If Bitcoin became the global currency, it could be the biggest, cleverest scam in human history. If Bitcoiners could convince the world to use their 21 million digital tokens to buy and sell EVERYTHING, it’s pretty easy to understand that each of those tokens would represent thousands of times more buying power than they do today. Over time, as hundreds of trillions of dollars worth of buying power became condensed into a mere 21 million digital tokens, the earliest “adopters” who saved as much bitcoin as they could as early as they could, would see their buying power grow exponentially without doing any work or adding any value to the economy themselves.
The earliest “adopters” could outbid most of the “late adopters” for real estate, cars, or anything really, and still have plenty of buying power remaining to do it again and again. The only people they would have to worry about or compete with would be other mega-rich “early adopters” but since there would be relatively few of them there wouldn’t be much competition to worry about. They could buy up large segments of the real estate market and increase the rent, making them even richer yet again, and all the “late adopters” would have relatively little leverage or buying power to fight back. You could try building more housing, but the “early adopters” keep outbidding everyone on building materials too, just so they can hoard it and create artificial scarcity.
Ultimately, if bitcoin became the global currency it would mean that a bunch of clever greedy parasites managed to scam most of the world into selling them almost everything for next to nothing. I think it would make a great movie, but I’d much rather see it as fiction than based on real events.
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