TFTC: A Bitcoin Podcast #625: Leisure, Magnificence, and the Bitcoin Standard with Michael Goldstein
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May 28, 2025 Michael Goldstein, a prominent figure behind the Nakamoto Institute, dives into the philosophy of "hodling for good." He discusses how Bitcoin holders can embrace Austrian economics to elevate their savings for leisure, education, and meaningful projects that benefit society. The conversation touches on the connection between personal growth, true leisure, and Bitcoin’s potential to shape a prosperous future. Goldstein highlights the importance of prioritizing quality in life and using wealth to foster collective well-being rather than just personal gain.
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Capital and Time Preference
- Capital is produced goods, including knowledge, meant to create more future goods. - Time preference means preferring goods sooner, but saving requires willing to wait for more later.
Fiat Disrupts Saving and Investment
- Fiat money disturbs the saving process by devaluing saved money over time. - This causes shorter time horizons and riskier, short-term investments, leading to boom and bust cycles.
Why Hold Money?
- Hold money to handle uncertainties and seize unforeseen opportunities. - Money's liquidity makes holding rational and productive despite appearances of unproductiveness.
