“Whether you agree with its policy or not, your dealing with government is not voluntary, but coercive. Government is the very antithesis of ‘free market.’”
― Dominic Frisby
Dear Reader,
“There’s two strategies for wealth acquisition,” Rob Breedlove told the gathered crowd in Florida.
While we were shivering in New Hampshire back in November, our Jud Anglin was soaking in the sunny weather in Florida at the Market Disruptors Live 2021 event, hosted by our friend Mark Moss. Jud tells us that Rob had some fascinating thoughts on cryptocurrencies.
Breedlove is the founder of Parallax Digital, which helps people invest in Bitcoin. He’s also the host of the “What Is Money?” podcast, tackling the eponymous question in each episode.
In Miami, he laid out the two biggest ways people earn money.
First, there’s “the entrepreneurial strategy, which is making, creating value and trading with one another.” Then there’s the “status strategy” — “taking away from the wealth of others.” In other words, taxation.
Taxation also happens to be the root of Modern Monetary Theory (MMT) — the belief that the power to impose taxes lets the state print as much money as it wants. The state also chooses where the bulk of that money goes, as Elon Musk says, allocating it by political whims instead of where market forces say it will do the most good.
And now we’re seeing the results of that unfettered power… rampant inflation.
“Inflation is legalized counterfeiting,” Mr. Breedlove maintains.
Rob thinks cryptocurrencies offer a way out of this malfeasance — a sentiment shared by this week’s Session guest, Dominic Frisby.
In fact, one of the first projects Dominic and I worked on was Life After the State, a book detailing how blockchain-backed cryptos could take money-creation powers out of government hands and put them where they belong. A prospect Rob Breedlove calls “a gateway to a higher echelon civilization.”
“Maybe civilization just really started with the invention of Bitcoin,” he adds.
Maybe.
We’re not entirely convinced it has to be Bitcoin, though. There are plenty of other cryptocurrencies in contention.
Just yesterday, as a matter of fact, James Altucher and George Gilder hosted a live Q&A event discussing cryptos. The pair shared the name of the #1 coin to buy right now… as well as a tiny niche of small cryptos that are primed to explode over the coming years.
If you missed that broadcast, you can catch the replay right here.
Follow your bliss,
Addison Wiggin
Founder, The Financial Reserve
