Bitcoin Investor Says The Monetary System Is “Fundamentally Unconstitutional”

The crypto market is still in a correction phase, and it seems that Bitcoin fell even more.

At the moment of writing this article, the most important coin in the crypto market is trading in the red. BTC is priced at $7,923.31.

Analyzing the US monetary system

In an episode of The What Bitcoin Did Podcast an important Bitcoin supporter Trace Mayer joins the host Peter McCormack to analyze the flaws that the US monetary system has.

Mayer calls the system “fundamentally unconstitutional” and said that it’s also a violation of human rights.

“It enables confiscation through inflation which is a form of taxation without representation, without due process of law. It erodes the political checks and balances with the power of a purse because politicians can just print and print and print,” according to him.

He continued and said, “And even worse, we try to uphold this concept of central bank independence, as if we want this highly political entity that enables monetary elites to manage the lives of millions of people through interest rates and monetary policy. And we don’t want that to be political? We want them to be independent and insulated from the political process?”

The Federal Reserve Board and the central banks are on one side of the equation, and Bitcoin is on the other, according to the online publication the Daily Hodl.

“Bitcoin is a massive battlefield of economic war. We’re able to now secure monetary sovereignty in these sound property rights, but also the war is you against you. It’s you against your future self, and it’s this concept of time preference,” Mayer said.

It’s also worth noting that Mayer does not foresee the collapse of the US dollar on the euro any time soon, he also said that BTC is the best “hard money.”

Check out more about what he had to say in the video.

Anyway, despite the correction that is taking place in the crypto market, optimistic predictions are still popping up.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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