The Bitcoin Classroom Part 3: Bitcoin’s Scarcity and Global Impact
The Bitcoin Layer
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Intro
This chapter explores the implications of Bitcoin's fixed supply of 21 million coins on its viability as a global currency. It discusses concerns regarding scarcity, the need for alternative cryptocurrencies, and the challenges of credit within a Bitcoin-centric economy, illustrated by real-world examples like home purchases.
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In this episode, USC professor Nik Bhatia builds on his conversation with economics student Demian Schatt, addressing new questions about Bitcoin’s hard cap, credit systems, and global accessibility. Demian asks whether the fixed supply of 21 million coins limits Bitcoin’s adoption and how it fits into a world reliant on credit. Nik explains the dynamics of lending in a Bitcoin-based system, explores the role of stablecoins like Tether in volatile economies, and discusses Bitcoin’s potential to empower individuals in inflationary environments. They close by exploring whether Bitcoin could reduce inequality and how its adoption might impact wealth distribution over time.
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