By Zac Townsend, CEO Meanwhile Insurance
Bitcoin is the most important innovation in money of the last century. It is a trustless and immutable commodity that empowers those who hold it, but we have hardly scratched the surface of its potential.
Satoshi’s whitepaper is titled “Bitcoin: A Peer-to-Peer Electronic Cash System” for a reason. Cash is money, it is movement and momentum, it is buying and selling goods and services, it is active. Bitcoin’s future is not as digital gold as many may believe, but rather it is as true digital money. Of course, every individual can self custody their Bitcoin, that sovereignty is one of the things that makes it special. Each of us can be a peer in the system whether we’re powerful or not.
The Bitcoin economy has the potential to become the biggest economy in the world; bigger than the United States or China. Bitcoin is a solution for everyone in the world who lives in fear of inflation risk, currency risk, or regime risk. A global, decentralized, trustless settlement layer and means of exchange with no state backing or intervention. For that to happen, BTC has to be more than a store value, it has to be a currency. We have to stop thinking about it in terms of market capitalization and start thinking about it in terms of a gross decentralized product, the “GDP” of the Bitcoin economy. One doesn’t talk about the market capitalization of the dollar, we shouldn’t…
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