CNN Report: Crypto Expert Says Bitcoin Is the ‘Hardest Money in Human History’
Crypto investor Travis Kling is calling out central bankers and detailing why he believes today’s fiscal policies will dig deeper holes into the current global monetary system.
Appearing on CNN, the founder and chief investment officer of Ikigai Asset Management, a Los Angeles-based crypto hedge fund, says Bitcoin represents revolutionary concept after revolutionary concept. And while it’s difficult to understand, Kling says it’s more needed with each passing day.
“Collectively, over about 500 hours of self-study in the summer of 2017, [I] convinced myself that this technology was going to be the most important innovation since the internet, the first time around, and as such was likely to be the most significant investment opportunity of a generation.”
Kling says the time is now and that a confluence of circumstances is underscoring Bitcoin’s strengths as a highly disruptive force on the global stage.
“So now is an incredibly interesting time from a global macro perspective. And it also is – to borrow a phrase from the Old Testament – it appears that crypto has been created for such a time as this, with what we have with monetary and fiscal policies from central banks and governments. Big tech overreach, government overreach – in general, data privacy issues that are coming to the front and center of the sort of collective consciousness.
And specifically with Bitcoin – and maybe we can put Bitcoin in one bucket, and put all the other crypto assets in a different bucket – Bitcoin has gone through a number of different identities or phases over its 10 1/2-year history, and I think part of the confusion that the average person has with understanding Bitcoin and other crypto assets is because of these evolutions of identities.
So just to be clear, Bitcoin is a non-sovereign, hard-cap supply, global, immutable, decentralized, digital store of value. That’s a lot of different adjectives but all of them are very important. What that leads us to is it is a hedge against monetary and fiscal irresponsibility from central banks and governments globally…
So the way that I think about it is, it’s apparent that major central banks are all racing to devalue their currency faster than everybody else. And if all these central banks are doing that at the same time, what are they devaluing against? They’re devaluing against things that have provable scarcity, and gold has provable scarcity. Bitcoin has even more provable scarcity than gold. In Austrian economics terms, it’s the hardest money in human history.
I understand that it’s not bite-sized for the average person to understand. You have to understand some amount of cryptography and computer science and game theory and sociology and governance and mechanisms. There’s a lot of things that you have to understand. But simplistically, it is an insurance policy against monetary and fiscal policy irresponsibility. And it’s apparent that the world needs that more today than they did yesterday, and they’re going to need it more tomorrow than they need it today based on what central banks and governments are doing.”
— Chad Farrand (@ChadLTC) September 15, 2019