One reason why the mainstream still struggles to understand bitcoin is that is it a macro story and macro analysis is not something we are used to doing.
Many assume what they’re told about money is true. Bitcoin has properties that make it the perfect base layer of money - understanding this requires a technical understanding of bitcoin, learning the history of money, understanding the role gold has played in society etc.
Much easier to analyze a tech stock than do the above.
Once Nixon took us off the gold standard, the petro dollar system became all important to sustain US dollar dominance.
This system requires the whole world to trade oil using the US dollar, thereby preserving dollar dominance. There have been several wars under various pretexts, with the real underlying reason being preserving the petrodollar system and dollar dominance.
Bitcoin adoption by nation states will get us off this toxic system that has caused so much violence.
Fiat money is ethically unsound because it steals value from those who do good work and the reward they receive for it in the name of stimulating the economy via consumption.
This is a fundamental issue that needs to be understood across society. Bitcoin is not about getting rich, but creating a society where the money is sound. Should money will put in place incentive structures for a better society.
Bitcoin indirectly forces us to focus on healthy choices for our body. A hard money with scarcity is going to make us wealthier in the future just by holding it. It incentivizes us to prioritize health so we can be around to enjoy this wealth.
Bitcoin indirectly forces us to focus on healthy choices for our body. A hard money with scarcity is going to make us wealthier in the future just by holding it. It incentivizes us to prioritize health so we can be around to enjoy this wealth.
The rule bitcoin can play in protecting the environment needs to be highlighted. Bitcoin is a hard money with scarcity that will force people to evaluate their spending choices, as opposed to mindless consumption that puts tremendous pressure on the planet’s resources.
Totally agree, Rajat.
And then there are others who think the 21 million limit can be changed. The power of decentralization via 1000s of scattered bitcoin nodes across the globe of lost on them.
Based on my study of bitcoin, these are the properties that give it value :
(1) scarcity
(2) security (distributed ledger based on blockchain)
(3) decentralization
(4) immutable
(5) censorship resistance
(6) proof of work
(7) global (truly global currency, ideal for internet age)
(8) digital
(9) liquid
(10) fungible
(11) programmable
(12) eliminates the need for a 3rd party, truly peer-to-peer
(13) scalable, can be made more powerful via layers of solutions on top like lightning and others
Thanks to Andreas Antonopoulus, Anthony Pompliano, Jack Mallers, nostr:npub1ewjtrpve0y42ak0tj4r0esp62p6uvpx57sukfaphtqlzedrfl04sl4k3yt and others for helping my Bitcoin education.