Bitcoin's Role as Alternative Currency Post-Great Reset
Written on
Chapter 1: The Birth of Bitcoin
Bitcoin was introduced to the world by the enigmatic figure Satoshi Nakamoto on January 3, 2009. As of now, approximately 18.6 million Bitcoins have been mined, representing about 88.84% of the total supply of 21 million. It's estimated that around 4 million of these are lost forever—perhaps due to users misplacing their private keys, with some even losing access through mishaps like dropping their phones.
Every day, 900 new Bitcoins are created, but this number will dwindle over time due to scheduled halvings until the last Bitcoin is mined around 2140. However, this does not spell the end for Bitcoin. Miners will continue their operations since they will still earn transaction fees for each block mined, leading to Bitcoin evolving into a self-contained economy.
As society shifts towards a decentralized future powered by applications, Bitcoin could emerge as the primary currency. Yet, it faces challenges regarding scalability, transaction speed, and security, alongside skepticism from mainstream media. Recent surges in its price have temporarily quelled some of this criticism, but concerns remain—ranging from potential threats posed by quantum computing to fears of a 51% attack from China.
Given this backdrop, here are five predictions for Bitcoin in this decade and its potential to become the leading currency by 2030, controlled solely by individual users.
Section 1.1: The Impending Economic Shift
The anticipated collapse of the economic system could significantly impact Bitcoin's mainstream acceptance. As traditional money systems face turmoil, Bitcoin offers a refuge for wealth.
Imagine a scenario where conventional currency is rendered obsolete—a complete reset where debts are forgiven, basic incomes are introduced, and ownership is redefined. In such a world, possessing Bitcoin would be advantageous as it serves as a neutral digital medium of exchange.
With corporate states and governments exerting increasing control over our lives, the transition to a fully digital currency could facilitate total surveillance.
My prediction from 2019 was that as the economic crisis peaked in 2020 or 2021, many would begin to educate themselves and invest in Bitcoin and other reliable cryptocurrencies. This trend is already underway. While many initially seek profit, education will lead them to understand Bitcoin's true potential.
Subsection 1.1.1: The Unbanked Leading Adoption
In Bitcoin's journey towards global acceptance, the unbanked will play a pivotal role. Bitcoin has become a safe haven for many in regions like Africa and South America, who have used it as a hedge against governmental economic turmoil.
As hyperinflation plagues their economies, these populations are increasingly turning to Bitcoin for financial survival. With over 900 million smartphones in Africa alone, many have bypassed traditional banking entirely, opting for Bitcoin transactions.
Estimates indicate that in 2020, Nigeria ranked third globally in Bitcoin trading volumes, surpassing $400 million in transactions, with significant activity on platforms like Paxful.
As Western societies face increasing financial exclusion, the trend of adopting Bitcoin will likely accelerate. We could soon witness alarming headlines about cash bans or financial penalties for non-compliance with government mandates.
Chapter 2: Bitcoin's Transition to Stability
In the video "Andy Schectman: The Great Reset...BRICS, Bitcoin, and the Global Gold Rush," the implications of global economic shifts for Bitcoin are discussed, exploring how it fits into the evolving financial landscape.
As Bitcoin matures, it must overcome its notorious volatility to gain mainstream acceptance. For instance, imagine trying to buy a coffee priced at $2.50, only to find the price skyrockets to $3 due to sudden fluctuations in Bitcoin's value.
This roller coaster of volatility cannot continue indefinitely. As economic realities force individuals into financial survival mode, many will become Bitcoin holders. During uncertain times, they are likely to cling to their Bitcoin as a store of value, ensuring that even in the future, purchasing fractions of a Bitcoin will remain accessible.
Section 2.1: Bitcoin as Digital Gold
Bitcoin is on track to be recognized as digital gold rather than just a currency. Unlike traditional money, which has been decoupled from gold standards, Bitcoin's limited supply makes it a scarce asset.
While the last Bitcoin may not be mined until 2140, its value will likely stabilize significantly by then, serving as a benchmark for other cryptocurrencies that have solved issues like scalability and security.
Why is digital gold necessary? Just as physical gold provided an anchor for value in the past, Bitcoin will serve the same purpose in a future dominated by digital currencies.
By anchoring value in Bitcoin, other tokens can establish credibility in a rapidly evolving monetary landscape. As we approach 2030, Bitcoin is set to become a reliable store of value, while various cryptocurrencies will emerge as usable forms of money across digital networks.
Section 2.2: The Future of Education
Education will play a crucial role in facilitating Bitcoin's further acceptance. Imagine a future where children are taught about Bitcoin in schools.
Historically, the mechanisms of our monetary system have been opaque. Many were misled into believing that banks maintained a specific reserve of funds, when in reality, the system has often been marred by corruption and manipulation.
The Covid crisis has illuminated many hidden truths about our financial systems, revealing the extent of global debt and financial enslavement.
As the demand for transparency grows, the teaching of cryptocurrencies and blockchain technology in schools is inevitable. This will be driven by a collective desire for truth and higher values in society. Bitcoin stands as a transparent alternative, heralding a revolution in how we perceive money.
Are you ready to join this transformative journey?
Lucien Lecarme
For those interested in generating passive income through cryptocurrencies, consider exploring my DeFi beginner's course. Don't forget to check out my free weekly insights on Substack.