Abra CEO Says Bitcoin Is a Solution to Centuries-Old Problem of Fiat Currency and Rule by Decree
The chief executive of crypto exchange Abra believes that Bitcoin (BTC) is the antidote to hundreds of years of monetary debasement.
In a new Kitco News interview, Bill Barhydt says that history’s greatest powers built their empires with sound monetary policy.
But the Abra CEO says world powers eventually betray the trust of its people by resorting to currency devaluation.
“After World War II, the intent was there would be a certain amount of gold, countries would give us their gold – to the victor goes the spoils. We would print dollars commensurate with a certain value of that gold, and you knew how much your money was worth, and the underlying assets were protected.
That was the grand bargain.
Throughout history, every world power has reneged on that or a similar bargain, time after time.”
According to Barhydt, Bitcoin fixes the problem of currency debasement that has plagued powerful nations for centuries. Barhydt notes that BTC’s finite supply, predictable inflation and decentralization can serve as the foundation of a strong global financial system.
“When you look at it from that perspective, you could actually make a case now where: I get the math, the math proves that it’s out there; I get the scalability, because Satoshi said that over time you could actually put more data through the blockchain; and I get the decentralization of having clusters of miners…
When I brought it all together I was like, ‘This is exactly how money should work.’ It was incredible… This is it. If the world can figure this out what this is really all about, it will change how banking works…
This network belongs to the people. You can’t shut it off. That’s the last piece of the puzzle. If you have no off switch and it belongs to the people, you now have the answer to the hundreds-year-old problem, which is how do you get rid of this fiat, this rule-by-decree monetary model that we’ve had for hundreds of years.”
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