Originally released On: 19 NOV 2021 via Bitcoin Magazine (Link below)
History shows that Bitcoin’s sound money standard benefits society
SOUND MONEY IMPOSES FISCAL DISCIPLINE ON GOVERNMENTS
Having a monetary system with a sound money base means that the money supply cannot be inflated at will using the printing machine. In turn, for governments to spend, they must provide value to their citizenry equal to the amount of tax revenue collected.
Case in point: over 40% of all U.S. dollars in existence were printed between May 2020 and May 2021. To hammer the point home, this means that anyone holding U.S. dollars in that period saw the value of their wealth drop by over 40%. Going back in history even further, since the dollar was created, it has lost over 96% of its value.
With sound money, the opposite phenomenon occurs, value is stored into the future without debasement, and purchasing power increases over time.
SOUND MONEY BENEFITS INDIVIDUALS
Individuals living under a sound money system have many benefits. Free from having to run ever faster and work ever longer to keep pace with the devaluation of their savings, individuals have the chance to focus on activities that benefit society.
Under sound money systems, families have tighter bonds, communities grow more robust. In addition, individuals can explore the arts, sciences, engineering and literature in a way that leads to breakthroughs that will benefit their societies as a whole.
Contrast the quality of life for individuals under a sound money system to the quality of life today. Social unrest and political division are extreme. Physical and mental health problems across the globe are alarmingly commonplace. Fifty-plus years of operating on an unsound money system have taken a toll on the world. Thankfully, we now have the opportunity to return to a sound money system via the best money on earth, bitcoin.
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