In the current global market volatility, the notion that Bitcoin (BTC) is a safe haven against inflation is doubtful and that the leading digital asset will plummet in the coming weeks and months.
Saifedean Ammous, Austrian economist and author of The Bitcoin Standard, mentioned the highlights of Bitcoin in a recent interview with Lex Friedman in his May 11 podcast.
While Ammous discussed the advantages and disadvantages of Bitcoin, he also bought challenges such as strong inflation to light that are affecting various economies around the world as the asset market is currently in recession. While speaking on these global issues, the economist said:
“I think the biggest problems in the world are easily caused by a government that gives infinite shelter to money, inflation, and public wealth, and I think Bitcoin will solve this.”
Furthermore, the economist underlines that the equivalent parameters of bitcoin have not changed and are still identical.
Most other digital currencies have been subjected to numerous hard forks, which society considers to be improvements in the existing system. While “Bitcoin cannot be upgraded, but we will always upgrade,” Ammous said while pointing toward creators and founders.
Ammous also Commented that:
“Anything centralized is easy to upgrade, Facebook, Apple, Amazon, and everything are always upgraded, so as Michael Sailor says, whose responsibility these are, these are someone’s liability, security. If you are someone who is technically and financially responsible, they can increase the supply by 10 times tomorrow.
Supposedly a lot has happened about Bitcoin and its Volatility, As per Ammous tolerance should be considered more towards volatility of this asset, as having only relatively stable Fiat assets is the only other option.
“The dollar does not change daily. As your dollar value does not change by 40% or 20% overnight, but even if it falls reliably. It falls by 40% and you can still trust it.”
The economics believes that Bitcoin and its related energy consumption are valid and worth it and that the digital asset’s energy consumption as a whole is worth it.
As for Bitcoin, you do not have to buy electricity from high-demand places, because it can already buy electricity from anywhere, “It’s really amazing, that you can get the electricity you need for mining anywhere.”
Interestingly, recent global situations like Covid-19 pandemic, Russia vs Ukraine conflict contributed significantly to provide better maturity to the Bitcoin to evolve a more safe asset to invest money.
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