Vailshire Capital Management<\/strong>, urged the audience to get \u201cmentally ready for what could happen\u201d to the bitcoin price in the short-term.<\/p>\nBitcoin is still strongly correlated to the stock market, he said, warning that planned rate hikes by the Federal Reserve (Fed) could translate into lower stock prices going forward.<\/p>\n
However, Ross still said that bitcoin remains a viable way to store value and save money over the long-term, given how he expects fiat money to decline in value.<\/p>\n
People will flock to bitcoin because they need to preserve their purchasing power, he said.\u00a0<\/p>\n
Ross further added that the value of bitcoin over time \u201capproaches infinity,\u201d and said that MicroStrategy<\/strong> CEO Michael Saylor is right when he said that \u2018it\u2019s going up forever, Laura.\u2019<\/p>\nA technological and decentralized revolution<\/h2>\n
Meanwhile, Mark Moss, a popular YouTuber and bitcoin advocate, said that \u201cwe\u2019re witnessing a technological revolution and a decentralized revolution,\u201d adding that this comes at a time when there\u2019s a lack of trust in society.<\/p>\n
Nations don\u2019t trust each other and people don\u2019t trust their nations, Moss said, noting that \u201ca decentralized ledger\u201d is the best way to fix this.<\/p>\n
Similarly, other panelists, including Jeff Booth, a technology entrepreneur and author of the popular book The Price of Tomorrow<\/i>, said technology is a driver for change today, and that it has \u201calways been a driver.\u201d<\/p>\n
This is something that Ray Dalio misses when he speaks about the \u201cend of the long-term debt cycle,\u201d both Moss and Booth argued.<\/p>\n
Ray Dalio is a famous investor and co-chief investment officer at the world’s largest hedge fund, Bridgewater Associates<\/strong>, who has become known for his extensive work on debt cycles.<\/p>\nFiat money takes from the poor, gives to the rich<\/h2>\n
According to Jeff Booth, the current fiat money system means that wealth is continuously \u201ctransferred from the poor and middle class and to the rich.\u201d Technology is deflationary, but the Fed is trying to counter that by printing more money, he argued.<\/p>\n
Booth further opined that this inflates asset prices, which benefits owners of the assets, while people who don\u2019t own assets pay for it in the form of higher prices on everything.<\/p>\n
\n\u201cThis is not how the free market is working. The free market is deflationary,\u201d Booth said.<\/p>\n<\/blockquote>\n
On the same note, he also said that ESG (environmental, social, and governance) issues are \u201cunsolvable\u201d without bitcoin because fiat money must continue to be printed in order to \u201cpretend we live in a growth cycle forever.\u201d<\/p>\n
\u201cI asked this question to Bill Gates, I asked this question to Al Gore and on Twitter [\u2026] and there\u2019s not one plausible answer,\u201d Booth claimed, adding that this tells us that \u201cthere is no answer from the existing system.\u201d<\/p>\n
\n\u201cRemember, the US dollar failed in 1971, and then you created the PetroDollar system, and it\u2019s failing again right now,\u201d he said.<\/p>\n<\/blockquote>\n
Inflation causing \u2018incredible shock\u2019<\/h2>\n
Lastly, Preston Pysh, a popular BTC advocate and host of The Investor\u2019s Podcast<\/i>, warned that the transition from the prior era of low inflation to the current era with high levels of inflation is going to be difficult.<\/p>\n
When you go from an environment of low inflation, \u201cyou can see why we\u2019re in for an incredible shock for the global economy\u201d with the inflation levels we have now, Pysh said, before adding a final piece of advice:<\/p>\n
\n\u201cBuy bitcoin and fall asleep for five years.\u201d<\/p>\n<\/blockquote>\n