The chief government of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics.
In an interview with Cointelegraph, Radloff mentioned that he first encountered Bitcoin towards the tip of 2011, including that he started “hodling and accumulating shortly after.”
Bitcoin as Austrian Economics
Unlike many early adopters, Radloff said that it wasn’t the know-how underpinning Bitcoin that attracted him to crypto, fairly the financial rules that the nascent cryptocurrency embodied.
“For me, what drove to Bitcoin wasn’t the technology at all. […] I had been a student of monetary policy, specifically the Japanese yen. As I started really understanding the construct of how money works, Bitcoin’s monetary supply — the quantitative hardening that it goes through every few years — was my eureka moment more than the blockchain technology element of it,” he mentioned.
“Obviously I love the tech side and I think that it’s incredibly innovative, but what gets me excited about it is these ‘hardening’ elements — it’s really a discussion around Austrian economics versus Keynesian economics,” Radloff added.
Bitcoin reopens Austrian economics discourse
Radloff asserts that his “goal in life is not just to advance [Bitcoin], but to make Austrian economics more approachable and understandable to Millennials and Generation Z.”
“If you’re our age, collectively, all we have ever recognized is ‘money printer go brrr’ — that is all we have ever recognized. Since we have been born, we have been printing, and no one’s actually ever questioned that. But it is you take a look at [past] generations […] it did not use to be this fashion.”
“The idea of a gold standard and an Austrian basis to our economy and market is something that many people are out of touch with that are our age. And Bitcoin is now reopening that dialogue.”
“Bitcoin is the digital manifestation of Austrian economics,” Radloff concluded.
Is Bitcoin changing gold?
Radloff additionally argued that Bitcoin is rising as a digital alternative for the financial utility historically supplied by gold, stating:
“In the digital age, [Bitcoin] is taking over gold’s role that it fulfilled for thousands of years. This is why economists that are on the Austrian side of the fence, and people that invest with a kind of Austrian mindset — like the gold and land people — should be excited about Bitcoin and its success.”
Radloff famous that Kingdom Trust’s resolution to introduce custody providers for Bitcoin was a response to demand from the custodian’s gold-owning buyer base, with curiosity in crypto property rising amongst gold holders from 2014 onwards.
Recently, Kingdom Trust introduced the launch of a retirement fund that helps cryptocurrencies — amongst different monetary property.