This morning, I listened to the recent Macro Voice podcast with Brent Johnson from Santiago. It was a very good conversation about the state of the global economy, with particular focus on the relative strength of the dollar relative to other currencies and how things could play out when the dollar continues to strengthen as prophesied by the “Dollar Milkshake” theory. Here is a link to the episode for those interested.
At the end of their discussion, Erik (the presenter) and Brent made it clear without saying anything explicitly that it’s crazy that the global market is essentially heeding the ideas of the world. of a select few, the central bankers, of the billions alive. on this planet. The fact that the world revolves around the confusing language of people completely disconnected from reality and suffering no consequences from their actions is a bit confusing. With that said, what I want to focus on is Erik and Brent concluding their conversation with a short detour to discuss the next world reserve currency. Both gentlemen concede that it will likely be a cryptocurrency – likely produced by one of the governments or a coalition of governments – and certainly not bitcoin.
To your uncle Marty, here’s a hilarious line of thought from a few individuals who seem to “get it” regarding the fact that the fiat system has suffered a setback and that failure is driven by incompetent central planners. I think the solution to bad centralized planning from an incompetent group would be better centralized planning from the same group through a new medium CBDC or something similar it will provide. Even more amusing is the fact that they unequivocally state that bitcoin is definitely not going to become the dominant currency in the world while creating “bitcoin maximalists”. This is to our advantage, oddballs.
While the “smartest people in the room” scan the horizon waiting for their bets on something that hasn’t materialized and is sure to fail if it does as it will be affected by the attributes centralization is like the dollar, bitcoiners are actually building the future they want to live in. The world’s macroeconomics can continue to sit on the sidelines and analyze what they think is coming to the market. Bitcoiners will continue to act and bring their good, censorship-resistant, distributed coins to the market. And the bitcoin that started accumulating is getting close to an insurmountable level. This is a step that improves the functioning of the incumbent monetary system in every way.
It is very scarce and very difficult to change.
You can send it over the internet.
You can split it further.
It is very difficult to stop someone from receiving or sending bitcoins if used properly.
And, what may be the most underappreciated aspect, it is starting to become an integral part of the energy industry. And as we are learning now energy is quite important. Arguably the most important asset on the planet. Bitcoin becoming a necessity for energy producers makes it significantly harder to kill people from a logistical and political perspective.
We arrived so early.