Popular macroeconomics expert Lyn Alden is unveiling a path for countries to adopt the Bitcoin (BTC) Standard.
In a new interview with crypto trader Scott Melker, Alden discusses the potential emergence of the Bitcoin Standard as the United States records a historic high of $35 trillion in debt.
The Bitcoin Standard is a concept introduced by economist Saifedean Ammous in 2018. The term is now being used to advance Bitcoin as a decentralized, apolitical and free-market alternative to national central banks.
Alden lists several steps a country can take to move closer to the Bitcoin Standard.
“If I put my hat on and think what would you do if you wanted that to be smoother: basically adding some to the reserves would be one of the options.
In addition, encouraging businesses that are building on it to be in your country would be an obvious step. Making it legal tender or at least as a first step eliminating taxes for a small amount to enable spending with it…
Basically encouraging it more, holding some itself.”
Alden highlights that a switch to the Bitcoin Standard is something that won’t happen overnight. She notes that Bitcoin is currently too small in terms of market cap to serve as legal tender and reserve asset.
But over time, she says the fiscal issues of the US could force institutions and nation-states to accumulate BTC, creating an upward spiral of growth that sets the stage for the adoption of the Bitcoin Standard.
“As the US goes through its fiscal spiral, there are more and more obvious signs on the wall to get into these other assets, they become larger, they become more liquid, they become more widely held and more technology built on top of them.
They get more and more ready.”
At time of writing, Bitcoin is trading for $66,743.
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