Song says fiat money expands in periods of growth or recession without changing, creating a deficit within fiat financial systems. The entrepreneur believes Bitcoin promotes morality and justice since it has no systematic debt.
Developer and entrepreneur Jimmy Song recently discussed the advantages of Bitcoin (BTC) over fiat money. He mentioned the immorality of the financial system, fiat currencies, and the morality of Bitcoin, besides the ideals supporting the latter.
According to Song, the financial system consists of small and large loans, with a more significant loan financing each payment. He explained that this allows fiat money to keep expanding slowly or rapidly. In other words, he views it as a source of debt for which Bitcoin has emerged as an alternative.
Song believes this principle allows fiat money to expand in periods of growth or recession, but its nature does not change. The entrepreneur said this situation causes a debt to generate another within fiduciary financial systems. He considers that Bitcoin is the alternative since the existence of a blockchain-based system does not require debt.
Morality to Help Bitcoin Seize Victory over Fiat Money
Jimmy Song said that values like decentralization, which make life within the ecosystem, have made him proud over the years. Likewise, he commented that Bitcoin would achieve victory thanks to the ideals giving it a moral advantage over fiat money.
The prominent Bitcoin proponent also explained how Bitcoin could fix the main disadvantage of the modern financial system. He pointed out that using the pioneering cryptocurrency involves saving, planting, harvesting, and building instead of consuming.
Furthermore, he stressed that Bitcoin does not have the moral risks of central banks, which print money to enrich themselves and their partners.
Bitcoin Allows Eliminating the Moral Risks of Fiat Money
Song said nobody could censor Bitcoin, as its many properties lay the foundation for a better civilization. He referred to fiat money and everything growing on top of it as a dishonest base layer.
The developer concluded that Bitcoin allows users to be more moral and fair, as it does not have a systematic debt. He believes people should adopt the pioneering cryptocurrency since it is much better than fiat money.
Meanwhile, Michael Saylor Still Views Bitcoin as Digital Gold
Michael Saylor, the CEO of MicroStrategy, considers Bitcoin as digital gold due to its security and reliability. He argued that the network would continue operating even if it suffered an attack or half of the mining machines worldwide stopped.
Saylor also showed concern about the centralization of banking and the financial system. He said banks might not pay back their clients in an emergency, explaining that the economic system is cyclical.
The entrepreneur commented that he knows the disadvantages of the traditional financial system because he underwent an economic crisis twenty years ago. He believes that Bitcoin, the new digital gold, could solve that cyclical situation in many countries.
The co-founder of MicroStrategy believes the world would be better if people could keep their money safe in a non-sovereign global store of value. He is convinced that nobody can surpass the properties of Bitcoin, which go beyond being a scarce commodity.
By Alexander Salazar
