05 SAVINGS TECHNOLOGY

Description

Fiat money is subject to dilution through inflation. An increase of the total supply of money, as done by central and private banks, renders each unit with less buying power. In the eyes of Keynesians, this is not a bug, but a feature that incentivizes consumption and high time preference, and “keeps the economy going”. Goldbugs understand the detrimental effect of this on individual wealth and put their money in gold. And so do most rich people. They afford wealth managers who invest cash in real estate or equity in the stock market mostly to avoid holding cash. Those with a lot of money employ experts who will preserve their wealth.

Fiat inflation makes the poor poorer and the rich richer.

— PierreRochard.com (@pierre_rochard) June 22, 2020

So who are the losers in this scenario? Once again, it’s those with little money, the poor and the lower class. What little money they had, becomes worth even less through inflation. Those who are affected most negatively from this, understand the situation the least. And even if they understood: The tools to defend their savings are hardly accessible to them. Real estate requires big amounts to start with and stock markets are still difficult to grasp for most.

Enter Bitcoin: the ultimate savings technology

I’m saving with Bitcoin.
Only savings technology I would consider using tbh.

— hodlonaut.hodl 🌮⚡🔑 (@hodlonaut) March 4, 2020

Bitcoin – the ultimate savings technology pic.twitter.com/gisfEcZsA3

— Misir Mahmudov ⏳ (@misir_mahmudov) February 9, 2020

Pierre Rochard held an outstanding presentation at the Value of Bitcoin Conference 2020 explaining Bitcoin as the best savings technology:

Rediscovering Savings Technology https://t.co/clve2PrdOW

— PierreRochard.com (@pierre_rochard) May 12, 2020

And he appeared at Stephan Livera’s podcast together with Saifedean Ammous to discuss this in length.

SLP147 @pierre_rochard & @saifedean – Bitcoin as Savings Technology and Number Go Up

– Cash Balance
– Savings
– Number Go Up
– S2F and Austrian method
– Lightninghttps://t.co/Ds3PMWk1WP pic.twitter.com/c0UYvpKf59

— Stephan Livera (@stephanlivera) February 7, 2020

 

It’s not only the inflation-proof nature that makes Bitcoin the best asset for savings – Bitcoin also heals the Keynesian policy induced high-time preference illness that has been haunting societies worldwide, and lowers the time preference of Bitcoiners.

 

One’s time preference refers to how much he values present consumption over future consumption. … Understanding this point is key to understanding why low time preferences construct civilization. Low time preferences elicit discipline, foresight, and strategy as the individual becomes more future-oriented.

Since i discovered #Bitcoin i only buy the stuff i need. Before Bitcoin i bought useless garbage.#Bitcoin is savings technology pic.twitter.com/akTAgwjtJI

— Dennis Parker (@Xentagz) May 15, 2020

Saving was futile, but now we can stack sats. We can stop living day to day, paycheck to paycheck. We can plan ahead into the future for months, years, decades, even generations.

We can build dynasties.

 

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