Why Choose a Bitcoin Standard?
I have been involved in cryptocurrency for a few years now, devoting my time and effort to educating people on the fundamentals and global benefits. I run a podcast (“The Crypto Standard”) educating listeners in a fun and understandable way. So why did I choose a bitcoin standard over another cryptocurrency? The answer is simple – nothing comes close to bitcoin in terms of a durable, portable, transferable, divisible, fungible and, above all, rare store of value.
An Open Letter to the Scottish Government
To all MSPs in the Scottish Parliament,
Allow me to introduce myself. My name is Jordan Walker and, like many others, I am very proud of Scotland. Our history and our ancestors are recognized worldwide. I am fortunate to have traveled extensively and have found that Scottish people are welcomed no matter what country I am visiting. My accent will be complimented and there is an instant trust between foreign borders that very few nations have. If our history has taught us anything, we will fight for our freedom and challenge the status quo.
I write this from my perspective as a member of Generation Z, as I believe the future of Scotland belongs to the younger generation. Unfortunately, the world I see today angers me and fills me with a sense of disappointment. We are destroying our planet and in doing so we are creating social and wealth divides. Why? For the greed of money. Yes, it all comes down to money!
This letter will focus on Scotland’s financial stability and its future, which is also closely linked to becoming a greener, more sustainable and potentially independent country. I believe that if we fix the money, we can begin to rebuild the planet as the younger generation envisions, starting right here at home in Scotland.
What I have learned over the past few years of self-learning macroeconomics is that we live in a world of constant currency depreciation and spiraling debt. The current global monetary system is unsustainable; it is based on trust between governments and citizens, which is deteriorating, as evidenced by recent inflationary measures.
Here I would like to highlight El Salvador, which, like Scotland, is a small country whose population is deeply affected by currency devaluation and national debt. They are in this position because they used the US dollar as their currency, which the United States devalued through an accommodating monetary policy, without compensating El Salvador. As you can imagine, this caused them to use debt to support their economy.
In order to solve this problem, El Salvador has now adopted bitcoin as legal tender. They have embraced what they and I consider sound currency and are educating their people on the benefits of using bitcoin. Moreover, they are attracting huge investment to the country by building the world’s first “Bitcoin City”. To help them do that, they will start issuing bitcoin-backed bonds. Along with these bonds, they are harnessing green energy by harnessing volcanic geothermal activity to mine bitcoin for their national reserves. They are leading the way and demonstrating bitcoin’s true potential as a sound currency with the abilities to harness the energy of the Earth.
Many are skeptical of Bitcoin and will have already stopped reading this letter. This is where the problem lies. Many are unwilling to have an open discussion on the subject to learn the true fundamentals of the Bitcoin protocol. There are many narratives about Bitcoin portrayed by the media and groups focusing on alternative special interests, which have influenced people’s perceptions, such as “Bitcoin is a bubble”, “Bitcoin is bad for the environment” or ” Bitcoin is used for money laundering.” .”
I have spent hundreds, if not thousands of hours researching bitcoin and my conclusion is that bitcoin is hope! Let me explain why.
The UK has just reported an increase in the inflation rate of 5.5% in the 12 months to January 2022, the highest figures in three decades. This is a worldwide problem due to the amount of money printed. One that is not transient and needs to be treated urgently. I made the decision last year not to contribute to a private pension fund. What sense is there in locking up my hard-earned money in investments using a depreciating currency as a unit of account? There are not any. To do so would be to allow this inflation based currency depreciation to increase the purchasing power of my pension fund over the next 42 years. For many of my age, this is the collision course we are on, if our monetary policy is not fixed.
I no longer trust government-backed money; therefore, I do not trust the authority controlling it. However, one thing I trust is math. I’m not a mathematician at all, in fact I hated it in school, but I know it can’t be twisted or influenced by humans. Bitcoin is built with math, and over the past few years of learning about it, I’ve come to trust bitcoin.
It gives me hope that we can do better. Its capped supply limit of 21 million bitcoins means no one can create more. This makes it a far superior asset to gold, and certainly to any currency we have seen to date. Anyone looking for a durable, portable, transferable, divisible, fungible, and rare store of value need look no further than bitcoin.
In fact, Bitcoin is the fastest technology ever adopted; it is expected to reach 1 billion users four years faster than the Internet. Today we cannot live without the Internet. Bitcoin is here to stay and will transform the global financial system for future generations, and I want Scotland and its people to prosper with this technology.
Scotland has the same opportunity as El Salvador to embrace bitcoin. Perhaps not as legal tender, but simply to incorporate it into Scotland’s future by accumulating it as part of a Scottish sovereign wealth fund. We are entering an era of sustainability, where our oil reserves will become worthless. However, we are rich in wind and tidal power which have the potential to be used for bitcoin mining. Bitcoin may be the catalyst for Scottish independence and pave the way for bitcoin adoption in Europe. The 2014 referendum relied heavily on our oil reserves, but as we transition to a greener and more sustainable world, oil can no longer be used for our country’s wealth. So what can?
The younger generation understands – they are leading the way in Bitcoin innovation and adoption. The misinformed narrative around bitcoin needs to change or we risk being left behind. I can only speak for myself when I say I would vote yes for bitcoin-backed Scottish independence and would like to call on all members of the Scottish Parliament to start a discussion about bitcoin and its place in the future of Scotland. ‘Scotland.
This is a guest post by Jordan Walker. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or bitcoin magazine.