Concluding, after a conversation with Dr. Saifedean Ammous that bitcoin is the "most disruptive technology against inflation," Canadian psychology professor - Jordan Peterson - increased his holdings in BTC.
"To hell with inflation"
Jordan Peterson - a clinical psychologist and famous YouTube personality - interviewed the author of "The Bitcoin Standard" - Dr. Saifedean Ammous. They discussed the merits of bitcoin and how the leading digital asset can help in the coming times of rising inflation.
Peterson also spoke about the anonymous creator of BTC - Satoshi Nakamoto. He voiced his concerns about how a mysterious individual could make such a project out of thin air and asked Ammous why people should believe in this concept.
The latter explained that Nakamoto's anonymity is not an issue as this can further enhance the decentralized nature of the primary cryptocurrency. The main point is to be successful as many other inventions that society uses today have unknown creators:
"You use the wheel every day, but you don't know who invented the wheel, and we use a lot of things every day not because we trust the guy who invented them, but because they have a proven track record."
Dr. Ammous also stated that bitcoin is the better version of gold as people don't have to worry if the coin has base metal in it. The digital asset is also completely transparent and everyone can see every single transaction.
Coming to the point of why BTC is the right financial tool against inflation, Dr. Ammous explained:
“Bitcoin is essentially the most powerful defensive technology against inflation. It is a huge leap forward in the technology of money as a protection of value against predation and inflation. I think it's a natural choice for anyone who is productive and wants to save their value in the future ”.
The author of "The Bitcoin Standard" warned that bitcoin could be particularly beneficial in countries with hyperinflation where fiat money will rapidly begin to lose value due to the aftermath of the COVID-19 pandemic.
According to his analysis, the United States, Switzerland, Denmark and Sweden could experience the most negligible inflation at a rate of 6-7%, which still means that individuals could lose half their money's value in the next few years. ten years.
Shortly after the interview, Peterson admitted that he learned a lot from Dr. Ammous. As such, it has earmarked more of its wealth in bitcoin.
Bitcoin is the real weapon
Public recognition of bitcoin as an inflation hedge has been going strong lately since many other experts have backed this concept.
Last week, a Bloomberg analyst group found that the leading digital asset has achieved 99,996% deflation over the past decade. By comparison, the CPI rose 28% in dollars over the same amount of time. As such, they described bitcoin as "the best hedge against inflation out there".
American billionaire Barry Sternlicht recently admitted he had personally invested in BTC, citing that it is a monetary tool against the mass printing of fiat currencies.
One of the strongest supporters of bitcoin and its anti-inflationary qualities is Paul Tudor Jones. The billionaire even classified cryptocurrency as a financial instrument superior to gold:
“I think we are moving in an increasingly digitalized world. Clearly, there is a place for cryptocurrencies, and clearly, it's winning the race against gold right now, right? ”.