Detlev Schlichter – Bitcoin, gold and the demise of fiat money:
Detlev Schlichter (@DSchlichter), author of the upcoming book titled Paper Money Collapse, describes Bitcoin from his perspective:
“In terms of pure monetary economics it has considerable advantages over state fiat money, many characteristics of gold – and potentially even some unique advantages. The concepts and ideas behind Bitcoin cannot easily be dismissed”.
“[Fiat money]’s Achilles heel is the very elasticity of the money supply that today’s mainstream doesn’t tire of touting as its main advantage: ‘No dreadful deflation and we can always stimulate the economy!’”
“Just like gold, Bitcoin is international money. It can facilitate transactions between two parties in entirely different political jurisdictions”.
“Those in charge of the present paper money franchise are already boxed in a corner. They do not want to allow a painful cleansing of the accumulated dislocations, which means they have to keep creating ever more money. The endgame is fast approaching”.