Bernie Sanders' Economic Policy Would Inspire BTC Mass Adoption

Date: 
April 30, 2019
Read time: 
2 minutes

Mass adoption of Bitcoin will be inspired by one of two things: the carrot or the stick. The carrot will be increased places to spend BTC as well as easier ways of buying it. The stick, in contrast, is fear ... fear of fiat money becoming hyperinflated and worthless. When people start seeing their hard-earned dollars losing its value -- while Bitcoin holds its value and goes up -- then mass adoption can happen.

Mass adoption of Bitcoin will be inspired by one of two things: the carrot or the stick. The carrot will be increased places to spend BTC as well as easier ways of buying it. The stick, in contrast, is fear ... fear of fiat money becoming hyperinflated and worthless. When people start seeing their hard-earned dollars losing its value -- while Bitcoin holds its value and goes up -- then mass adoption can happen.

In the year 2140, the last Bitcoin will be mined. 21 million will exist. Not more. Ever. A truly limited resource. And thus it will hold its value.

The American public may be on its way to such a scenario.

Stephanie Kelton, U.S. economist and senior economic advisor for Bernie Sanders 2020, just tweeted:

“The carpenter can’t run out of inches. The stadium can’t run out of points. The airline can’t run out of FF miles. And the USA can’t run out of dollars.”

In a nutshell: the USA can’t run out of dollars because … it can just print more!

It's easy to see the danger in her statement. The danger to the U.S. Dollar. Banks printing more money will lead straight to hyperinflation. This danger will propel the masses to buying bitcoin, just as it’s done in Venezuela, Zimbabwe, and other countries where the government goes on a money printing spree.

Are you New to Cryptocurrency? Get Started Investing Today.

Will the U.S. Dollar become Monopoly Money?

Stephanie Kelton’s tweet is deceptive. The carpenter puts in labor and skill with every inch. Sports teams in stadiums fight for points. Airlines award FF miles to actual frequent fliers. But what Mrs. Kelton is suggesting when she says the U.S. won’t run out of money is actually this: The U.S. will just print money and give it to banks...like Monopoly money.

The banks won’t earn it, they’ll just get it. That’s like a carpenter being paid for nothing, like a sports team staying at home, like airlines just letting their passengers ride for free. Or, for the people who read our guide and understand Bitcoin mining -- it’s like bitcoin miners getting BTC without even turning their computers on! It doesn’t work!

Bitcoin is not given away by a central authority, a president, or anyone else. Unlike the U.S.A. which “will not run out of dollars” -- Bitcoin WILL run out. In the year 2140, the last Bitcoin will be mined. 21 million will exist. Not more. Ever. A truly limited resource. And thus it will hold its value.

You gotta ask yourself: do I want to hold onto fiat money that politicians can print more at any time they want? Or do I want to hold a currency with a solid cap that no one can manipulate?

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

Comments

Add new comment

CLAP

Share

text
Find Great Tools