Misir Mahmudov Bitcoin
Misir Mahmudov Says Bitcoin Gives The World ‘Democratization Of Savings’
November 27, 2019
Misir Mahmudov Bitcoin
Misir Mahmudov Says Bitcoin Gives The World ‘Democratization Of Savings’
November 27, 2019

Misir Mahmudov, the author and Operations Associate at Adaptive Capital, a cryptocurrency hedge fund, says that Bitcoin (BTC) has the ability to bring the world’s population out of debt thanks to its ability to allow consumers to save without permission.

That was according to him in his latest advocacy of Bitcoin on November 27. Mahmudov is the brother of Murad Mahmudov, the well-known Bitcoin proponent.

However, writing on social media, Mahmudov argued saving in BTC permitted anyone to bypass the barriers to traditional methods of saving such as stocks and real estate.

He said:

“Bitcoin is the democratization of savings.”

Misir Mahmudov

Mahmudov added:

“Today, you can stack sats & store your wealth in the scarcest asset. The ability to save wealth in bitcoin will bring millions of people out of debt.”

Misir Mahmudov

According to the latest statistics, the United States’ national debt alone equals around $70,000 per capita. Global debt is now so large that for every Bitcoin that will ever exist, there is currently $12.1 million of debt.

ALSO READ :  IBF Net To Implement Blockchain Technology In Islamic Charities

However, Bitcoin’s status as sound money has long seen support from academics such as Mahmudov, with others highlighting its specific benefits over phenomena such as fiat currency. 

In particular, Saifedean Ammous, the author of the popular book “The Bitcoin Standard” and formerly a professor at the Lebanese American University, continues to point out that fiat represents the antithesis of saving mentality.

Through issuing money which they can inflate at will, governments and central banks foster a culture of spending and borrowing while demonizing saving. 

Likewise, in what is known as a “high-time-preference” mentality, consumers who use fiat are taught to spend it, not save it, as its inflationary nature means it will buy less in the future.

For Ammous, it is John Maynard Keynes, one of the architects of modern economic policy, who is directly to blame for the damage.

“The Bitcoin Standard” quotes Keynes’ infamous soundbite about the long-term impact of his advice:

“In the long run, we are all dead.”

However, with Bitcoin, a provably scarce form of money with a fixed supply which is impossible to manipulate, the opposite is true for savers. 

ALSO READ :  Chainalysis Partners With Upbit To Provide Support Across Asia Pacific Regions

Thus, analysts predict that Bitcoin price models will become less useful in time due to fiat losing its value. Since the U.S. Federal Reserve was established in 1913, the dollar has lost over 96% of its value in real terms.

Source: cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!