Bitcoiners speak of having a "low time preference"
What does this mean?
Do you have it?
Low time preference means someone focuses more on their well-being in the future, rather than the present.
A “tomorrow person”.
High time preference people are more present-oriented and value consuming sooner. They prefer instant gratification and are less likely to save and invest.
A “today person”.
In “The Bitcoin Standard”,
@Saifedean Ammous discusses time preference. Sound money holds its value over time, fighting against debasement, which can lower people's time preference and encourage them to save for the future and defer consumption in the present.
Bitcoiners famous saying, “HODL”, is about delayed gratification. Hodling involves ignoring the drama of price charts, and setting your mind years into the future, trusting in Bitcoin's sound money characteristics and the potential benefits that might bring to them, their families, and their communities.
So... do YOU have a low time preference?
