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In an episode of The What Bitcoin Did Podcast, accountant, lawyer and Bitcoin supporter Trace Mayer joins host Peter McCormack to map out the ills of the US monetary system.
Calling it “fundamentally unconstitutional” Mayer says it’s also an egregious violation of human rights.
“It enables confiscation through inflation which is a form of taxation without representation, without due process of law. It erodes the political checks and balances with the power of a purse because politicians can just print and print and print.
And even worse, we try to uphold this concept of central bank independence, as if we want this highly political entity that enables monetary elites to manage the lives of millions of people through interest rates and monetary policy. And we don’t want that to be political? We want them to be independent and insulated from the political process?”
While the Federal Reserve Board and central banks are on one side of the equation, Bitcoin is on the other. Mayer calls it the biggest battle.
“Bitcoin is a massive battlefield of economic war. We’re able to now secure monetary sovereignty in these sound property rights, but also the war is you against you. It’s you against your future self and it’s this concept of time preference.
When you don’t have a sound tool like Bitcoin, the hardest money ever invented, it’s easy to spend these digits that are easily created just by CTRL+P by the central bankers. But bitcoins are hard to make more of.”
“Bitcoin is limited in amount by mathematics – in the consensus mechanism, in the cryptography and all this stuff. Just like gold are precious atoms, Bitcoin are precious numbers – these private keys.”
While Mayer doesn’t foresee the collapse of the US dollar or the euro any time soon, he says Bitcoin is the best hard money. McCormack tells Mayer he’s the first and only guest he’s ever had who pegs everything to the price of Bitcoin.
Prepared for the next wave of cryptocurrency expansion and Bitcoin integration, Mayer says he keeps his financial statements in BTC, gold and US dollars.
As for an extreme scenario where the US dollar suddenly tanks, McCormack asks him how he thinks it would play out – would Bitcoin become the unit of account as the dollar is, simply, forgotten?
Says Mayer,
“That’s the multi-trillion-dollar question.”