Vancouver author says Bitcoin is best hedge against inflation (VIDEO)
In mid January of this year, Statistics Canada reported Canada’s inflation rate had risen to a 30-year high of 4.8 per cent.
Twenty months prior to that, Vancouver author Jeff Booth spoke to the House of Commons Standing Committee on Finance via Zoom to explain the dangers of the inflationary system we are living in.
“We stand at a crossroads, similar to the one in 2008, only bigger,” Jeff told the committee in May 2020.
The Price of Tomorrow author said the current system, which relies on inflation to survive, causes a great divide between those who have assets such as real estate, and those who do not. He correctly predicted this divide would increase over time, and would be accelerated throughout COVID.
Despite Jeff’s best efforts to articulate what he believes is the “biggest problem” we face as a society, in his opinion, the message wasn’t received.
“In the waiting room, you see all of the other speakers. Speaker after speaker after speaker (says): ‘My whole community is going to collapse unless I get this money, because of X, Y, or Z.,’” Jeff explains.
“You realize that’s what (the politicians) see every day, and it’s easier to say ‘yes’ than say ‘no.’
“But the devastating irony of bailouts is that they artificially keep prices high. The government then needs to allocate more to social programs for those left behind by the same high prices that they created in the first place.”
Jeff argues technology’s deflationary nature makes everything cheaper and more abundant; however, low interest rates, increased debt and money printing has prevented prices from falling.
“We have two different systems colliding into each other,” Jeff said in August 2021 on an episode of Show Me The Crypto.
“One system must make prices go up forever; one system brings prices down.”
According to the International Monetary Fund, 2020 saw the largest one-year debt surge since World War II, with global debt rising to $226 Trillion.
Jeff fears the bigger the divide between those who have assets and those who are left out of that equation could cause a cascading collapse in society.
The solution? According to Jeff, it’s Bitcoin.
“Bitcoin might be the only thing that can save humanity… I’ve done a lot of work in this space, and I don’t see another solution,” says Jeff.
Bitcoin is an open, decentralized, digital currency with a fixed supply that will never exceed 21 million. It uses peer-to-peer, blockchain technology to operate with no central authority.
According to a November 2021 Bloomberg article, over the past decade Bitcoin has delivered 99.996 per cent deflation.
“A world in which we’re moving to requires a digitally native currency that allows for deflation,” says Jeff.
“If enough people understand what it is, then you could make a more orderly transition from one system to another system.”