7 Disgusting Facts About Our Fiat Monetary System
Many people question the value of Bitcoin and other cryptos. So I like to turn the question on them: What is the value of fiat currency? Why is it more trustworthy than crypto? This article focuses on some of the less discussed flaws in our monetary system.
Many people quickly argue that Bitcoin and crypto are a “solution looking for a problem.” For example, 92-year-old Charlie Munger recently described Bitcoin as “disgusting and contrary to the interests of civilization.” Dr. Doom, Nouriel Roubini, was a bit more creative in his criticism of Bitcoin and crypto when he tweeted:
This short video presents my critique of tokenization as a return to barter. Even the Flintstones knew money better than these crypto crazies who want to return to barter; at least the Flintstones were using clam shells common numaraire and currency
But should we be surprised the masses haven’t completely grasped the benefits and value of Bitcoin and crypto? Most people aren’t even aware of the flawed fiat system many of us have experienced our entire lives. The media quickly points out crypto's flaws: “It’s bad for the environment. It’s pure speculation. It has no value. It’s fiat on steroids.”
Then there are the soft criticisms. One of my favorites is Bill Gates when he says things like:
“I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out.”
Thanks for looking out for us, Bill.
Or, what about JPMorgan CEO Jamie Dimon, tweeting this last year.
Months later, JPMorgan became the first retail bank to give access to Bitcoin to its retail clients.
A lot is going on beneath the surface here. Some big names and institutions are adamantly against Bitcoin and crypto and are fighting it with all their might.