Unwinding the Symbiosis Between Time, Money & Bitcoin
In the 18th century Benjamin Franklin's coined the phrase "Time is Money," in his essay "Advice to a Young Tradesman". It remains in common parlance to this day because of it's innate truth. Although time holds different values for each person, it is universally valuable. The link between time and money becomes apparent when we trade our time for wages through work or when we calculate the time-value of money in finance.
In the fiat economic system, our time is devalued as we exchange it for money that is diluted through inflation. This devaluation leads to a mindset where we prioritize immediate gratification and short-term goals, often at the expense of our well-being, relationships, and personal growth.
Bitcoin, with its predetermined and fixed monetary supply, encourages us to view our time differently. When we consider Bitcoin as our frame of reference, our time becomes more valuable over time.
It is important not to focus solely on Bitcoin's volatility or short-term price fluctuations. As Einstein explained a century ago, time is a relative concept. Similarly, our perception of Bitcoin's increasing value depends on our frame of reference. In any given moment, Bitcoin may trade below its all-time high price, but if we take a long-term view, we see its value increasing over time.
By recognising Bitcoin's fundamentally deflationary properties and by shifting our perspective of money to Bitcoin, we inherently shift our perspective of time. When our perspective of the world is money and time becoming increasingly valuable, we are encouraged to value our future selves and time.
By adopting a Bitcoin-centric perspective, we are incentivised to think long-term for ourselves and families. This shift in mindset can help us make better decisions and create a more fulfilling life, ultimately redefining our connection with both time and money.