Can Bitcoin Solve Our Debt Addiction? Today

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Margarita Groisman graduated from the Georgia Institute of Technology with a degree in industrial engineering and analytics.

Many cryptocurrency lending schemes are eerily similar to banks’ abilities to loan out money and create debt through fractional reserve banking.

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Since modern capitalism’s emergence in the early 19th century, many societies have seen a meteoric rise in wealth and access to cheap goods — with the party coming to an end years later with some sort of major restructuring triggered by a major world event, such as a pandemic or a war. We see this pattern repeat again and again: a cycle of borrowing, debt and high-growth financial systems; then what we now call in America “a market correction.” These cycles are best explained in Ray Dalio’s “How The Economic Machine Works.” This article aims to examine whether a new monetary system backed by bitcoin can address our systematic debt issues built into the monetary system.

Read More:   Despite Criticisms, El Salvador Is Not Forcing Its Citizens To Use Bitcoin Today

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