[heading]Marijuana, Tide Detergent, Chewing Gum & Bitcoin: A Basket Of Currencies For The Near-Future?[/heading]
The dollar fell to a two-month low versus a basket of currencies on Tuesday on the dollar index. Although merely a technicality – a blip in the overall trajectory – the recent weakness continues cast doubt upon the dollar from all around. In places like Colorado, Washington and the Internet, new forms of currency are taking hold: Marijuana and Bitcoin. Both are sterile assets, meaning they serve a purpose other than just as exchange medium.
In Colorado, marijuana users are using websites like Craig’s List offering to trade merchandise for marijuana. Bartering with marijuana has yet to be regulated as local law enforcement said current statutes do not address the issue of bartering with marijuana. What can you get for marijuana in Denver right now?
Apr 12 Mens Size 10 Inline Skates $10 (B Street )
Apr 11 Presto Pro Deep Fryer$40 (Colorado Springs @ GoG and Nevada)
Mar 29 Inline skates Size 10$15 (B street )
Mar 29 Skill Corner detail sander $15 (B street )
Mar 29 Ford Van Manual $15 (B Street )
Alongside marijuana, Bitcoin gives “users” the tools they need to steer clear of the US Dollar. Indeed, it is as if, for some, marijuana is the sort of tangible asset people generally look to in gold.After all, the plant is a sterile asset.
In this article, Suds For Drugs, the author discusses how Tide Detergent has been deemed by criminals to offer best returns; i.e. $5 cash or $10 in crack or various drugs. One particular Safeway store called local authorities in March 2011 to detail how they had been repeatedly robbed of many, many bottles of Tide Detergent. The store was losing $10-$15,000 worth of the detergent a month.
As officers investigated at the store, they found two men who had more than 100 Tide Detergent bottles in the back of their car. When an officer reviewed the security tape, the arrest distraction had been used as an opportunity by another robber to steal about 20 more bottles.
Chewing gum has been stolen regularly from British supermarkets. It is being used as currency in Romania. There, chewing gum and other small packets of sweets are often offered as small change by shopkeepers as opposed to…small change. The amount of chewing gum being stolen in one theft often approached 1,000 pounds.
Max Keiser pointed to these alternatives in his Bitcoin 2012 speech:
This run to anything at all comes in the years after essentially every global Institution has expressed doubt over the long-term prospects of the Dollar. Like lemmings over the cliff, most gallop along. However, many of taken a different route, by trying something different. I predict over the coming years Bitcoin and Marijuana will not only continue to be used as exchange mediums, but there use as such will increase.