Bitcoin's Bright Future

If you ask me, the prospect of listening to two CEO's discussing money and finance sounds as appealing as watching paint dry. So I hope you'll forgive me when I say that such a discussion is about all I have for you today...

In my defense however, let me say this: the discussion is anything but boring! You may remember that 11 days ago I informed you about the "Bitcoin for Corporations" conference that took place on 3 and 4 February; that 2 day conference ended the day before yesterday, and was an event organized by Michael Saylor with the aim to inform S&P 500 corporations about bitcoin. Michael Saylor already converted the treasury of his own corporation, MicroStrategy, into bitcoin, and the conference was his way to motivate other CEO's to do the same; when the U.S. government announced massive relief programs in March 2020 and the Federal Reserve decided to print massive amounts of money to finance those plans, Saylor decided that is was time to protect his money by converting his corporation's liquid and capital reserves into bitcoin. His basic thought was the one we've had all along: fiat money will only ever depreciate in value due to massive inflation, while bitcoin's fixed supply will ensure an upward trend in value over the short and long term.

The below linked video is a discussion between Michael Saylor and Ross Stevens, the founder and executive chairman of the New York Digital Investment Group (NYDIG), that was held at the Bitcoin for Corporations conference. And boy do these gentlemen have interesting things to say! I wouldn't have expected them to go into such depth and detail on the matter, but I was pleasantly surprised, as I'm sure you will be. These corporate hotshots actually start with the most basic of questions: "what is money", much like I did in my post No Reserve Banking 5 days ago. They explain why some moneys (plural) are better than others, how every kind of money we've ever had has eventually seized to exist (as will fiat and, eventually, bitcoin), why bitcoin is better than gold for storing value and why bitcoin is better than gold and fiat in tradability over time and space. They even answer the much debated questions that surround the high energy cost attached to mining bitcoin; their answers indicate a future for bitcoin, energy creation and consumption, and under developed parts of the world that even brighter than I could imagine! The gist is that bitcoin mining will act as an incentive to switch to clean, cheap and renewable energy, as well as developing uninhabited and underdeveloped parts of the world.

As I'm writing this, bitcoin's price is once again hovering around the resistance level of 38,000 dollar, and ethereum and defi related altcoins are surging; it looks like altcoin season has arrived early this time. Early because there's so much bullish news about bitcoin, the conference included, that I can't imagine bitcoin's price going further upward in the near future. But hey, that's for another time. Right now I invite you all to listen to the interview and feel confident that you holding bitcoin, ethereum or any of the other relevant altcoins, is the right thing to do in these times of much heightened economical and financial uncertainty.

_{source: Wikipedia}

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