Jeff Booth is the Author of The Price of Tomorrow and CEO/Chairman of Ego Death Capital. In this interview, we discuss the effects of prices falling to the marginal cost of production, Bitcoin and its role in a deflationary economy, how inflation and debt distribute wealth unfairly, and the deflationary influence of AI and its impact on the future.

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It is the natural order for prices to fall to the marginal cost of production over time, and this principle applies to all industries. The fiat system works against this by artificially creating scarcity. And it has to work against deflation to maintain its dominance, through manipulation of the monetary system: debt, inflation and an ever more narrow concentration of wealth. 

As the fiat system falters, could the concept of a deflationary economy take hold? Whilst it involves a massive shift in economic value that is hard to comprehend, as innovation continues to push the boundaries of what is possible, and AI comes of age, a deflationary economy becomes very more likely. Jeff Booth argues that it makes logical sense as a system to enable society to continue to expand. 

The common narrative is that we need inflation, and deflation would harm living standards. However, Jeff argues that whilst prices will fall in a deflationary economy, wages are sticky: people are not willing to accept wage decreases as fast as prices are falling. This would result in a massive transfer of wealth back to productive members of society.

Jeff also promotes Bitcoin as part of an investment strategy as we transition into a deflationary economy: its monetary policy is designed to weather the current inflationary system, it’s outside of anyone’s control and it has no counterparty risk. Further, in a new period of abundance, a reliable fixed currency will become a necessity. It will be the new measurement for productivity and progress.

Why Deflation is the Key to Abundance with Jeff Booth

On the 14th of April What Bitcoin Did hosted a live show in Bedford. The guests were the founder of LNBits Ben Arc, CEO/Chairman of Ego Death Capital Jeff Booth, Investment Manager Lawrence Lepard and Macro analyst James Lavish. Across these interviews, we discussed Nostr, censorship-resistant marketplaces, hyperinflation, debt, deflationary economics, Bitcoin and AI.  

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I have taken the What Bitcoin Did podcast all around the world: across the United States, South America and Europe. However, I have always dreamed of hosting a live event in my home town. Never would I have believed that I could have been lucky enough to have 4 of the best voices within the community come to the inaugural What Bitcoin Did Live in Bedford event.

The show covered the main issues affecting not only the Bitcoin community at the moment, but the wider economic and social landscape. We discuss the development of the decentralized censorship-resistant social media network Nostr with one of it’s inventors, the amazing Ben Arc, and his work in expanding its application to develop censorship-resistant marketplaces.

Lawrence Lepard and James Lavish set out their analysis of the macroeconomic environment in which the current sovereign debt and deficit situation could result in triple-digit inflation in Western economies within the next few years. We discuss balancing mitigating the resultant risk with investment strategies focused on both gold and Bitcoin.

Finally, Jeff Booth explains his deflationary thesis, where an unmanipulated economic system allows technology and competition to provide productivity gains to flow through society, how Bitcoin is the only way to measure the productivity falling in a system with monetary inflation, and, the potential for AI to create a superintelligence that will be smarter than humans.

WBD Live in Bedford with Jeff Booth, James Lavish, Lawrence Lepard & Ben Arc

Jeff Booth is the Author of The Price of Tomorrow & CEO/Chairman of Ego Death Capital. George Gammon is an investor, macroeconomics expert & host of The Rebel Capitalist Show. We discuss Bitcoin’s role in the world: its role as a hedge against the tradfi system, its disruptive potential & ability to reprice everything, & the challenges & consequences of a Bitcoin-dominated world.

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Jeff Booth, an entrepreneur, technologist, & author of the book ‘The Price of Tomorrow’, is a visionary in the Bitcoin field & a regular guest on this show. But, it’s been nearly 3 years since I interviewed the amazing George Gammon, renowned for his ‘The Rebel Capitalist Show’ podcast. This conversation was born out of a Twitter exchange, and it quickly became apparent that they share more common ground than many might have initially assumed.

Many believe that George is anti-Bitcoin, but that’s not the case. His stance on Bitcoin is pragmatic. George believes in the importance of owning Bitcoin for purchasing power outside of the traditional system, especially with the rise of central bank digital currencies. And yet, he emphasizes the importance of probabilities and trade-offs in discussions about Bitcoin and he doesn't necessarily see it as a guaranteed path to wealth. 

Jeff's views align with George's on many fronts: they both expressed their belief in the potential of Bitcoin. The differences between the 2 guests lie in the perceived probabilities of hyperbitcoinisation. Jeff sees Bitcoin's potential to reprice the existing system if it remains decentralized and secure. In this event, one needs to imagine a world where value is priced in Bitcoin, not where Bitcoin is priced in dollars. 

Jeff promotes a future where prices will fall forever against a fixed number of units of currency, a stark contrast to the current system. This will affect the appreciation of Bitcoin in different economic scenarios. While Bitcoin may currently be seen as a high-risk asset with the potential for significant returns, in a world where goods and services experience deflation, Bitcoin's appreciation may be less pronounced.

This show was another inspirational war cry for Bitcoin from two esteemed guests. Jeff couldn't imagine putting his time & money anywhere else due to the high returns he expects. George believes that even if Bitcoin doesn't become a global currency or faces challenges like fractional reserve usage and inflation, there is still massive value in its ability to enable transactions outside of the existing system. It highlights that everyone should consider the potential benefits of Bitcoin.

The Bitcoin Debate with Jeff Booth & George Gammon

Jeff Booth is the Author of The Price of Tomorrow & General Partner at Ego Death Capital and Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the devastating effects of currency devaluation, the systemic issues of exploitation, debt, and inequality, and the potential of Bitcoin to provide economic hope and empowerment.

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In mid-November, the Malawian government announced a sharp devaluation of its currency, which resulted in instant price increases for commodities such as fuel and electricity of 40%. This has devastating effects on people already struggling to make ends meet. To add further insult, there is a serious lack of transparency in the process. The injustice of the situation is glaring, with no one held accountable for the harm caused by the devaluation.

Our conversation touched on the hidden nature of modern-day slavery disguised as economics. We highlighted how the West's living standards are based on stealing resources and exploiting cheap labour from countries like Malawi. The International Monetary Fund (IMF) plays a role in ensuring cheap goods for the West, but their public statements focus on stabilising the world and reducing poverty.

We also discussed the issue of wages in sub-Saharan African countries, which have not recovered from their peak in the 1970s. The impact of debt and interest payments on these countries' budgets is ruinous, with a significant percentage of their annual budget going towards paying off debt. The entire global economic system is based on theft, and the uncomfortable truth is that the rate of theft influences economic conditions in the West. 

Bitcoin, as a decentralised system, reveals the truth about what is happening in the world. Bitcoin allows individuals to protect themselves from devaluation and move into a system that doesn't constantly steal their wages. We were fortunate to see how Bitcoin can bring positive change to countries like Malawi, where Bitcoin mining is enabling a remote village to utilise hydro energy to power the village and generate income.

Bitcoin, a 30,000ft View with Jeff Booth & Alex Gladstein

In this interview, American HODL, Preston Pysh, Harry Sudock and Jeff Booth join us from the recent CheatCode conference. We discuss why bitcoin matters, the paradigm shift in money and the transition to a new system.

A Paradigm Shift in Money with American HODL, Preston Pysh, Harry Sudock & Jeff Booth

The media lies, governments mismanage, and our financial systems are failing us. In Mr Obnoxious, Peter McCormack explores the new frontier of tech, money and governance.

New tracks tagged #Jeff Booth