Renowned economist explains why “Bitcoin is the answer” for today’s financial landscape

Bestselling economist and author of The Bitcoin Standard, Saifedean Ammous, has expressed his belief that Bitcoin (BTC) could solve the challenges of the current financial system.

According to Ammous, Bitcoin is a superior form of money compared to traditional currencies while emphasizing the urgency of launching the first digital asset, he said in an interview with London Real on July 2.

Interestingly, the author pointed out that before turning to Bitcoin as a possible solution, he believed gold was the answer, betting on the precious metal’s ability to hedge against inflation.

“I was a gold fan, I thought gold was the answer, and I went around trying to tell people the Fed is doing something bad and inflation is bad.” <…> All of these things fell on deaf ears before Bitcoin. <…> I tried to say that to someone and I convinced them to vote for someone who’s going to go back on the gold standard and that’s just a complete dead end,” he said.

Ammous also criticized the existing financial system, describing it as broken technology designed to facilitate government exploitation and allow for rampant inflation.

The Danger of Printing Money

He argued that the traditional money-printing approach only exacerbates the problems it seeks to solve, leading to a cycle of devaluation and economic turmoil, which is why one must go for Bitcoin.

“It’s a very lonely, desperate struggle for bitcoin to emerge, and then bitcoin emerges and you don’t have to convince people anymore.” <…> The only viable alternative to bitcoin is that your money will be destroyed by a government that can print it, and we don’t have to convince people anymore,” he added.

Ammous emphasized Bitcoin’s particular advantages, emphasizing its decentralized nature and fixed supply. With only 21 million bitcoins mined so far, he believes bitcoin protects against hyperinflation and government intervention.

sustainability of the US dollar

With that in mind, he predicted that the US dollar’s sustainability was almost over, although he gave no timeline for when the currency would survive.

“For me, the dollar is over. That doesn’t matter anymore. Whatever happens to the dollar. I was living in Lebanon when hyperinflation hit and because bitcoin didn’t matter to me when Lebanese currencies’ Ponzi scheme exploded,” he added.

In addition, the economist stressed the security and control of individuals over their bitcoin holdings, noting that no one could arbitrarily create new bitcoins or confiscate existing bitcoins.

According to Ammous, the adoption of Bitcoin can empower individuals to live more prosperous lives. He encouraged people to devote themselves to productive activities, spend less than they earn and save the rest in bitcoin. In this way, he argued, individuals could protect their wealth from the long-term erosion of inflation and ensure financial independence.

Meanwhile, bitcoin continues to hold above the $30,000 support level. At press time, the asset was trading at $30,250, with weekly corrections of around 1%.

Watch the full interview below:

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