Bitcoin, Michael Sailor, Michael discussed on What Bitcoin Did

What Bitcoin Did
|

Automatic TRANSCRIPT

Transformation is that people start thinking about the future, they think, well, there's a finite number of these bitcoins. And I want to have as big a pie as possible. So I need to squirrel away as many bitcoins as I can as quickly as possible. And so they take they take from the consumption in the present and they transform it to savings, which is a future oriented activity where your accumulating savings because you can use those savings in the future. So I think Bitcoin is definitely helpful in that regard. But I don't think that Bitcoin in the long term, if it succeeds, can coexist with our current institutions. That's something that's perhaps a little controversial. I think we're not so controversial in Bitcoin land. Yeah, maybe so but I think a lot of people even people who are fairly influential in the Bitcoin space like Michael sailor who I'm a big fan of, think of Bitcoin as kind of outside the dollar system and it can exist as this external store of value. But I think if Bitcoin was successful and became a global reserve currency, it would transform political institutions. But Michael sailors in a very different position. Sure. And I'm never a 100% sure if his views are definitely a 100% authentically his views, or he's playing his own game theory out trying to protect Bitcoin in the short term from attacks from institutions from the government. He might be playing his own game there. I'm never 100% sure with him. You could be right. You could be right, but I think there is the view that Bitcoin can coexist with the current system. I think amongst politicians who appropriate, and I don't think many of them are like, this is going to end U.S. democracy. I don't think if you asked, they sent out a llamas that it could transform society in a way that we don't have the same society in the same political structures. I am skeptical with Bitcoin success that our current political structures will exist..

Coming up next