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Renowned economist explains why ‘Bitcoin is the answer’ for today’s financial landscape

Renowned economist explains why 'Bitcoin is the answer' for today's financial landscape

Best-selling economist and author of The Bitcoin Standard, Saifedean Ammous, has expressed his belief that Bitcoin (BTC) could solve challenges facing the current financial system. 

According to Ammous, Bitcoin is a superior form of money compared to traditional currencies, while emphasizing the urgency of adopting the maiden digital asset, he said in an interview with London Real on July 2. 

Interestingly, the author pointed out that before turning to Bitcoin as a possible solution, he believed gold was the answer, banking on the precious metal’s ability to hedge against inflation. 

“I was a gold bug, I thought gold was the answer, and I was going around trying to tell people that the FED is doing something bad and inflation is bad. <…> All these things before Bitcoin fell on deaf ears. <…> I tried to tell this to somebody, and I convinced them to vote for somebody who’s going to reinstate the gold standard, and that’s just a completely dead end,” he said. 

Ammous also criticized the existing financial system, describing it as a broken technology designed to facilitate government exploitation and enable rampant inflation. 

The danger of money printing

He argued that the traditional money-printing approach merely exacerbates the problems it attempts to solve, leading to a cycle of devaluation and economic turmoil, hence the need to opt for Bitcoin.

“Until Bitcoin comes about, it’s a very lonely, desperate struggle, and then Bitcoin comes about, and you no longer need to convince people. <…> 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,” he added. 

Highlighting Bitcoin’s distinct advantages, Ammous emphasized its decentralized nature and fixed supply. With only 21 million Bitcoins ever to be mined, he believes that Bitcoin safeguards against hyperinflation and government interference. 

US dollar future sustainability 

In this line, he projected that the United States dollar sustainability is almost over, although he failed to offer a timeline for when the currency would survive. 

“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. 

Additionally, the economist underscored individuals’ security and control over their Bitcoin holdings, noting that no one can arbitrarily create more or confiscate existing Bitcoins.

According to Ammous, embracing Bitcoin can empower individuals to lead more prosperous lives. He encouraged people to engage in productive activities, spend less than they earn, and save the rest in Bitcoin. By doing so, he argued, individuals can secure their wealth against the long-term erosion caused by inflation and ensure financial independence.

In the meantime, Bitcoin continues to hold above the $30,000 support level. By press time, the asset was trading at $30,250 with weekly corrections of about 1%.

Watch the full interview below:

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