Jordan Peterson Bought More Bitcoin as a Hedge Against Inflation
Concluding, after a conversation with Dr. Saifedean Ammous, that bitcoin is the “most disruptive technology against inflation,” the Canadian professor of psychology – Jordan Peterson – increased his BTC holdings.
‘Inflation Be Damned’
Jordan Peterson – a clinical psychologist and a famous YouTube personality – interviewed the author of “The Bitcoin Standard” – Dr. Saifedean Ammous. They discussed the merits of bitcoin and how the leading digital asset can help in the upcoming times of rising inflation.
Peterson touched upon the anonymous creator of BTC – Satoshi Nakamoto. He expressed his concerns about how a mysterious individual can design such a project out of nowhere and asked Ammous why people should believe in this concept.
The latter explained that Nakamoto’s anonymity is not an issue since this can further enhance the decentralized nature of the primary cryptocurrency. The main point is to be successful as many other inventions that society uses nowadays also have unknown creators:
“You use the wheel every day, but you don’t know who invented the wheel, and we use a lot of things every day not because we trust the guy who invented them but because they have a proven track record.”
Dr. Ammous also claimed that bitcoin is the better version of gold as people do not have to worry about whether the coin has base metal inside it. The digital asset is also fully transparent, and everybody can see every single transaction.
Getting to the point of why BTC is the right financial tool against inflation, Dr. Ammous explained:
“Bitcoin is essentially the most powerful defensive technology against inflation. It’s an enormous quantum leap forward in the technology of money as protection of value against predation and inflation. I think it’s a natural fit to anybody who is productive and wants to save their value into the future.”
The author of “The Bitcoin Standard” advised that bitcoin could be particularly beneficial in countries with hyperinflation where fiat money will start losing its value rapidly due to the consequences of the COVID-19 pandemic.
According to his analysis, the USA, Switzerland, Denmark, and Sweden are likely to experience the most negligible inflation with a 6-7% rate, which still means that individuals could lose half the value of their money in the next ten years.
Shortly after the interview, Peterson admitted he had learned a lot from Dr. Ammous. As such, he has allocated more of his wealth to bitcoin.
My pleasure. Learned a lot. Bought some more Bitcoin. Inflation be damned.— Dr Jordan B Peterson (@jordanbpeterson) November 16, 2021
Bitcoin Is The Weapon
Public recognition of bitcoin as an inflation hedge has been going strong lately since many other experts backed that concept.
Last week, a group of Bloomberg analysis found out that the leading digital asset has achieved 99.996% deflation over the past ten years. In comparison, the CPI has risen 28% in the dollar for the same timeframe. As such, they described bitcoin as “the best inflation hedge around.”
The American billionaire Barry Sternlicht recently admitted he had personally invested in BTC, citing it is a monetary instrument against the mass printing of fiat currencies.
One of the strongest supporters of bitcoin and its anti-inflationary qualities is Paul Tudor Jones. The billionaire even classified the cryptocurrency as a superior financial tool than gold:
“I do think we’re moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against gold at the moment, right?”