Bitcoin Single Best Shot At Liberty

What do you see when you switch on the TV or scroll through your news feed on your preferred social media platform?

You see a failed war ended after 20 years, hundreds of thousands of people dead, billions of dollars squandered, and the same illiberal regime in charge as before.

You also see inequality, rising prices and protests.

And you see pushbacks for mandates.

Bitcoiners regularly reply to all the troubles in the world by saying that “Bitcoin fixes this.” Hyperbole? No, Bitcoin is the only realistic pathway to the libertarian “bon mot,” our witty remark of “fix the money, fix the world.” Indeed, Bitcoin is the best shot libertarians have to shrink the size of government, fight inflation, curtail the debt from inflation, starve the military-industrial complex, and to avoid an ever-increasing scope for government.

How does Bitcoin achieve this?

Bitcoin is a savings technology that is nascent money. Money historically has three functions: it must serve as a store of value, a medium of exchange, and a unit of account. Bitcoin, despite its volatility, is certainly a store of value but is thus far less prevalent as a medium of exchange or unit of account.

However, Bitcoin has only been around for 12 years, and its rate of adoption is already growing faster than the internet’s did. Money is the ultimate “network good,” which means that its value and usability increases with every user joining, and every user has the incentive to encourage others to take up bitcoin since it benefits them directly. As a result, within a short amount of time, Bitcoin has emerged from being a somewhat esoteric toy for cypherpunks, to being adopted by financial institutions and the country of El Salvador, as well as becoming the savings technology for tens of millions of people around the world (Bitcoin’s current user base is estimated to be around 120 million). This is absolutely remarkable.

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