Bitcoin Value In Credit Default Swaps


I reference my thesis on the intrinsic worth of bitcoin in this piece, initially printed in Bitcoin Journal in April 2021. It represents my view on the worth of BTC because the anti fiat, fiat is the Ponzi, and the way everybody wants insurance coverage in opposition to the Ponzi collapsing. As Voltaire famously said, “Paper cash finally returns to its intrinsic worth — zero.”

As Charlie Munger famously said, bitcoin “is rat poison squared.” Properly, Charlie, have your tablet, as a result of fiat is the rat.

The premise of my paper is that BTC is insurance coverage on the decaying credit score high quality of fiat-issuing sovereign nations. As such, it’s credit score safety on a basket of fiats. If you personal insurance coverage, you personal volatility. Equally, if you find yourself lengthy credit score, you’re quick volatility. Most property/funding mandates are quick volatility. Accordingly, the investing world is brief volatility, and it desperately must offset that threat with insurance coverage (or being lengthy volatility).

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