During a bank run, you need the last lender to conjure liquidity out of thin air to rescue institutions that would otherwise be able to repay their debts;
When the economy goes into a slump, you have to rely on monetary expansion to prop up demand.
And because Bitcoin’s total supply is fixed and cannot be issued additional, it is precisely “incomplete” along this dimension.
In the two crises of 2008 and 2020, the rescues were indeed printing presses.
But if you think the other way: what is the cost of elastic money? It’s that purchasing power is diluted, and savings are slowly eaten away by inflation.
You can save one crisis, but you plant the seeds for the next one.
So at its core, this is a trade-off between two value systems—whether to choose systemic stability, or monetary honesty.
Bitcoin supporters choose the latter, and that is exactly why it is excluded by mainstream finance.
When the economy goes into a slump, you have to rely on monetary expansion to prop up demand.
And because Bitcoin’s total supply is fixed and cannot be issued additional, it is precisely “incomplete” along this dimension.
In the two crises of 2008 and 2020, the rescues were indeed printing presses.
But if you think the other way: what is the cost of elastic money? It’s that purchasing power is diluted, and savings are slowly eaten away by inflation.
You can save one crisis, but you plant the seeds for the next one.
So at its core, this is a trade-off between two value systems—whether to choose systemic stability, or monetary honesty.
Bitcoin supporters choose the latter, and that is exactly why it is excluded by mainstream finance.