Why ‘Bitcoin is the Answer’ for Today’s Financial Landscape

    A renowned economist and author of The Bitcoin Standard recently conveyed his opinion that Bitcoin (BTC) has the potential to tackle the obstacles confronting the present-day financial system.

    Saifedean Ammous, the best-selling economist and author of The Bitcoin Standard, recently shared his belief in the superiority of Bitcoin as a form of money compared to traditional currencies. During an interview with London Real on July 2, he emphasized the urgency of embracing this pioneering digital asset.

    Interestingly, Ammous acknowledged that his initial belief was in gold as the solution to financial challenges, relying on its ability to hedge against inflation. 

    He admitted, “I was a gold bug, I thought gold was the answer… All these things before Bitcoin fell on deaf ears… I tried to convince someone to vote for a candidate who would reinstate the gold standard, but that turned out to be a dead end.”

    In addition, Ammous criticized the current financial system, describing it as a flawed technology that enables government exploitation and facilitates rampant inflation.

    The danger of money printing

    Saifedean Ammous argued that the traditional approach of printing money only worsens the issues it aims to solve, resulting in a cycle of devaluation and economic turmoil. Thus, he advocates for Bitcoin as a viable alternative.

    According to Ammous, the struggle to convince people of the need for an alternative becomes less desperate once Bitcoin emerges. He stated, “Until Bitcoin comes about, it’s a very lonely, desperate struggle… The only working alternative to Bitcoin is that you’re going to have your money destroyed by a government that can print it, and we no longer need to convince people of this anymore.”

    Ammous highlighted Bitcoin’s unique advantages, emphasizing its decentralized nature and limited supply. With only 21 million Bitcoins in existence, he believes that Bitcoin provides protection against hyperinflation and government interference.

    US dollar future sustainability 

    He refrained from providing a specific timeline but opined that the sustainability of the United States dollar is almost over. 

    “For me, the dollar is over. That doesn’t matter anymore. Whatever happens with the dollar. I used to live in Lebanon when hyperinflation happened, and because of Bitcoin didn’t matter to me when the Lebanese currencies Ponzi scheme blew up,” he added.

    To emphasize the security and autonomy that Bitcoin provides, the economist highlighted the fact that nobody has the power to arbitrarily create or confiscate existing Bitcoins.

    Ammous believes that incorporating Bitcoin into one’s financial strategy can lead to greater prosperity. He urged individuals to participate in productive activities, spend less than they earn, and save the surplus in Bitcoin. By doing so, he argued, people can shield their wealth from long-term erosion caused by inflation and ensure financial independence.

    Currently, Bitcoin’s price maintains the $30,000 support level. At the time of publication, the cryptocurrency is trading at $30,250, with weekly corrections of approximately 1%.

    Source: TradingView

    Disclaimer: Please note that this article is purely for informational purposes and should not be regarded as financial or investment advice.

    (Reference: Finbold)

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