Excerpt
I explain why governments can’t control Bitcoin and why fiat currencies always fail over time. I explore whether Bitcoin could become a global reserve asset or remain part of a parallel system.
I also share why states may need Bitcoin — even if they don’t want it.
Transcript
Exactly because they can’t control it, they can’t inflate it. So I don’t think this will ever happen or not happen very fast, maybe in the long term, but I believe that every nation wants to have its own fiat currency. But every fiat currency is failing in the end. This is also a fact. Because there have been hundreds in the last decades, they die and new fiat currencies are being issued. And global leaders like the US or China, they will want their currency to be dominant because this is how they dominate the world or they gain their profits from the differences in between countries. If every country were to use Bitcoin as their primary currency, this would equalize everyone and everything. And I’m not sure if global leaders want that to be honest. I assume that for many years to come, it will be a parallel system. Some states will hold Bitcoin in their reserves additionally to their own currencies and gold. And some won’t. But in the end, I believe over time, every nation state will have to think about putting Bitcoin into their reserves. But even if the separation of money and states is successful, which is one of the goals of Bitcoin or at least one of my goals, still then states will want to issue their own currencies. Because as I said before, they can’t manipulate Bitcoin and they might need a tool where they think they can in a way control or regulate the economy for good or bad. We will see.
