Abra CEO Bill Barhydt believes Bitcoin (BTC) holds the key to solving a centuries-old problem: the debasement of fiat currencies.
Historical Betrayal of Trust
Barhydt explains that throughout history, powerful nations have built their empires on sound monetary policies. However, they have often betrayed their people’s trust by resorting to currency devaluation.
“After World War II, there was a promise that dollars would be backed by a certain amount of gold,” Barhydt says. “But that promise has been broken time and time again.”
Bitcoin’s Unique Solution
According to Barhydt, Bitcoin solves this problem through its:
- Finite supply: BTC has a limited number of coins that can be created, preventing inflation.
- Predictable inflation: Bitcoin’s inflation rate is known and decreases over time.
- Decentralization: Bitcoin is not controlled by any central authority, making it resistant to manipulation.
“When you put all of these factors together, you have a currency that is truly sound,” Barhydt says. “It’s the answer to the centuries-old problem of fiat currency debasement.”
The Power of the People
Barhydt emphasizes that Bitcoin belongs to the people and cannot be shut down. This decentralized nature gives it the power to overcome the problems that have plagued fiat currencies for centuries.
“Bitcoin is a solution to the problem of rule-by-decree monetary models,” Barhydt concludes. “It gives us a currency that is truly our own.”
