What you will learn:
- How money works and if Bitcoin is suitable to become money.
- There are three types of money: commodity, fiat, and digital.
- Throughout most of history, humans used commodity money. Fiat is only a few decades old and digital money is brand new.
- Bitcoin's intrinsic value comes from being the most secure and decentralized type of digital money.
- Money adoption can happen top-down, bottom-up, or both.
- Bottom-up adoption is more likely for Bitcoin, but governments have little incentive to support top-down adoption.
- Hyperbitcoinization is highly unlikely, but several factors undermine trust in fiat: increased digitalization, loss of trust in institutions, fiat currency debasement, and network effects of crypto.