75% of all USD Were Printed after Bitcoin (BTC) was Created – True or False?January 12, 2021
Documenting Bitcoin, tweeted: “75% of all US dollars in existence were printed after Bitcoin was created.”
On reading this statement most of the users are taken aback and they are wondering if this is True or False? Is this a truly factual information regardless of the purpose for why such a statement was made on Twitter?
Someone who tried to wow the statement further tried to provide a statement that looked like a testimony by stating – I remember when it was huge news that George W Bush had printed more than every President in the nation’s history combined.
Some of them point to how 100% of Bitcoin is valuable only after converting it back to dollars. While this idea looks like a thought worthy one, someone who thought further has stated that since dollars depreciate converting BTC back to dollars does not have any major beneficial effect.
Perhaps all the bearish thoughts about dollar issuance start just like this. And, many are optimistic that in just 2 years from now you will be able to retweet with the note: “75% of all US dollars in existence were printed after this tweet.”
Despite all these statements doing the rounds, people still hoard USD like it’s gold in uncertain times.
Common Sense Approach to Bitcoin (BTC)
Common sense thinking will help relook in to the fact that there is a digital currency and then there is digitalization of currency. Every government wants to have a control of their currency and so will the whole world if we were one country. When this is the case why would there be a need for Bitcoin if we already have currencies flowing in digitalized form?
Hypercritically a statement – 100% of all bitcoin has been created in the last 12 years – 1.859 quadrillion Satoshi or 89% of all Bitcoin that will ever exist.
And, at a point in time may be the governments will print Bitcoin if it is the best form of currency or store of value in existence. It is natural for the government to take care of everything good.
A common sense ideal reads: We are not on a fixed currency because it does not allow you to expand or reduce the monetary supply. If the feds didn’t pump this currency into the economy, Bitcoin would be worth nothing, because the economy would be in chaos and revolutions would be abound. Muscle will rule! True indeed. Bitcoin for now is more than a fancy collectible, valuable and speculative enough to make profits.