“Bitcoin: Hard Money You Can’t F-CK With” by Jason Williams is an in-your-face, no-holds-barred assault on why Bitcoin will be the next global reserve currency. For reference, the US Dollar is currently the global reserve currency.
The US Dollar is involved in almost every international transaction that takes place. Because of this level of usage, the USD enjoys global reserve currency status. However, as the US continues to print money, we devalue the USD and our hopes of keeping this status.
Enter Bitcoin. Bitcoin can’t be messed with or printed by governments. Bitcoin miners mine it. There is a set schedule of bitcoins that can be mined per hour. Every four years, Bitcoin mining is cut in half.
In the end, there will only be 21 million bitcoins ever mined. This makes bitcoin scarce and controlled—very similar to gold in this sense. Gold was once the global reserve currency until the USD replaced it. When the USD and gold were tied together, the USD overtook gold as the global reserve currency. Then in 1971, we removed ourselves from the gold standard. Money printed then became something that governments were able to do without anyone’s permission.
There is so much to talk about but for now, let’s get into my five takeaways.
1) Bitcoin was created in the wreckage of the 2008 financial crisis by an anonymous source. It was made so no one (or government) could mess with it. The idea from the start was for it to be scarce and also released over time.
2) Bitcoin is currently a store of wealth, not for daily transactions. Right now, bitcoin is in the accumulation phase. The current price (April 22, 2021) is roughly $54,000 per BTC. In time, bitcoin will be worth millions per BTC. The best investment strategy, for now, is buying and holding.
3) Money printing has always ended badly. Over the years of government-controlled fiat currencies, money printing has destroyed these currencies. We are currently printing more money than ever in the US.
4) Fiat currencies can still exist with Bitcoin as the global reserve currency. The dollar, Euro, Pound, etc., can still live next to Bitcoin. However, their values will be tied to Bitcoin, just like the dollar was once linked to gold.
5) Bitcoin still has a long way to grow. The Bitcoin total market capitalization is roughly $300 billion—gold is $10.9 trillion, stock market $90 trillion, and real estate $280 trillion. These assets behave like stores of value, a category that bitcoin finds itself in as well. It can slowly start eating into these market shares. As this happens, Bitcoin’s price will skyrocket.
It is not too late to get into Bitcoin accumulation. I know that I am getting started right now. Maybe I will be able to get 1 BTC before it reaches $100,000. I will have to move fast, though. I enjoyed how the book goes into the history of Bitcoin and fiat currency, and money printing. The author did his research and presented a strong bull case for Bitcoin. I understand so much more about global currencies, and I am on board with this new vision. I highly recommend this book if you are on the fence about Bitcoin and cryptocurrencies.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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