“The question for any work is ‘how to you retain your wealth over the coarse of a long period of time in an inflationary environment. And if we look at people in places like Africa, Nigeria, Argentina, Venezuela, Lebanon, Turkey, they have a weak currency and they have an unstable baking system. So whatever wealth you have you’re likely to lose most it – 95% to 99% of it – within 20 years, just due to currency debasement.
“If you can’t trust the local banking system, and you can’t trust hte local currency, and you’re stuck in the country, then the issue is ‘how do you protect your wealth?
“The conclusion is: you have to convert your wealth to a liquid asset, and then you have to get it out of the country. But how do you do that? You can’t just carry a bunch of money through an airport in the form of gold bars.
“#Bitcoin represents a new breakthrough technology with a couple of benefits to it:
“The first benefits is, it’s the first digital monetary network in the history of the world. It’s a conservatory monetary network – there’s no inflation. So if you’re looking for something that you can hold for a long period of time, Bitcoin is kind of like a freezer for your money. It’s a way to freeze your economic energy so it doesn’t dissipate.
“Second, Bitcoin’s a bank in cyberspace, a money transfer network, and it’s the money – so it’s all three of those things.
“What Bitcoin allows you to do is, if I wanted to buy your car and you were in Africa, I could pay you for your car in Bitcoin, and then you would get the fair exchange rate for the Bitcoin. Then you could hold the Bitcoin either on your own hardware device, you could be your own bank, or you could deposit the Bitcoin with a custodian somewhere outside of your country because Bitcoin is a global network. So you would have an asset which is pure property which is not being debased by capital, not being devalued by manufacturing or monetary inflation. And you would not have to rely on the local banking system, the local government or the local currency – all three of those are weak links.
“Most people that are wealthy are wealthy because they converted their currency, whatever they earned, into property. Think of Bitcoin as cyber Manhattan. There’s no mayor to put a zoning restriction on it or pass a city tax on it. And there’s no governor to put a state tax on it. And there’s no president or congress to put a property tax on it. So, Bitcoin represents digital property. And it represents a property right to 8 billion people on the planet.
“Every single fiat currency in the world is built to be devalued. The only question is will ot be devalued at 7% a year vs 14% a year vs 40% a year.”