Is Currency Reset Conspiracy Theory?

DragonszDen

I've recently lost my Mum and I have been left quite a lot in savings that both my parents worked their whole life for.  My natural / normal way of keeping this safe would be to invest it but a neighbour keeps talking constantly about the currency reset.

He claims he is now a millionaire after putting money in bitcoin and taking it out of banks because all the money saved in banks will be written off even though you have FSCS protection up to £85,000.

I'm far from stupid but pop it into Google and it seems we're all doomed.  Can someone explain to me in layman's terms what a currency reset would actually mean for my savings.  Should I invest for example in a 5 year fixed savings?  Is my money at risk?

Thabks for reading 📚

DiseasedBunny

Was he wearing his tin foil hat at the same time as telling you all this?

Brie

My favourite conspiracy theory is the one about the lizard aliens who are doing something bonkers like controlling the minds of top politicians.  And btw your neighbour is not a millionaire until he cashes in his bitcoins.  Otherwise they are no different than any other share trading where you can lose the entire pot on a bad day.

Simple googled explanation is of currency reset is "a return to a global monetary system that all countries would agree to."  Personally I don't think it will happen.  The same article I briefly/randomly looked at says the secret is a diversified portfolio - which just seems good common sense for anything to do with business or money.

https://adamfayed.com/will-there-be-a-global-currency-reset-in-2021/#:~:text=The phrase Global Currency Reset has several meanings.,monetary system was in Bretton Woods, New Hampshire.

jimjames

Based on that link predicting a currency reset in 2021 the prediction has already failed.

Malthusian

He claims he is now a millionaire after putting money in bitcoin and taking it out of banks because all the money saved in banks will be written off even though you have FSCS protection up to £85,000.

The only way he could become a millionaire by putting money in Bitcoin is if he bought it before 2017 when hardly anybody had heard of it, or invested an insanely large amount post-2017. Neither is very likely.

It is far more likely it is just as much rubbish as the conspiracy theory stuff.

Can someone explain to me in layman's terms what a currency reset would actually mean for my savings.

Nothing. It means the same thing for your savings as the Protocols of the Elders of Zion.

Google will quite happily tell you that the Rapture is coming and that eating nothing but mustard sachets is great for your health if you ask it the right questions.

  Should I invest for example in a 5 year fixed savings?  Is my money at risk?

If you are under the FSCS limit there is no risk to capital for all practical purposes. The main risk is that inflation will have eroded the value over that five years. You also run the risk that you need the money out within that five years, or that interest rates go up over that time.

As you have found out, one of the main risks to your money when you come into a large sum of it, especially when you aren't used to having that much in cash, is that the vultures start circling.

GeoffTF

It is nonsense. The Covid vaccine will not turn you into a monkey either, or let Boris Johnson take over your brain.

Thrugelmir

DragonszDen said:

He claims he is now a millionaire after putting money in bitcoin

Quite possible that he is. As my late father used to say to me get on the lift while it's on the ground floor. Once it starts to rise then it's a very different game. 

Albermarle

GeoffTF said:

It is nonsense. The Covid vaccine will not turn you into a monkey either, or let Boris Johnson take over your brain.

Maybe it will not make you into a monkey , but the microchip in the vaccine will make you a slave of Bill Gates 

OP - Every year there are tens of thousands of posts on this Savings and Investments forum, and this is the first time I have ever heard the phrase 'currency reset'
I would suggest you politely ignore your neighbours ramblings, and if you want some help from this forum with what to do with your newly acquired funds , then  supply some more details about yourself, like-
Age?
Employed ?
Mortgage/homeowner?
Existing savings/investments/debts 
Pension?

pjread

Given I found some small fraction of a bitcoin on a forgotten-about wallet a week or so ago which was around ~£100 worth, and it cost me ~£4 in transaction fees to send it to my main wallet...  I don't think Bitcoin is replacing sterling or USD for daily transactions any time soon.

Malthusian

Albermarle said:

OP - Every year there are tens of thousands of posts on this Savings and Investments forum, and this is the first time I have ever heard the phrase 'currency reset'

It is "the Great Reset" with "currency" stuck in the middle to better gear it for flogging magic Internet money.

The term "The Great Reset" was originally coined in a 2010 book by a Canadian business studies prof which rehashed Schumpeterian theories of creative destruction. For whatever reason someone at the World Economic Forum thought it would be a good name for the forum's 2020 meeting.

Thanks to a combination of the lockdown movement, then at the height of its power, and the fact that "Great Reset" sounds extremely sinister, conspiracy theorists seized on it and used the term to rebrand the ancient "New World Order" conspiracy theories that have been kicking around for over a century, with an unbroken lineage back to the Protocols of the Elders of Zion.

The New World Order conspiracy theory is itself a political reworking of ancient apocalypse beliefs. The Rapture is coming, only believers shall be saved, blah blah.

The funny thing about conspiracy theorists is not that the idea that democratic governments will suddenly decide to impose a global dictatorship, but the idea that they could do anything about it. At least by hoarding gold or Bitcoins. Remember the spring of 2020 when all the gold bugs and Bitcoin bros were able to use their "economic sovereignity" to fly to the south of France or go to the pub while the sheeple had to stay inside and watch Netflix? Me neither.

Scottex99

pjread said:

Given I found some small fraction of a bitcoin on a forgotten-about wallet a week or so ago which was around ~£100 worth, and it cost me ~£4 in transaction fees to send it to my main wallet...  I don't think Bitcoin is replacing sterling or USD for daily transactions any time soon.

It’s not trying to replace them, just an alternative. And FYI it would cost you 4 quid to move £10,000,000 worth too