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Fiat Money Breaks Capitalism, And Bitcoin Fixes It

This is an opinion editorial by Hannah Wolfman-Jones, author of “System Override: How Bitcoin, Blockchain, Free Speech, & Free Tech Can Change Everything” and founder of We The Web.

Capitalism is controversial these days. Many look at societal problems today and lay the blame squarely at the feet of capitalism. What these crusaders who proudly label themselves as “anti-capitalists” fail to realize is the global fiat system we have today is not really capitalism.

Under capitalism in its pure form, people with capital invest in businesses and ventures that they believe have merit and thus are likely to generate returns. Investors need to make difficult prudent judgments and take on the risk of losing big. Their capital — when invested in a successful business — allows for the creation of services, goods and jobs that are desired by people, making the profits awarded to successful investors just. Through investors in a free market, worthy ventures can get the capital they need to launch or expand a successful business, increasing prosperity across society in a meritocratic manner.

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