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by coinward
1922 days ago
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Do you think revolutionary armies didn't pay their soldiers? Gold standard reflected sound monetary policy and kept government misallocations in check. Since moving to the fiat standard, governments have unleashed record spending. Bitcoin is exposing what happens to the money as a result of the monetary expansion. Bitcoin has replaced gold, and those of us who have adopted a BTC standard will have separated in prosperity levels from our fiat based peers within a generation or two. |
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What you’re describing is true of any asset that appreciates in value. The wealth confers power. That it is a currency is irrelevant.
If the U.S. switched its legal tender to Bitcoin tomorrow, it would change how we borrow and spend. But it would be no more of a shock to the system than a balanced budget amendment on the Treasury and the Fed. (Less, in fact, since the U.S. on Bitcoin could still deficit spend.)