Read more from the Future of Money week. Cultures begin to blend and borders hold less meaning. Individuals have more freedom than ever before. They choose to live wherever they please due to technological advancements along with the ability to take self custody of their wealth.
Bitcoin promotes political civility and a more peaceful world. Bitcoin mining has revolutionized the way we interact with our energy resources and the electrical grid. For the first time in history, we have a way to monetize energy that is not location dependent.
Wasted and stranded energy resources are now made productive. Producers become more profitable and can invest in long-term projects that bring about reliable, safe and abundant energy resources, like nuclear reactors. Energy prices fall every year across the world as energy producers harness energy from cheap resources that were previously unfeasible. The electrical grid is stabilized with bitcoin miners that can respond to variable load demand with the flip of a switch.
Gone are rolling blackouts and grid failures. More humans are able to interact with energy than ever before, lifting nearly all humans out of poverty in the process. Global gross domestic product GDP growth has exploded to levels not seen since the s, and that is reflected in growing purchasing power for the middle class, which itself is growing rapidly as billions around the world join its ranks.
No longer is success determined by how close to the money printer an individual is, but rather by how much real value they create in the world. Money appreciates in value over time so that individuals can plan their future knowing their wealth will be protected. This boom in entrepreneurship is what ultimately drives humanity forward. As more and more people continue to transact in bitcoin, it becomes more liquid, and its price signal allows market participants to coordinate with one another in the production of goods and services.
That results in further division of labor, increases specialization and gives rise to highly efficient economic systems. The ability to reliably save means people no longer need to speculate to beat inflation because inflation is gone. There is no need to stare at charts or listen to financial advice on how to speculate on risk assets just to keep up. Individuals can save their money and their time to pursue their interests and passions instead.
The arts and sciences flourish and a new renaissance begins. Individuals spend their free time thinking about how to solve big problems to provide lasting benefit for the world. Long-term projects are funded as people invest in the future they know is achievable.
Freed from the rat race of consumption culture, a new generation of creators spend years developing their craft and produce works that last through the ages. This change in mindset leads to feats of invention and creativity unfathomable to people from the pre-Bitcoin era. That is the most likely future I see for us. Another, more ominous future is still very much a possibility. Good Subscriber Account active since Shortcuts.
It often indicates a user profile. Log out. US Markets Loading H M S In the news. George Glover. Kevin Zhang is vice president at Foundry, a crypto mining financier run by the group that owns Grayscale and CoinDesk. Zhang also laid out the three metrics that shape the economics of crypto mining.
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