Tyler Winklevoss described Bitcoin as a vaccine against the money printing disease. The co-founder and CEO of the crypto exchange Gemini wrote on Twitter, with a clear reference to the ongoing Covid-19 epidemic:
Bitcoin is the only vaccine in the world that can give you immunity to the money printing disease.
— Tyler Winklevoss (@tyler) March 26, 2020
This disease is nothing more than the totally arbitrary and potentially unlimited creation from nothing of fiat money that, if released on the consumer markets, could raise prices, losing purchasing power.
The fact is that the latest measures taken primarily by the American Fed will not be limited to the release of a large amount of dollars created out of nothing, but some of it will also be directly injected into the consumer markets, through direct payments to American citizens.
Tyler Winklevoss sees this as a disease, one of the symptoms of which is inflation. The issuance of new BTC, on the other hand, is not the result of arbitrary monetary policies, it cannot be without limits, nor can it really be changed.
At this moment only 12.5 BTC are created every 10 minutes or so and starting from about mid-May this creation will be halved to 6.25 BTC, still about every 10 minutes, for the next 4 years. After that there will be other halvings, programmed every 4 years or so, which will eventually lead to the complete stop to the creation of new BTC.
That’s why Winklevoss compares Bitcoin to a “vaccine” against the disease of arbitrary creation of fiat money. One of the comments to Winklevoss’ tweet is that of VanEck executive Gabor Gurbacs, who says:
“Bitcoin isn’t the virus; it’s the vaccine”.
Clearly, this is why bitcoin was conceived, designed and built, although there is still no concrete and definitive confirmation that this is really the way things are. Nonetheless, it is possible that already by the end of 2020 there could be a significant increase in inflation of the US dollar and it will remain to be seen whether bitcoin will really be a vaccine against this disease.
