Austrian economist and author of ‘The Bitcoin Standard‘ Saifedean Ammous addressed the merits of Bitcoin in a recent interview with Lex Fridman on his podcast published on May 11. Interestingly, Ammous discussed the benefits and criticisms of Bitcoin while challenges such as rampant inflation are impacting different economies across the globe as the asset is currently undergoing a bearish spell in the market. On these global issues, the economist stated: He added:
Bitcoin’s consensus mechanisms remain largely untouched
Whatsmore, the economist emphasized that Bitcoin’s consensus parameters have not changed, saying that they are still the same. Ammous pointed out that the vast majority of other digital currencies, if not all of them, have undergone several hard forks, which the community considers to be improvements. He noted the creators and founders by saying, “Bitcoin can’t upgrade, but we upgrade all the time.” The author opined
Bitcoin and its volatility
Much has been made about Bitcoin and its volatility; according to Ammous, one should consider tolerating volatility more because the other option is you hold fiat assets that only go down relatively stable. He stated: Finally, on Bitcoin and its energy consumption, the economist believes the digital asset’s energy consumption is worth it. Bitcoin, he noted, does not need to buy electricity from places where it has high demand because it can buy electricity from anywhere, “this is what’s truly mind-blowing about it, the electricity that you need for mining can be done anywhere.” Watch the full interview: Saifedean Ammous discusses Bitcoin
