Watch This Episode On YouTube
Listen To This Episode:
Austrian economics is a very common topic of discussion and study within the bitcoin community. Being the base economic theory upon which we find bitcoin resting, it makes sense that understanding this would be a primary lead for someone to get into bitcoin. Josef Ttek, one of our regular contributors here at Bitcoin Magazine, is an example of this.
Ttek has written some fantastic articles for us, including Your Financial Data Is Not Private, Bitcoin Can Fix That, Heres Why Bitcoin Will Rejuvenate Your Hope In Life and Bitcoin Is The Sustainable Money Europe Deserves. Bullish on both bitcoin and on life, Ttek maintains an optimistic outlook that bears witness to the good bitcoin is capable of doing.
In our interview, we discussed how his foundations in Austrian economics lead him to Bitcoin, and how the reverse is often true of bitcoiners. We then discussed how Bitcoin has impacted his life, both in personal preferences and in his career. We touched on what he believes is the most important part of peoples bitcoin education in his opinion, an understanding of fiat. Finally, we discussed what he is looking forward to in the space, and his bullish price thoughts. He said, in the short term, we are usually too optimistic. In the long term, we are too pessimistic."
Check out the podcast above and be sure to read our written interview.
Whats your Bitcoin rabbit hole story?
I studied Austrian economics at school, and after graduation I cofounded a libertarian think tank in the Czech Republic with similar-minded schoolmates. That was around 2011. We were mostly gold and silver bugs back then, and even though bitcoin was discussed among libertarians/Austrian economists, it was in a dismissive fashion at first. I remember the bubble when bitcoin went to $30 dollars and fell to $2 I thought that was it for bitcoin.
In 2013, when Mt. Gox and Silk Road went down, I read up a bit more on bitcoin, but again I thought it was going to die after the major exchanges and markets were shut down. Then around 2015, I understood that this thing isnt going to die and its actually what gold bugs had been looking for a true free market money.
I regrettably got seduced by the lure of shitcoins in 2017 to 2018. The Bitcoin maximalist signal wasnt that strong then, or maybe I simply chose to ignore it because I still had the fiat mindset and wanted my bags to pump. Anyway, I was a bad shitcoin trader and ended up with fewer sats after that period.
In 2020. I wrote a book with an unoriginal title "Bitcoin: The Separation Of Money And State," in Czech. Its kind of similar to Saifedeans or Vijays work a dive into monetary history and monetary economics.
Writing the book finally transformed me into a Bitcoin maximalist nothing but Bitcoin makes sense to me anymore.
How has Bitcoin changed your life?
Im sort of a stereotypical bitcoiner in this aspect. Bitcoin definitely lowered my time preference: I think about the future much more, because there is something to look forward to. Fiat really messed up our economies and societies, and with Bitcoin we have a solution at hand.
Like many others, I started to search for value in other fields of life and found the benefits of intermittent fasting, the carnivore diet and regular exercise.
Bitcoin also changed my career. I left the corporate life in 2018 and I was able to focus first on crypto, then on Bitcoin when I found out that crypto is bullsh*t. Ive been working for Trezor since Spring 2021 and its the best job of my life I basically study Bitcoin every day and communicate why Bitcoin matters to others.
The pieces you have written for the magazine have aimed to educate others on how best to maximize their bitcoin stack. What do you think is most important for people to educate themselves about in regards to bitcoin?
Two things: how fiat works, and how Bitcoin works.
The majority of people dont really think about how todays money works. Many still believe there is some link to gold, or that central bankers have the science of money nailed down and theres nothing wrong. But when you show people the long-term charts interest rates, price levels, M2 money stock, central bank balance sheets, debt levels it really doesnt seem sustainable. So thats the first important thing: to see that theres something very wrong with how todays monetary system operates.
The second one is how Bitcoin works. And I mean both as a monetary system and as a technology. Bitcoins value as money lies in its predictable, unchangeable monetary policy which is in direct contrast to the monetary policy of fiat money. But for people to benefit from this, they need to understand how it works on an individual level and how to hold bitcoin properly. And I believe the team at Trezor is doing a great job with providing the proper tools for ordinary people to safeguard their sats.
What are you most looking forward to in the Bitcoin space?
Theres many things. Taproot and Schnorr adoption and what benefits it will bring for users. El Salvadors coming bitcoinization and a massive growing adoption in developing countries in general. Im looking forward to further growth in the Lightning Network and the third layer on top of it check out Impervious AIs recent hackathon, that is some fascinating stuff.
But mostly Im looking forward to more and more people realizing that Bitcoin is never going away, and the implications of that.
What is your price prediction for the end of 2021, and the end of 2030?
Let me preface my answer with this: in the short term, we are usually too optimistic. In the long term, we are too pessimistic. At the end of 2021, I believe we will see bitcoin over $100,000. By 2030, over $1 million (in todays purchasing power). But in the long run, fiat price doesnt matter, because we will see fiat fail and bitcoin take over.
Original post:
Why You Should Be Optimistic About The Future Of Bitcoin - Bitcoin Magazine
- Serfdom Reform vs. Liberty The Future of Freedom Foundation - The Future of Freedom Foundation - April 12th, 2024 [April 12th, 2024]
- N.Y. Libertarian Party launches petition drive for ballot - Spectrum News - April 10th, 2024 [April 10th, 2024]
- Arizona voters question petition for Libertarian candidate: Not even close to my signature - Washington Examiner - April 10th, 2024 [April 10th, 2024]
- Understanding Freedom and Faith in Freedom The Future of Freedom Foundation - The Future of Freedom Foundation - April 10th, 2024 [April 10th, 2024]
- Henry Simons And The Libertarian Night Watchman As Tax Collector - ProMarket - April 2nd, 2024 [April 2nd, 2024]
- Why libertarians don't trust RFK Jr. - UnHerd - April 2nd, 2024 [April 2nd, 2024]
- Learn from Libertarians | Commentary | thestatehousefile.com - The Statehouse File - March 10th, 2024 [March 10th, 2024]
- Review: Sheriff in 'Fargo' Gives Libertarians a Bad Name - Reason - March 10th, 2024 [March 10th, 2024]
- Why Libertarianism Is Not Mainstream (But Should Be) | Henry Gardella - Foundation for Economic Education - March 10th, 2024 [March 10th, 2024]
- Donald Rainwater to lead Indiana Libertarian ticket as party chooses its 2024 nominees - WFYI - March 10th, 2024 [March 10th, 2024]
- Could the Libertarian Party nominate RKF Jr.? - NewsNation Now - March 10th, 2024 [March 10th, 2024]
- 2024 election: These Libertarians will be on Indiana's ballot - IndyStar - March 10th, 2024 [March 10th, 2024]
- Why Do All These Homosexuals Keep Sucking My Cock? - The Onion - January 4th, 2023 [January 4th, 2023]
- Russell Kirk - Wikipedia - December 21st, 2022 [December 21st, 2022]
- Maj Toure: Why Black Gunsand LibertarianismMatter - December 12th, 2022 [December 12th, 2022]
- Georgia's 'blank ballot' voters | Who are they? And why did they do it? - 11Alive.com WXIA - December 12th, 2022 [December 12th, 2022]
- Exclusive: No official records of personal meeting between Institute of Economic Affairs and Jacob Rees-Mogg - NationalWorld - December 12th, 2022 [December 12th, 2022]
- Markets Fail. . .And Libertarianism Still Works, 10/16 - November 25th, 2022 [November 25th, 2022]
- The Bill of Rights: A Transcription | National Archives - November 7th, 2022 [November 7th, 2022]
- 'Centre, states need to work together for a developed India': FM Sitharaman on 'Atmanirbhar Bharat' - The Economic Times - November 7th, 2022 [November 7th, 2022]
- Libertarianism: Definition & Examples | StudySmarter - October 21st, 2022 [October 21st, 2022]
- In N.H., its live Free State or leave thats libertarianism? - The Boston Globe - September 11th, 2022 [September 11th, 2022]
- Cryptos Libertarianism Is Running Headfirst Into Reality - The Atlantic - September 11th, 2022 [September 11th, 2022]
- The 'red wave' was such a sure thing, of course Republicans are blowing it The Nevada Independent - The Nevada Independent - September 11th, 2022 [September 11th, 2022]
- Jim, Sigal, and Michele just living their best lives - Nevada Current - September 11th, 2022 [September 11th, 2022]
- Long Live the King (My President)! - Econlib - September 11th, 2022 [September 11th, 2022]
- How Housing Is Captive to Investment Demands - Santa Barbara Independent - September 11th, 2022 [September 11th, 2022]
- Arkansas governor candidates hitting the campaign trail - 4029tv - September 11th, 2022 [September 11th, 2022]
- Aaron Rodgers Sounds Off On Government: NFL World Reacts - The Spun - September 11th, 2022 [September 11th, 2022]
- David Boaz - Wikipedia - September 7th, 2022 [September 7th, 2022]
- Arlington Heights board gets petition from Koch brothers-backed group calling for law that may impact Chicago Bears' stadium plans - Chicago Tribune - September 7th, 2022 [September 7th, 2022]
- Georgias Senate Race Is Much Closer Than The Governor Election. Will That Hold Until November? - FiveThirtyEight - September 7th, 2022 [September 7th, 2022]
- Letter: The threat against democracy | Letters To Editor | berkshireeagle.com - Berkshire Eagle - September 7th, 2022 [September 7th, 2022]
- Vote in the State Primary - mysouthborough - September 7th, 2022 [September 7th, 2022]
- Group catering to nonpartisan voters launches ahead of the election The Nevada Independent - The Nevada Independent - September 7th, 2022 [September 7th, 2022]
- Libertarian Party of Wisconsin: Wisconsin Libertarians oppose student loan forgiveness ideas as theft - WisPolitics.com - September 2nd, 2022 [September 2nd, 2022]
- Guardrails of Democracy, Extended: Comparing Notes On The Team Libertarian Report - Reason - September 2nd, 2022 [September 2nd, 2022]
- Attempted Murder Arrest; Libertarians On The 2022 Ballot? PM Patch NH - Patch - September 2nd, 2022 [September 2nd, 2022]
- Chase Oliver could send Georgia's Senate race to a runoff - he's OK with that - The Atlanta Journal Constitution - September 2nd, 2022 [September 2nd, 2022]
- Rep. Stephen Handy, ousted at GOP convention, to wage write-in bid - Standard-Examiner - September 2nd, 2022 [September 2nd, 2022]
- J. R. R. Tolkien among the Illiberals Catholic World Report - Catholic World Report - September 2nd, 2022 [September 2nd, 2022]
- We Made It Through The Primary. Now It's On To The November General Election - Honolulu Civil Beat - September 2nd, 2022 [September 2nd, 2022]
- The Great Separation: Why American Politics Is Coming Apart at the Seams | Cornell Chronicle - Cornell Chronicle - August 30th, 2022 [August 30th, 2022]
- Palfrey eyes the exits- POLITICO - POLITICO - August 30th, 2022 [August 30th, 2022]
- Armstrong: Behind those misleading headlines on Colorado teacher pay - Complete Colorado - August 30th, 2022 [August 30th, 2022]
- What is a Libertarian? Beliefs & Examples | Study.com - August 29th, 2022 [August 29th, 2022]
- Libertarian Vs. Liberal (Whats The Difference?) - The Cold Wire - August 29th, 2022 [August 29th, 2022]
- Libertarianism Philosophy and History - Study.com - August 29th, 2022 [August 29th, 2022]
- Republican effort to remove Libertarians from November ballot rejected by Texas Supreme Court - The Texas Tribune - August 29th, 2022 [August 29th, 2022]
- Media organizations and civil libertarians sue to stop a law that restricts recording videos of cops - Arizona Mirror - August 29th, 2022 [August 29th, 2022]
- How a Tiny Minority Can Lead the World Toward Liberty | Dan Sanchez - Foundation for Economic Education - August 29th, 2022 [August 29th, 2022]
- GOP Candidate Saying it's 'Totally Just' to Kill Gay People Resurfaces - Newsweek - August 29th, 2022 [August 29th, 2022]
- Third Party Candidates: Alabama Libertarians to appear on general election ballot - WHNT News 19 - August 15th, 2022 [August 15th, 2022]
- Sick and tired of the two-party system: Pa. Libertarian Party sees surge in interest | Today in Pa. - PennLive - August 15th, 2022 [August 15th, 2022]
- Voter registrations in North Carolina continue to trend mostly unaffiliated and slightly Republican - The Mountaineer - August 15th, 2022 [August 15th, 2022]
- After Koch's Kinder, Gentler Rebrand Attempt, He Spent Over $1 Billion On 2020 Elections - Daily Kos - August 15th, 2022 [August 15th, 2022]
- Libertarian, Green, and Independent Candidates not Invited to Gubernatorial Debate The Amarillo Pioneer - The Amarillo Pioneer - August 15th, 2022 [August 15th, 2022]
- Runoffs to decide final nominations begins with early voting next week - Yahoo News - August 15th, 2022 [August 15th, 2022]
- Podcast: Muddling Through the Mar-a-Lago Mess - Reason - August 15th, 2022 [August 15th, 2022]
- The Story Behind the Wrenching Finale of 'The Anarchists' - WIRED - August 15th, 2022 [August 15th, 2022]
- The Search of Trumps House + the 5th Amendment - Econlib - August 15th, 2022 [August 15th, 2022]
- Libertarians see opening to gain ground in Georgia 2022 elections - The Atlanta Journal Constitution - August 4th, 2022 [August 4th, 2022]
- State Libertarian Party asks for 'relief from oppressive ballot laws' - The Albany Herald - August 4th, 2022 [August 4th, 2022]
- Election 2022: Primaries clear Michigan fields; more will come at conventions - The Center Square - August 4th, 2022 [August 4th, 2022]
- The Industrial Revolution and the Colonial Conundrum - Econlib - August 4th, 2022 [August 4th, 2022]
- School choice is the free market solution to failing public schools - Washington Examiner - August 4th, 2022 [August 4th, 2022]
- The primary is over Here's who you can expect to see on JoCo ballots in November - Shawnee Mission Post - August 4th, 2022 [August 4th, 2022]
- Climate change and the Supreme Courts version of police abolitionism - The Hill - August 4th, 2022 [August 4th, 2022]
- Discontent Is Never Enough - by Jonah Goldberg - The G-File - The Dispatch - August 4th, 2022 [August 4th, 2022]
- Progressive Conservatism: How Republicans Will Become America's Natural Governing Party - The Ripon Society - August 4th, 2022 [August 4th, 2022]
- Local News: Donnie Brown elected as 149th representative (8/2/22) | Standard Democrat - Standard-Democrat - August 4th, 2022 [August 4th, 2022]
- Former TV anchorman wins GOP nomination in Missouris 4th Congressional District - Missouri Independent - August 4th, 2022 [August 4th, 2022]
- Penn Jillette: Did His Libertarianism Survive Trump and COVID? - Reason - July 29th, 2022 [July 29th, 2022]
- Libertarian and Anti-functionalist: What Is the Memphis Design Movement? - ArchDaily - July 29th, 2022 [July 29th, 2022]
- 11 Pick Up Lines For Libertarians To Use If They Ever Meet A Girl - The Babylon Bee - July 29th, 2022 [July 29th, 2022]
- Nudged into the oncoming lane - Econlib - July 29th, 2022 [July 29th, 2022]
- Quebec's Conservative party surges in the polls as some of its candidates spread conspiracy theories - CBC News - July 29th, 2022 [July 29th, 2022]
- Accusations of racism and abortion politics- POLITICO - POLITICO - July 29th, 2022 [July 29th, 2022]
- Zeldin's Fraudulent Independence Party Signatures Show How Difficult it is to get on Ballot in NY - Yonkers Times - July 29th, 2022 [July 29th, 2022]
- How Republicans can build on Trumpism and become the party of progressive conservatism - The Hill - July 29th, 2022 [July 29th, 2022]