American automaker Henry Ford already knew it a hundred years ago: a crypto like Bitcoin would change the world.
It has been nearly 100 years since American industrialist and business magnate Henry Ford spoke of a unique “energy currency” that could “stop wars.” The well-known founder of the Ford Motor Company suggested that a currency can be backed by energy in kilowatt hours (kWh). This is similar to the way energy is used to mine Bitcoin. The man was way ahead of his time.
Ford and Bitcoin
It is known that he was a good businessman. But he also had a good look at what the future might look like. And that is evident from the print of a newspaper below. Ford would replace gold with energy currencies and stop wars.
Nearly 100 years ago, on December 4, 1921, Henry Ford discussed an idea he conceived in the New York Tribune. The businessman is known for the development of assembly line technology. And creating one of the first mass-produced American-built cars. Ford’s energy currency concept describes a digital currency. This one is very similar to Satoshi Nakamoto’s Bitcoin and one that is also scarce.
Everyone agreed that Henry Ford was ahead of his time. But he also thought about a concept very similar to what is described in the Bitcoin white paper. Ford had even planned a location to launch the idea at Muscle Shoals Dam. The treacherous and wild Muscle Shoals section of the Tennessee River produces a lot of energy. This is because a large dam provides electrical power. But also flood control and a water supply.
Not only would Ford’s energy currency be backed by energy measured in kilowatt hours (kWh). He also discussed with the Tribune that the currency “would only be issued up to a certain amount and for a specific purpose.”