What Would the World Look Like Today if Bitcoin Did Not Exist?

What Would the World Look Like Today if Bitcoin Did Not Exist?

By ssaurel | In Bitcoin We Trust | 14 Sep 2021


A pandemic on a scale not seen in decades has been hitting the world hard since the beginning of 2020. Even if you live in a remote corner of the world, you are bound to have been affected by this COVID-19 pandemic.

This pandemic has challenged all the certainties that many thought they had. In a matter of weeks, the world was faced with the obvious reality that no one is immune to such an unexpected and violent event.

I say violent because COVID-19 hit all the major world powers and their economies hard. An economic crisis has gripped the world. To better combat the effects of this crisis, central banks, such as the Fed and the ECB, decided to use aggressive monetary policies.

Zero or negative interest rates, printing fiat money out of thin air in unlimited quantities, and massive asset buyback programs.

These asset purchase programs amount to something like $120 billion per month on the Fed's side. The prestigious US institution has also printed in just eighteen months more than 30% of all US dollars in circulation:

M2 Money Stock over time - Source: The Fed

We are clearly facing great monetary inflation.

The flaws of the current system were brought to light for the general public with the COVID-19 pandemic

This monetary inflation has hit the purchasing power of the Earth's inhabitants hard since 1971 and the establishment of the current system by Richard Nixon. The US dollar has lost over 85% of its value in just fifty years. With what has been happening since March 2020, you can imagine that this vicious circle of generalized impoverishment will only get worse.

This pandemic will at least have had the merit of acting as an eye-opener on how the current system works for many people. If the general public has not understood how the system really works - and who really can - it has at least opened its eyes to the seven deadly sins of the current system that will lead to its collapse sooner or later.

The ability of central banks to print as much fiat money out of thin air as they deem necessary being the original sin. A minority of people who are not representative of the people can thus devalue what the vast majority of the Earth's inhabitants possess.

When you put it like that, you may think it is unbelievable, but it is strictly true.

Investing is a necessity to protect against monetary inflation in the current system, but it is still reserved for a minority of people

Faced with this great monetary inflation, many have discovered the principles of the Cantillon Effect described by the 18th-century economist Richard Cantillon. Seeing the ultra-rich get even richer since the beginning of this COVID-19 crisis was a perfect illustration.

In the summer of 2020, Jeff Bezos became the first man in the modern era to post an estimated fortune of over $200 billion.

To get by, the average person has few options other than to invest. If you keep cash, you will lose money mechanically without doing anything. The fruits of your labor are thus constantly put at risk in the current system. You work hard to earn money, but you don't have the freedom to save it.

You have to invest.

There is no shortage of investment vehicles, some say. You have the stock market, bonds, real estate, gold, and so on. Unfortunately, these investment vehicles are reserved for a minority of people. Hundreds of millions of people on Earth do not have access to these weapons to protect themselves from the great monetary inflation we are experiencing.

All these people have no other option than to wait for things to pass by themselves. They are condemned to live in an unjust system designed to favor a minority of people. Condemned to see one economic crisis after another and to become poorer.

Each crisis being of a greater magnitude than the last. But since none of the powerful people at the head of the current system is ready to saw off the branch on which it is sitting in order to define a new, fairer system for the majority of the Earth's inhabitants, we must resign ourselves.

Bitcoin gives millions of people access to an alternative system that will change their future lives for the better

This is what the world would be like today if Bitcoin had not been invented by Satoshi Nakamoto in late 2008.

We would all be condemned to be bystanders to the injustice of the current monetary and financial system with no recourse to try and get out of it. At best, many would not even realize their fate. The others would try to protest, but with no alternative available, they would be told, as they often are, the following:

“There is no alternative.”

Fortunately for you and me, there is an alternative. This alternative consists of 7 letters: BITCOIN.

Bitcoin is an alternative system that gives us hope for a better future world. A world where money will be put back in the hands of the people. A world where it will be possible to save the fruits of one's labor without the risk of seeing a minority of people devaluing it without any scruples.

That's what Bitcoin offers. Getting freedom over the fruits of your labor will ultimately allow you to live your life on your own terms. Something we should all be able to do. With Bitcoin, you can do that.

Of course, it requires you to dare to uncover the ugly truth about the current system and dig deep to understand the why of Bitcoin. If you do, then you can change your money destiny.

More and more people are doing it, which is reassuring. One country, El Salvador, has even done it by deciding to go with the plan Bitcoin. Indeed, Bitcoin became an official currency of El Salvador on 7 September 2021. The future will tell us what will happen, but at least Nayib Bukele will have no regrets, as he will have seized a unique opportunity to change the future of his country.

If you have no guarantee that the Bitcoin revolution will succeed, you will have no regrets, because you will have tried your luck to get out of the vicious circle of widespread impoverishment that is the current system.


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ssaurel
ssaurel

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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