The Bullish Case for Bitcoin by Vijay Boyapati

Author:Vijay Boyapati [Boyapati, Vijay]
Language: eng
Format: epub, azw3
ISBN: 9781737204121
Published: 2021-08-15T22:00:00+00:00

Eventually, when faith is completely lost during a hyperinflation, a sovereign money will no longer be accepted by anyone, and the society will either devolve to barter or the monetary unit will be completely replaced as a medium of exchange. An example of this process was the replacement of the Zimbabwe dollar with the U.S. dollar. The replacement of a sovereign money with a foreign one is made more difficult by the scarcity of the foreign money and the absence of foreign banking institutions to provide liquidity.

The ability to easily transmit bitcoins across borders and the absence of a need for a banking system make Bitcoin an ideal monetary good for those afflicted by hyperinflation. In the coming years, as fiat monies continue to follow their historical trend toward eventual worthlessness, Bitcoin will become an increasingly popular choice for global savings to flee to. When a nation’s money is abandoned and replaced by Bitcoin, Bitcoin will have transitioned from being a store of value in that society to a generally accepted medium of exchange. Daniel Krawisz coined the term hyperbitcoinization to describe this process.27

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