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Jeff Booth: The Power of the Free Market is in Few Hands, Bitcoin Fixes That

“We’re caught in this mirage of thinking that prices always have to go up or that our money has to be worth less each year for our system to work because we created a system like that,” he said.

Jeff Booth, entrepreneur and author of “The Price of Tomorrow,” joined Blockworks at The Bretton Woods: The Realignment conference and discussed the current state of debt, bitcoin and the free market. 

“The debt today is being monetized because the system must grow forever,” Booth said. Over $185 trillion of the global debt today was created during the last 20 years, he said. “All because we created a system that’s a credit based system, if you let the natural market happen it’ll fail,” he added.

“We’re caught in this mirage of thinking that prices always have to go up or that our money has to be worth less each year for our system to work because we created a system like that,” he said. 

The system can’t change itself and our society is on a path where the power in the free market is being taken away and put into very few hands, but bitcoin provides the opportunity for the exact opposite system, he said. “It’s the exact opposite because the system can’t change itself, technology often forces a system change that imposes itself on an existing system,” Booth added. 

As more and more people embrace bitcoin, you can see the real market of other prices falling against it because that is the free market, he said. 

Watch my full interview with Booth below.