Reports Of Counterfeit Dollar Bills Crop Up Across North America #BitcoinFixesThis #GotBitcoin

Another Blow To Fiat?

The latest flurry of fake fiat reports is another blow to traditional paper currencies, which have been under the macroeconomic microscope over the past year or so.

Many commentators, particularly in the crypto community, have been critical of central bank policy, which involves printing money and inflating the circulating supply.

Tech entrepreneur Elon Musk even compared the U.S. central bank to the popular board game Monopoly on X on May 12 for its similarities in manufacturing money and having a bank that can never go broke.

How the Federal Reserve works pic.twitter.com/3rRhbBfcJe

— Elon Musk (@elonmusk) May 11, 2024

On the other hand, crypto assets such as Bitcoin (BTC) are extremely difficult to counterfeit or double-spend due to the immutable nature of the blockchain on which it resides and the network’s security through its proof-of-work consensus mechanism.

Meanwhile:

Fake United States dollars are appearing in greater numbers across North America in recent weeks, from Texas to Hawaii to Canada.

On May 8, a report revealed that police in Brownsville, Texas, have arrested a man accused of manufacturing counterfeit dollar bills.

The 45-year-old was charged with seven counts of forgery following numerous police reports from local businesses, including grocery stores, hotels, gas stations and restaurants complaining about people paying with counterfeit bills.

However, these fake banknotes appear not limited to just one area and are circulating further afield.

Earlier in May, it was reported that counterfeit money was used to enter a baseball field in Ohio.

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