It is ironic that quantitative easing is reinforcing Bitcoin when it was born in opposition to a policy of scarcity, says Arcane Research’s Sofia Blikstad.
Money used to be a reward for value creation. Today, money is used to create value.
Since leaving the gold standard, money has essentially been backed by faith in the issuing government. This would be the preface to now-fashionable Modern Monetary Theory. No longer having to fear the shortage of gold, governments are free to print the money needed to fully employ their available resources. In other words, MMT views currency as a public good rather than a medium of exchange.