Bitcoin was wrought from the economic recession of 2008. One of the reasons the top crypto emerged was the dissatisfaction with the monetary system, whereby the government solely creates money and also controls the fractional reserve banking system. It’s no wonder that the pseudonymous bitcoin creator, Satoshi Nakamoto, left a message on the asset’s genesis block referencing the bailouts for banks.
It is for these similar reasons that the author of The Price of Tomorrow is convinced bitcoin is a must-have investment.
Surging Government Debt Is A Ticking Time Bomb
The co-founder of BuildDirect, Jeff Booth, published a financial book earlier this year entitled “The Price of Tomorrow: Why Deflation is the Key to an Abundant Future”. The book speaks about several topics including central banks’ money printing practices, bitcoin, and deflation.
In a seven-part Twitter thread on September 16, Booth elaborated more on the idea that central banks think they can solve the debt problem by significantly increasing the debt. He notes that even before the coronavirus pandemic wreaked havoc on the economy, the debt stood at $250 trillion in a global economy valued at $80 trillion. The most concerning part, however, is that $185 trillion of the total $250T was added over the last 20 years alone.
Booth forecasts that these policies enacted by governments will have momentous repercussions for the economy.
Why Owning Bitcoin ‘Is A Must’, According to Jeff Booth
Going further, Booth posits that countries around the world now have only two choices left. One is default through deflationary depression which would include the collapse of the banking system. The second option would be default through hyperinflation.
The Canadian technology entrepreneur suggested that bitcoin is the only viable solution for investors amid the unprecedented quantitative easing and a broken financial system.
“In my humble opinion — Bitcoin is a ‘must’. Not just for your wealth but as a lifeboat.”
Meanwhile, as the central banks’ money printers go “brrr”, bitcoin becomes more scarce. The cryptocurrency was designed to be a deflationary asset. The quantity of new bitcoins minted daily is reduced by 50% after every four years during a pre-programmed halving event. Moreover, only 21 million bitcoins will ever exist. If BTC is not a digital lifeboat to protect you from the massive debt problem, I don’t know what is.