Bitcoin : Pure Digital Energy

“The jug goes to the well until it breaks.” The history of the world is inflationary. Printing economic growth has always been easier and politically rewarding than inviting people to work. If its use can be understood to postpone a temporary crisis, it is more difficult to accept it as the basis of Monetary Policy. Bitcoin is the most important cryptocurrency based on Proof-Of-Work – a digital process that prevents its corruption and assists the network in reaching a consensus on past transactions. Bitcoin is a digital property, a digital asset, a digital scarcity. It is Digital Energy without an issuer. It is algorithmically limited to twenty-one million. Some call it digital gold. To better understand the challenges that its adoption raises and the opportunities that it could harbor, the following pages provide a summary of what I learned recently. They rely primarily on the original paper by Nakamoto Satoshi; two interviews of Michael Saylor, founder of MicroStrategy; and a recent survey (Q3 2022) by The Bitcoin Mining Council. Michael Saylor is a man who “has skin in the game”. He decided to bet part of his future on the success of Bitcoin’s adoption. Since December 31, 2021, Bitcoin has lost more than two-thirds of its value... Unless it crashes (didn’t happen over the last thirteen years) or is hacked (increasingly less likely as time goes by), it remains the cleanest asset, the purest currency, ever invented. “Reality is that which, when you stop believing in it, doesn't go away. (Philip K. Dick).