $20,260 at the time of writing.