Most debates about #Bitcoin still anchor on the wrong unit of account. Fiat.
Bitcoin does not become valuable because its fiat price rises.
Its fiat price rises because fiat currencies lose purchasing power over time, while Bitcoin’s supply remains fixed.
Today, approximately 19.99 million bitcoin exist. That supply will increase slowly and predictably until it asymptotically approaches 21 million by 2140. No policy decision, emergency, or demand shock can change this issuance schedule.
At the same time, global production of goods and services continues to expand. Technology, automation, energy efficiency, and capital accumulation increase output faster than new bitcoin are created. This is not speculative — it is observable economic reality.
When productive output grows faster than the monetary base, prices fall in real terms. That is deflation driven by productivity, not collapse. Under a hard money standard, money gains purchasing power because more value is produced per unit of money — not because the money itself changes.
Bitcoin was designed for this environment.
If Bitcoin were the unit of account, the total value of global production would be expressed across a fixed monetary denominator, rather than an expanding one. Value would not disappear through dilution; it would be redistributed through prices.
This does not require Bitcoin’s fiat price to rise for the protocol to function.
Even at lower fiat prices:
Nodes continue to verify transactions.
Proof of work continues.
Difficulty adjusts.
The rules remain unchanged.
Bitcoin does not fail when its fiat price falls. The protocol has no awareness of dollars.
What fails is the assumption that Bitcoin’s success is measured by fiat valuation.
The debate between #Bitcoin and #Gold — or between different Bitcoin advocates — often misses this point entirely. When arguments hinge on dollar thresholds or “price invalidation levels,” they remain trapped in a fiat unit-of-account framework.
A transition to a Bitcoin standard requires a mental shift:
From measuring Bitcoin in dollars
To measuring goods, services, and time in bitcoin
Under such a system:
Saving does not require yield
Retirement does not depend on perpetual growth or government promises
Productivity is rewarded directly through purchasing power
This is not speculation.
It is the consequence of combining a fixed-supply monetary protocol with rising global productivity.
Bitcoin is not an investment vehicle designed to produce more fiat.
It is a monetary protocol designed to preserve value across time.
Most people are yet to realise this.
I have noticed a growing number of Monero supporters lately.
After several debates, a pattern becomes clear.
Most arguments rest on Keynesian assumptions.
This matters.
Keynesian economics treats money as a tool to manage outcomes.
Issuance is flexible.
Inflation is acceptable.
Stability is prioritised over constraint.
Scarcity is viewed as a problem.
Not a requirement.
This framework dominates modern finance.
It is also why the world looks the way it does today.
Persistent inflation.
Rising asset prices.
Falling purchasing power.
Increasing dependence on subsidies and intervention.
These outcomes are not accidents.
They are features of the model.
Monero mirrors this thinking at the protocol level.
Supply is not capped.
Issuance never reaches zero.
Security is subsidised through ongoing dilution.
Fees are assumed to be insufficient on their own.
This is Keynesian logic expressed in code.
The argument is familiar.
Some inflation is necessary.
The system must be supported.
Hard limits are unrealistic.
Bitcoin rejects these assumptions.
Supply is fixed.
Issuance trends to zero.
Security must be paid explicitly by users.
Scarcity is enforced, not managed.
This is a hard money framework.
Monero is not fraudulent.
It is ideological.
It encodes the belief that inflation is functional and necessary.
That belief is Keynesian.
So the distinction is simple.
Bitcoin is sound money.
Monero is Keynesian digital cash.