Group items tagged

Dorsey is also a doom-monger about fiat currencies – those issued by governments. “Hyperinflation,” he oracularly warns, “is going to change everything. It’s happening.” This is baseless. Recent inflationary pressures due to the increased costs of production and transit caused by Covid and extreme weather patterns are real. But there is no hyperinflation in the global economy. Given Dorsey’s profile and potential impact on investors, it could be considered a reckless thing to say; but it also reflects the strange ideology of all bitcoin enthusiasts.

Currently, one bitcoin will trade for £42,973. But it wouldn’t be worth a dime if enough investors hadn’t decided to treat it as though it were gold. It is a “hyperstition”: a fiction that makes itself true because enough people believe in it.

typical of the “California ideology”, which blends the values of the libertarian right with the countercultural ethos of some of the internet’s pioneers