Re: the above video..Some things that I think a lot about
- CBO projections are always optimistic
- Does anyone think that the US debt will ever be paid back. The answer is no!. If so, there are only two paths forward, default (which we can avoid since we own the reserve currency), or print more and try to pay the debt back in devalued dollars.
- Last week, Jason Lowery an MIT defense fellow, who has a Masters thesis on why the US has no option but to buy BTC and is making waves in the BTC world, due to some unique insights
https://podcasts.apple.com/us/podcast/jason-lowery-bitcoin-is-critical-for-national-security/id1569130932?i=1000545933384 announced that the Biden WH asked him to help explain the need for BTC. He is also advising the Office of the Defense Secretary.
- Yesterday, a Harvard thesis, for the first time made a case that Central Banks must buy BTC as a reserve currency, atleast in small amounts.
https://sites.google.com/view/matthewferranti/research?pli=1. Once any Central Bank announces that they hold BTC, its game over, all CB's will need to hold BTC in a mad FOMO.
- Saudis & Russians are busy sabotaging the US petro-dollar system. Its a matter of time, before oil is priced in BTC. Govts all over the world are realizing that the US issues green paper, in exchange of real goods (oil, commodities, even I-phones), whereas from their perspective, all the power should be with the countries who own the commodities and not the ones with the right to print green paper.
- No one knows how many $, Yen, Euro have been printed so far and how many more will need to be printed over the next decade. What we do know is there will only ever be 21 million BTC, of which over 90 % have been mined so far, and the rest 10 % will be mined over the next 100 years. The world population is 8 billion, it means as long as people keep buying BTC, the price must go up. So far, even now, the number of new bitcoiners continues to grow. Since growth can be exponential, in 3-4 years, a billion users are expected. There are some estimates that the world has 50 million millionaires, in other words, not enough BTC for even 1 BTC/millionaire!.
- In western economies, we do not appreciate BTC as much as say in countries where there is massive inflation, capital controls, or where they live under authoritarian regimes. Much of the developing countries and Africa fits this scenario, it is here that growth is massive.
- Elon Musk, Michael Saylor, Druckenmiller, Bill Miller, Paul Tudor Jones, all own BTC in their personal accts. These are some of the smartest investors and all are billionaires.
- More and more politicians (Cynthia Lummis, Ted Cruz, Davidson and many others) are becoming vocal supporters and US States (Wyoming, Texas) are investing/attracting hundreds of millions in BTC mining companies. Even BTC technology companies, there is literally hundreds of millions being invested in the US and elsewhere.
- BTC is already a green technology (inspite of all the FUD), with a bright future for reducing carbon emissions (captures methane flaring). Sort of like having your cake and eating it too.
- We have not discussed the Lightning network much, thats the payment network based on the BTC blockchain, which allows final settlement of transactions world wide at near zero cost, instantly. In contrast, Visa/Amex etc charge 3 % for using the card and the final settlement actually takes 3-5 days (people think it is instantaneous, but it is not). This is a game changer, expect social media platforms to implement this very soon.
There is so much going on, in the BTC space. There is also a lot of FUD/scams, but all that comes from holding "crypto", not BTC. Of course, I and many others who support BTC could be wrong, BTC is the most asymmetric bet on offer, with a very high chance of success. There is literally billions invested in it. Its like the internet, there is no going back. All we need is time for it to work out (which many of us dont have!).
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