Macro guru Lyn Alden says Bitcoin is the world’s best ledger, calls BTC an amazing technical revolution – here’s why
Macro strategist Lyn Alden says that in a global economy underpinned by an inflationary system, Bitcoin (BTC) stands as the world’s best ledger.
In a new interview with Bitcoin supporter Peter McCormack, Alden says that BTC is the ideal solution to the problems of the current monetary system.
“One problem is that we have an inflationary system. It is problematic enough in developed countries. In smaller and developing countries, they have, on average, much higher levels of inflation, and usually experience hyperinflation during their lifetime. They just lose their savings if they had that currency…
Number two is the fact that pretty much everything is allowed. You need permission from your bank to do things. In some countries it is quite benign. In other countries that are more authoritarian, and according to Freedom House estimates – as they describe it – about half the world lives under something classified as authoritarian or semi-authoritarian. So permission systems are obviously a big problem in that regard.
So the combination of not having developed savings and payment technology that is quite open and having inflationary currencies is really bad for a lot of people around the world.”
According to Alden, money is simply a ledger and Bitcoin creator Satoshi Nakamoto designed the world’s best ledger because of BTC’s portability, verifiability and transparent scarcity.
“I think the best way to describe money is either the most tradable commodity, which is the more commodity-oriented view of money. I think that’s accurate. Another way to describe it is that it’s ledgers. Generally, ledgers correspond to commodity money in history, but they don’t need to, obviously in the current era. In that sense, the best ledger – the one where you can’t fudge the numbers, is opaque – the combination of the best ledger with a hard unit of account in that ledger system is a pretty amazing revolution.
[Bitcoin] is basically faster than gold, but more controllable and harder than fiat. It acts as its own decentralized transfer agent and registrar. It’s an amazing technology.”
At the time of writing, Bitcoin is changing hands for $19,950, fixed on the day.
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