Detractors of Bitcoin often point to its costs — namely in the form of electricity used in proof-of-work mining and its perceived impact on the environment — as reasons for why it will never be a sustainable alternative to traditional fiat currency.
Ammous has long been a supporter of Bitcoin, and has written “The Bitcoin Standard” and “The Fiat Standard,” both of which have helped educate numerous individuals about the advantages of Bitcoin and the corruption that is ingrained in most fiat states.
Ammous started his speech by focusing on inflation and how using fiat money helps back a system that is inherently unequal.
He followed up by citing how fiat money often helps those who are already rich, and who have the ability to store their wealth in hard assets such as real estate, and often preys on the poor.
He also cited fiat’s impact in scientific reporting, especially in energy, saying that “fiat scientists are telling us that windmills, a sixth-century technology, is what is going to be needed for the future.
However, I had neglected to think deeply about the extent of the detrimental impact fiat currency was having on my life, and the lives of billions of people all over the world.