Jordan Peterson, a Canadian professor of psychology, increased his BTC holdings after concluding from a conversation with Dr. Saifedean Ammous that bitcoin is the “most disruptive technology against inflation.”
‘Death to Inflation’
Jordan Peterson, a clinical psychologist and well-known YouTube personality, interviewed Dr. Saifedean Ammous, the author of “The Bitcoin Standard.” They talked about the benefits of bitcoin and how the leading digital asset can help in times of rising inflation.
Satoshi Nakamoto, the anonymous creator of Bitcoin, was mentioned by Peterson. He expressed his doubts about how a mysterious individual could conjure up such a project out of thin air and asked Ammous why people should believe in this concept.
The latter explained that Nakamoto’s anonymity is not an issue because it can enhance the primary cryptocurrency’s decentralized nature. The main goal is to be successful, as many other inventions that society uses today were created by unknown people:
“You use the wheel every day, but you have no idea who invented it, and we use a lot of things every day not because we trust the person who invented them, but because they have a proven track record.”
Dr. Ammous also claimed that bitcoin is a better version of gold because users do not have to worry about whether the coin contains base metal. The digital asset is also completely transparent, with everyone able to see every single transaction.
Dr. Ammous went on to explain why BTC is the best financial tool against inflation:
“Bitcoin is essentially the most powerful anti-inflationary technology.” It represents a massive quantum leap forward in the technology of money as a means of protecting value from predation and inflation. “I believe it is a natural fit for anyone who is productive and wishes to save their value for the future.”
The author of “The Bitcoin Standard” suggested that bitcoin could be especially useful in countries with hyperinflation, where fiat money will begin to lose value quickly as a result of the COVID-19 pandemic’s consequences.
According to his analysis, the United States, Switzerland, Denmark, and Sweden are likely to experience the least significant inflation, with rates ranging from 6-7 percent, implying that individuals could lose half the value of their money over the next ten years.
Peterson admitted shortly after the interview that he had learned a lot from Dr. Ammous. As a result, he has shifted more of his wealth to bitcoin.
My pleasure. Learned a lot. Bought some more Bitcoin. Inflation be damned.— Dr Jordan B Peterson (@jordanbpeterson) November 16, 2021
The Weapon Is Bitcoin
Since many other experts backed that concept, public acceptance of bitcoin as an inflation hedge has grown significantly.
A group of Bloomberg analysts discovered last week that the leading digital asset has achieved 99.996 percent deflation over the last ten years. In comparison, the CPI has risen 28 percent in dollar terms over the same time period. As a result, they referred to bitcoin as “the best inflation hedge available.”
American billionaire Barry Sternlicht recently admitted to personally investing in Bitcoin, citing it as a monetary instrument against mass printing of fiat currencies.
Paul Tudor Jones is a staunch supporter of bitcoin and its anti-inflationary properties. The billionaire even considered cryptocurrency to be a better financial tool than gold:
“I believe we are moving toward a more digitized world.” Clearly, crypto has a place, and clearly, it’s winning the race against gold right now, right?”