Is Bitcoin A Medicine? The Bitcoin Standard Book Author Dr. Saifedean Ammous Believes So
Is Bitcoin A Medicine? Dr Saifedean Ammous Believes So
According to the author of The Bitcoin Standard, Dr Saifedean Ammous, Bitcoin is not a toy but instead, it is the medicine people need. During an interview with the Express published on November 14, he talked about Bitcoin and about the future of the space.
In this interview, he talked about the revolutionary potential associated with Bitcoin. At the same time, he said that the popular virtual currency offers something that is fundamentally new in terms of a form of money.
About it, he said:
“The point is: Bitcoin, in terms of its design and monetary policy, has a very unique property which is that it is the first monetary asset we’ve ever had whose supply is completely unresponsive to demand.”
Moreover, he explained that Bitcoin is not an option and is not the toy that users want. Indeed, he mentioned that Bitcoin is here to stay and ‘it is the medicine you need.’
Dr Ammous wrote a book related to the importance of Bitcoin and how it has the opportunity to really replace the old financial system. Furthermore, he says that the traditional financial world enriches those who are at the top of the pyramid and steal from those who use the system.
This shows that the drop that virtual currencies had during the last two days might be only momentaneous. Most of the experts remain very positive about the future of the crypto space and virtual currencies.
Related to the price, Dr Ammous explained that Bitcoin grows in terms of price because it has a very low supply growth, but there is more interest in it. Bitcoin’s supply growth is currently close to 1% while some fiat currencies have a supply growth of over 5% in some cases.
“What makes something worth using as money is once people put their wealth in it and start to use it as a store of value it is hard for others to simply increase the supply and bring the price down and make more of it,” he said.
Although he is bullish about the future of the space, he did not give a clear short-term prediction. It is very difficult to predict how Bitcoin will develop in the near future due to large price swings. Nevertheless, he explained that Bitcoin’s supply is completely unresponsive to demand, which is quite bullish for the future. There is only 21 million Bitcoin going to be issued, but the amount of individuals entering the market grows every single year.