In his investigative series published last year, Mark Goodwin revealed a complex web of figures, companies and technologies building the “Bitcoin-Dollar” system, consisting of Bitcoin and privately-issued dollar stablecoins which operate on public blockchains.
Key players, including Brock Pierce and Peter Thiel, have ties to intelligence agencies, organised crime and venture firms, suggesting a merged intelligence community influencing the development of this system.
The construction of The Chain involves a network of companies, including PayPal, Palantir and Facebook, which have contributed to the creation of a new financial system, enabling surveillance and the circumnavigation of government-issued money.
The US government, led by Trump, is embracing Bitcoin and stablecoins to extend dollar hegemony and potentially service the country’s ballooning debt, Goodwin writes.
Last year, Mark Goodwin and Whitney Webb published a four-part investigative article series titled ‘The Chain’ on Unlimited Hangout. The Chain is “a deep dive on the creation of the Bitcoin-Dollar system, which names the names and explains the technology upholding the deflationary and highly-surveillable digital financial system fast approaching.”
After the final part, Goodwin published “a concise post-mortem on The Chain series.” The following is his “post-mortem” to which we have added some additional resources noted in [square brackets].
Breaking (Down) The Chain: An Investigation Post-Mortem
By Mark Goodwin, 18 November 2024
Months of research and 82,000 words later, The Chain series has concluded – at least in its current online form. What began as a simple investigation into the stablecoin issuer Tether quickly unravelled into a decades-long web of figures, companies, investors and technological mechanisms that conspire to build what is referred to as “The Bitcoin-Dollar” system.
This financial instrument consists of two main components: the first being Bitcoin itself, a distributed digital asset boasting deflationary monetary policy and trustless settlement on a transparent ledger; while the second is privately-issued tokenised government debt that operates on public blockchains, known as dollar stablecoins.
These two elements could not be further separated in regards to the publicly stated ethos of their champions. Bitcoin will circumnavigate the government and separate money from the State, while stablecoins aim to strengthen the dollar as the world’s reserve currency, provide much-needed demand for government-issued debt reserves, and further perpetuate the US dollar as the de facto medium of exchange to the unbanked citizens of the globe. At the surface, Bitcoin and the digital dollar appear as if oil and water, unable to co-exist in the same space, and molecularly opposed.
And yet, collectively, the dollar and Bitcoin are to form the backbone for an entirely new financial system, a yin and yang construction that allows an entirely new commodity class to co-exist with a hyper-dollarised world. It was my opinion before embarking on this research vein – see 2021’s ‘The Birth of The Bitcoin-Dollar’ – that the coincidence of this structure emerging at the onset of the US government’s greatest-yet threat of a debt crisis was likely not an accident.
Upon further investigation of the primordial Bitcoin community, and the ensuing class of stablecoin issuers – not to mention the cross-section of these parties – I must unfortunately now conclude that the emergence of this system immediately after the 2008 financial crisis, and the subsequent phase-shifting adoption of Bitcoin by the institutional authors and beneficiaries of the pandemic’s financial stimulus, was the work of a modern intelligence community that has merged with the Silicon Valley technology meridian since at least the 1980s, but unabashedly since the formation of the CIA’s venture firm In-Q-Tel just before the turn of the millennium.
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