[PragmaticPulp]

People did the same thing with gold long before Bitcoin was invented. They still push the same narrative.

QE and inflation fears aren’t new. We had “goldbugs” pushing gold as the one true store of value, safe from QE and inflation, for decades.

It’s slightly ironic that among these concerns about inflation, crypto currencies continue to introduce entirely new asset classes that print coins out of thin air. The cryptocurrency supply is only fixed if we put blinders on and pretend that there is only one cryptocurrency in existence, that it never forks, and that it always existed.

Bitcoin proponents like to share stories about Venezuelans or Zimbabweans rushing to Bitcoin, but they ignore the fact that they’re also rushing to USD, or to local assets. They’re simply rushing to be in anything but the failing currency.

Bitcoin proponents also like to draw false equivalencies between failing countries like Zimbabwe and modern countries like the United States. Normally any such comparison between two obviously different situations would draw criticism on HN, but for some reason this false equivalency that all inflation is equally bad or risky gets a pass among those with Bitcoin investments that they want to see go up up up.