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Abra CEO claims Bitcoin is a solution to the century-old problem of fiat currency and government by fiat
The chief executive of cryptocurrency exchange Abra believes that Bitcoin (Bitcoin) is the antidote to hundreds of years of monetary degradation.
In a new interview with Kitco News, Bill Barhydt argues that the greatest powers in history built their empires on sound monetary policies.
But Abra’s CEO says that world powers end up betraying the trust of their people by resorting to currency devaluation.
“After the Second World War, the intention was that there would be a certain amount of gold, countries would give us their gold – the spoils go to the winner. We printed dollars proportional to a certain value of that gold, and you knew what your money was worth and the underlying assets were protected.
That was the big bargain.
Throughout history, every world power has reneged on this or a similar agreement, time after time.”
According to Barhydt, Bitcoin solves the problem of currency devaluation that has plagued powerful nations for centuries. Barhydt notes that BTC’s finite supply, predictable inflation, and decentralization can serve as the foundation for a strong global financial system.
“When you look at it from that perspective, you could actually argue now: I understand the math, the math proves it’s out there; I understand scalability, because Satoshi said that over time you could actually put more data on the blockchain; and I get the decentralization of having clusters of miners…
When I put it all together, I thought, ‘This is exactly how money is supposed to work.’ It was incredible… That’s it. If the world can figure out what this is really about, it will change the way the banking system works…
This network belongs to the people. You can’t turn it off. This is the last piece of the puzzle. If you don’t have an off switch and it belongs to the people, now you have the answer to the problem of hundreds of years, which is how do you get rid of this decree, this rule-by-decree monetary model that we have had for hundreds of years. ”
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