6: Dave Bradley ON: How Bitcoin is Challenging the Concept of Money

In this podcast episode, Scott sits down with Dave Bradley to discuss his journey into Bitcoin, its value proposition, and the concept of absolute scarcity. He compares the current state of money to the game Diablo II, drawing parallels between the game's currency and real-world economy. Dave predicts the potential reduction of global currencies due to irresponsible fiscal policies and inflation, suggesting Bitcoin as a rational alternative. The conversation also touches on the impact of inflation on people's lives, the risks of real estate investment, and the significance of Bitcoin's scarcity. Dave Bradley is a prominent figure in the Bitcoin industry and is widely considered one of the leading experts in Canada on Bitcoin. Prior to his current role as the Chief Revenue Officer at Bitcoin Well, Dave founded the world’s first bricks-and-mortar Bitcoin store and co-founded the iconic Bitcoin company, Bull Bitcoin. What We Discuss: [00:00:00] Bitcoin's value lies in its scarcity, as the government cannot print more money, unlike traditional currencies. [00:01:38] Dave Bradley shares his experience of getting into Bitcoin in 2010, starting with mining in his basement and later founding and working with various Bitcoin companies. [00:04:36] Dave discusses his experience playing the game Diablo II and how it taught him about the emergent properties of money and the concept of better money replacing hard money. [00:10:00] How fiat currency replaced gold due to its convenience and how it has affected the store of value. [00:11:09] The progressive loss of value in money due to inflation and its impact on the economy. [00:12:45] Analogies drawn between the game Diablo II and real-world examples of currency debasement, highlighting the importance of scarcity in money. [00:21:02] Countries printing money to make up for irresponsible fiscal policies, resulting in inflation and devaluation of currencies. 00:23:01] The potential adoption of Bitcoin as a solution to the problems caused by fiat currencies and the advantages of Bitcoin as a form of money. [00:28:57] The natural reaction of people to abandon currencies that are losing value rapidly and the consequences of severe changes in purchasing power. [00:31:59] The risks and limitations of real estate as an investment and store of value. [00:33:17] How houses have become more than just investments and the impact of money printing on the housing market. [00:39:13] The concept of absolute scarcity in money, comparing gold and Bitcoin, and the fixed issuance schedule of Bitcoin. [00:42:13] How crises give governments the social license to print money and the impact of this on global politics and decision-making. [00:47:34] The concept of absolute scarcity in money and how it relates to currencies and governments, emphasizing the fixed supply of Bitcoin. [00:53:08] How inflation is affecting housing, food, and the financial situation of people, leading to increased frustration and awareness. [00:54:53] The increase in homelessness and the growing number of working poor who were once middle class, highlighting the significant impact of inflation on their lives. [00:58:11] Why Bitcoin can be a valuable savings tool for those struggling financially, despite the risks and volatility, emphasizing the potential for long-term gains and protection against fiat money printing. [01:04:27] The future of Bitcoin as a widely adopted form of money, where people will hold Bitcoin as their intended final form of currency. Episode Resources: Dave Bradley | Twitter Bitcoin Well | Website Bitcoin Brains | Website