Politicians Building Case for Bitcoin Through Fiat and Democracy Limits

In the midst of the COVID-19 pandemic and the financial crisis it has been causing, we seem to be witnessing some worrying signs for both fiat users and democracy.

Here are three recent cases.

1. The U.S.: ‘Don’t hoard cash’

In the midst of the pandemic, people in certain countries, such as in the U.S., are turning away from credit and debit cards, digital payment, or person-to-person payment apps like Venmo, all of which were becoming increasingly popular. Now, however, anxious individuals, worried for their futures, are reportedly emptying their bank accounts and local ATMs.

A New York Times report from two weeks ago states that the demand for large-denomination bills in that country spiked – so much so that at least one branch of Bank of America in New York could not fulfil the requests of all the customers lining up to withdraw a lot of cash each, even tens of thousands of dollars at a time, eventually running out of USD 100 bills.

The chairman of the…