Bitcoin and the Tyranny of Time Scarcity (Part 9)
Economics is the art of cooperation and competition aimed at conquering scarcity.
Monetary Horizons
In the near future and for the first time in history, the world will have a money that is harder to produce than gold. A fixed supply of 21 million units makes Bitcoin absolutely scarce — a property never before achieved by anything other than time itself. In the same way that Galileo’s invention of the telescope led to discoveries that reoriented our relationship with space, so too has the invention of Bitcoin led to the discovery of absolute scarcity; a bewildering breakthrough that perfectly parallels and will forever change mankind’s relationship with time. Soon, in accordance with its perfectly predictable issuance schedule, Bitcoin will become the scarcest liquid asset in human history. At this point, Bitcoin will become the monetary technology most closely aligned with the absolutely scarce nature of time. From there, every block produced will (asymptotically) further perfect this alignment until the last Bitcoin in mined in the mid-22nd century:
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The supreme divisibility, portability, durability, recognizability, and scarcity characteristics of Bitcoin constantly increase the likelihood (via the Lindy Effect) that it will continue to outcompete gold and fiat currencies in its long climb toward becoming global prime money. Bitcoin, with a supply more closely aligned with the prime economic reality of time scarcity, is slowly but surely *undermining* gold’s role as prime money. The word *undermine* literally means “to dig under fortifications to collapse them”. In this sense, Satoshi designed Bitcoin to “dig deeper” into reality than gold and, in doing so, undermine its role as prime money by more closely mirroring the fundamental nature of time. As a result, the value of fiat currencies will also diminish as gold slips from its position of primacy.
In Part 10, we will further unpack the importance of the ideal temporal metaphor for the global marketplace—the ultimate monetary technology—Bitcoin…
Thank you for reading Bitcoin and the Tyranny of Time Scarcity (Part 9).
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