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Renowned macroeconomics expert Lyn Alden recently outlined a potential path for countries to adopt the Bitcoin Standard in an interview with crypto analyst and trader Scott Melker. First introduced by economist Saifedean Ammous in 2018, this concept defines Bitcoin as a decentralized and apolitical alternative to traditional national currencies and central banks.
Soft Transition to Bitcoin Standard and National Reserve Integration
Alden suggested that countries could start by integrating Bitcoin into their national reserves for a soft transition to the Bitcoin Standard. This move would signal a commitment to supporting a Bitcoin-based financial infrastructure. Alden also advocated for creating a favorable environment for businesses operating with Bitcoin, which could include removing taxes on small Bitcoin transactions to encourage its use as legal tender or at least as a medium of exchange.
Although the idea of a Bitcoin Standard seems distant given Bitcoin’s current market size, Alden added that such a shift would not happen overnight. She emphasized that Bitcoin is still too small to function as a universal reserve asset or legal tender on a global scale. However, she noted that ongoing financial difficulties in the United States, particularly with its record $35 trillion debt, could accelerate Bitcoin adoption by institutions and governments.
“Increased Liquidity and Acceptance Will Make Bitcoin Viable for Countries”
According to Alden, increased liquidity and acceptance of Bitcoin point to a future where more countries may view the largest cryptocurrency as a viable financial asset. As these financial and technological developments occur, Bitcoin could become increasingly integrated into the global financial system, paving the way for broader adoption of the Bitcoin Standard.
During Alden’s interview, Bitcoin’s price was at $66,743, reflecting its rising value and growing interest from both individual and institutional investors. The macroeconomics expert believes that as the financial situation in major economies like the U.S. continues to evolve, Bitcoin’s role in global finance could significantly increase.
