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Dr. Saifedean Ammous: Why Bitcoin will become a Standard and Fundamentally change our system 👐🪙😇
Saifedean Ammous explains why he believes Bitcoin is not only a better reserve currency but a superior currency in every respect, in line with the philosophy of Austrian economics ("the adult way of looking at it"). Bitcoin does not need permission to change society. Any sane, intelligent person, business, or nation state will observe fiat and all other assets falling relative to Bitcoin and adopt it as a means of survival and prosperity.
Bitcoin promotes saving as opposed to the quick gratification and consumerism inflating fiat currencies have pushed on society. Lower time preference and appreciation of Bitcoin prompts people to only spend when they really need to. Fiat inflation does the exact opposite, and people rush to spend their money rather than save, with the understanding that their money will be worth less the longer they hold onto it. This has had dramatically negative effects on society. See "The Sandford Marshmallow Experiment" for details.
The problems of Fiat spiderweb into all kinds of negative areas. Politicians pushing for constant new laws on everything under the sun is only achievable when the Government has access to a Money Printer. Enormous financial and military aid send to countries for conflicts we don't support or were given the ability to vote on is another. So much corruption comes from a system operating on The Fiat Standard. Illegal Wars, Bribery, Bailouts, Unconstitutional Laws and Government Agencies/Projects continues to add to our National Debt, robbing away our purchasing power, future generations and our savings by way of Inflation. This is simply not possible under a Bitcoin Standard. Government must live within their means, and they cannot steal your money like they can with Banks that practice "Fractional Reserve Banking". Bitcoin becoming a World Reserve Currency is also the solution to issues we have now with currency conversion and concerns over opposing nations profiting from trading using their money. Bitcoin is a neutral currency. All nations holding and using it for trade would benefit everyone, as the value of BTC increases from adoption and usage. Bitcoin is peace.
What critics get wrong about Bitcoin is assuming BTC seeks to become a standard currency for everyday spending. It isn't. The Blockchain and 1mb Block size cannot handle the enormity of daily transactions. What a Bitcoin Standard would promote is a currency backed, or partially backed, by Bitcoin. The Layer 1 Blockchain would be used by banks to settle accounts at the end of the day or week, just like credit cards do. RFK proposed backing the US Dollar with hard assets like Bitcoin/Gold/Silver starting at 1%, which would increase by 1% each year.
On May 23, 2018 when Saifedean made this speech, Bitcoin was $8k. Today it's $36,500.
If you enjoy this talk, you might really enjoy his books. "The Bitcoin Standard" is one of the best economic books ever created. Only the last chapters pertain to Bitcoin, the majority of the book is a historical look at economies, the successes, blunders, and why hard money always succeeds over the forms of money that came before it. It's crucial to comprehend this to understand why Bitcoin is the most advanced and superior form of money known to man. I cannot recommend his books enough.
The Bitcoin Standard: The Decentralized Alternative to Central Banking:
The Fiat Standard: Debt Slavery Alternative to Human Civilization:
Principles of Economics:
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