BITCOIN
If you’re going to ask me who won the debate, you’re going to hate my answer... I feel like the audience was the winner (that includes you). And in meta-mining this historic conversation, I’m reminded that we’re all just looking for value in life. And hopefully, this content brings some to yours. BITCOIN: LAYING DOWN THE GAUNTLET From the first spark of making fire, human civilization progresses through channeling energy. And to Michael’s point, money is energy. " The ideal currency would be Godcoin – short of that, bitcoin's humanity's next best bet. " MICHAEL SAYLOR Money is essentially a store of value and technology that allows us to trade that energy over time and space. And if you look at humanity’s monetary timeline, we’ve gone from commodities to the coinage of those commodities to notes represented by that money to fiat currency, and now? Cryptography as money. Gold advocates say that gold is the ideal money, but Michael counters that it’ll be GODcoin ... Suppose an omnipotent being waved their hand to create a perfect bit of money. It
would be a manifestation of Luca Pacioli’s double-entry accounting principles circa 1494 – with units infinitely divisible by trillions each, floating in a magic space, settling everyone’s trade’s instantly, perfectly: accessible anywhere in the universe, never losing any information. And according to Michael, until GODcoin arrives, bitcoin is humanity’s next best bet. Bitcoin’s the most efficient monetary system we’ve yet to implement successfully. It’s at over 21 quadrillion transactions a day, storing the value and providing security to everybody on the network, effectively for free after those transaction fees. This crypto’s the most disruptive financial force this century. In just 12 years, it grew to $1 trillion in monetary value, beating out the growth of FAANG stocks in that window of time. Everything’s digitized now – so why wouldn’t our money be? Money is collapsing right now as inflation climbs, and we keep losing 1% of currency value every month. And according to Michael, gold’s not a solution... It’s not practical to distribute gold in small quantities to 5 billion people. But bitcoin can reach everyone, and it’s growing, spreading at more than 200% a year, adding 3 million users a week. For Michael, gold is a 19th-century relic, a glorified antique for the elites. In his mind, it’s time to mint its inevitable digital successor.
18
May 2021
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