‘Bitcoin is a very likely candidate for a world reserve currency,’ entrepreneur & best-selling author tells RT's Keiser Report
Global economic systems were built for an era with older technology that counted on growth and inflation, and the only thing now driving growth is easy credit, says the founding CEO of e-commerce company BuildDirect Jeff Booth.
Max Keiser talks to Booth about the future of abundance in a technology-driven deflation.
Booth says that aside from technology, the money-printing machine is a key force driving society. “Those forces, competing against each other, are driving essential asset prices up… People are trying to work harder to keep up with rising asset prices that are created in the first place by the central governments’ trend to stop deflation.”
Booth continues: “First of all, I see Bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.”
Currency is only trust in an obligation, “so why do you trust the US currency?”
According to Booth, as governments worldwide increasingly erode the exchange of value, “something will emerge, and Bitcoin seems to be that one that’s emerging as something that people trust more.”
“So, currencies can go on for a long time like that but when they break, they break hard. Loss of faith happens in an instant,” he concludes.
For more stories on economy & finance visit RT's business section
