Prominent entrepreneur and Price of Tomorrow author Jeff Booth is among the latest popular individuals to publicly endorse Bitcoin. In a recent Twitter post, he called the primary cryptocurrency a lifeboat and a “must” during economic uncertainties.
Booth Outlines Global Debt Problems
Co-founder and former CEO of Build Direct took it to Twitter to offer his opinion on the current financial situation worldwide and BTC’s potential role.
The author of Price of Tomorrow, a book on deflation, said that “there is no means of avoiding the final collapse of a boom brought about by credit expansion.” He referred to the most recent actions from central banks, which aim to “escape a massive debt problem by exponentially adding more debt.”
However, he pointed out that these problems had started long before the COVID-19-enticed crisis that began earlier this year.
3) PS – that debt (BEFORE Covid) was $250 trillion on a global economy of $80 trillion, with $185 trillion of that $250 trillion of debt being added in the last 20 years. And that’s looking backwards….adding at an exponentially faster rate now.
— Jeff Booth (@JeffBooth) September 16, 2020
Booth: Bitcoin Is A Must
Further below, Booth highlighted that the solution might lie with the first-ever cryptocurrency in these times of economic uncertainties. He asserted that in “my humble opinion – Bitcoin is a ‘must.’”
By exploring his book, which full name is “the price of tomorrow: why deflation is the key to an abundant future,” one might find his conclusion is somewhat expected.
Released in January 2020, Booth’s book outlined several topics that became more relevant since then. One of the chapters dedicated to “printing money” examines the adverse effects of excessive amounts of fiat currencies printed in relatively short periods. Something that occurred merely months after the book was published following the COVID-19 crisis.
Some of the consequences described in the book predict abnormally increasing inflation that would eventually lead to the devaluation of fiat currencies. As such, bringing out Bitcoin as a “lifeboat,” not just for wealth, sounds rather logical.
After all, BTC is pre-programmed to operate as a deflationary asset. The production of new bitcoins is reduced roughly every four years following an event called halving. Adding the pre-set maximum supply of 21 million coins ever to exist, this makes Bitcoin the “only fixed asset in the galaxy,” as the Winklevoss twins recently noted.