The Bitcoinization of the Economy. Bitcoin Tech Talk Issue #228

Once you understand that Bitcoin is hard money, it’s hard to unsee it. Bitcoin’s superiority in scarcity over every other asset is obvious in retrospect and it’s difficult to return to the previous view of Bitcoin as something other than hard money. This naturally leads to speculating over how exactly will Bitcoin become the global reserve currency. Thier’s Law states that good money drives out bad and if we expect that to be the case, exactly how will this come about?

In my previous analysis of the situation, I had always thought that this would come about much in the same way it’s come about in my experience, which is to say, directly. I learned about Bitcoin and bought Bitcoin with fiat money. This is what I expected to happen to a whole lot more people, gradually then suddenly. Indeed, that seemed to be the pattern that we saw up through 2019.