As a hard-core advocate for free markets, I’d like to see separation of economy and state, for much the same reasons as make the separation of church and state a good idea. This makes me want to see the market choose alternatives to government fiat currencies—even if that’s Bitcoin. But I don't want to believe this will happen just because I want it to happen, like Linus waiting for The Great Pumpkin. And I have questions about cryptos that I’ve not been able to answer to my satisfaction.
Heads up: this interview is not a debate.
I wasn’t trying to prove that Bitcoin and other cryptos are Ponzi schemes. Robert wasn’t trying to convince me to dump gold. If that’s what you want to see, this interview will disappoint you.
What I wanted was for Robert to help me understand some things that made no sense to me. He did, using my own Austrian economic-style analysis—it's not often that I run into someone who quotes Ludwig von Mises more than I do! Gave me a lot to chew on, which I still am.
Unfortunately for investors and speculators, the conversation didn't result in any guidance on what the price of Bitcoin will be tomorrow, next month, or in the next years. Robert is not speculating on the price of Bitcoin in USD. Instead, what we got is an intellectual framework for understanding the phenomenon, and a big picture vision of how Bitcoin is part of the world’s leap forward into the Information Age.
If Robert is right, however, this does have implications for investors… for all people, really, as we progress into the future.
I’ll have more to say on this once I digest the ideas.
For now, I hope you find this conversation as enlightening as I did.
Robert mentioned three articles or books to help the audience further their understanding.
The Sovereign Individual, by James Dale Davidson and William Rees-Mogg
Why Does Bitcoin Have Value? by Jeffrey Tucker: https://www.aier.org/article/why-does-bitcoin-have-value/
Modeling Bitcoin’s Value Through Scarcity, by Plan B: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
If you’d like to see/hear/learn more from Robert, you can find him at: