As a result of the growth of the modern welfare state, America and the other major Western countries of the world have become, in the words of Nobel Prize-winning economist, James Buchanan (1919-2013), perpetual democracies in deficit, funded in total or in good part by, now, trillions of dollars created by government monetary monopolies – the central banks.
Money in form of cash has been an integral part of human society for several millennia in a fashion comparable to religion or art. One cannot expect to erase one part of the social puzzle and get easily predictable results.
Since 2009, Bitcoin has made a long road and has overcome many obstacles on its journey. The Bitcoin price has grown exponentially, and its market cap is at the time of writing over $41 bln, which is the same net worth of Google’s co-founder, Larry Page. By comparison to gold, fiat, and Bill Gates, that's not yet remarkable.
"Free Banking alone does not a free society make, but no society is really free when money, credit, finance are centrally controlled."
The homilies you hear every day now on the danger of the debt and deficit – and why the US must never cut taxes for fear of increasing them – are mostly political rhetoric designed to perpetuate the ongoing pillaging of the American taxpayer. The way to restrain debt accumulation is through spending control, and the way to impose that is through market discipline under real-world conditions.
If the Fed just met its target of 2% inflation, prices would double in 36 years. The current inflation rate of 2.4%, which the Fed does not seem to be unhappy with, would lead to a doubling of prices in 30 years.
