Bitcoin is for everyone, p.17
Bitcoin is for Everyone, page 17
Teenagers are often portrayed as having a very high time preference: one of their favorite expressions, YOLO (“you only live once”), points to things that might seem—to a mature adult—risky or irresponsible. A teen who discounts a sense of their future selves might be inclined to put their summer earnings towards a car, for example, over opening a college savings account, or to start smoking without any concern for their health down the road.
High time preference is the prioritizing of current satisfactions over future ones.
People with low time preference, on the other hand, recognize the value of planting seeds for their future selves to harvest. In earlier civilizations, this might have looked like the choice between fishing only to meet one’s daily needs versus spending time investing in the construction of tools that will increase production down the road (such as fishing rods or boats). While such an effort might not pay off at first (they could be eating or sleeping instead of painstakingly building a boat), their future selves will be glad they did! In more modern terms, this might look like the difference, theoretically, between spending one’s earnings on dining out instead of eating in and squirreling away the difference in order to save up for a home.
In both cases, the demands of the current present (literally right now) supersede the demands of the future present (the “now” that we’ll only experience as “now,” when we actually get there).
Though it often goes unrecognized, the soundness of our money has an enormous impact on our time preference.
It’s tricky: we tend to think that we only buy cheap things because we don’t have enough money for the nice stuff, but if our money held its value—if you knew that your $5 was going to be worth at least $5 tomorrow, and maybe even $10 a bit further down the road—would you think twice about buying that $6 latte or cheap throw rug? Might you instead wait to buy the nicer one that would hold up over time, better reflects your taste, and was made with real care and craftsmanship rather than the one churned out in a distant factory?
If our money is strong—if it can hold or even increase its value over time—then we’ll have a natural incentive to save, knowing that by sacrificing some temporary desires (an expensive dinner out tonight) we will make our future selves even happier (maybe an actual vacation someday?) and plan accordingly.
But the opposite is also true: when the money supply is being constantly inflated—causing our purchasing power to erode faster than we can make up the difference—we face a very real pressure to spend it now, before it buys even less for us later. The devastating effects of this condition are visible everywhere, from our own lives to global history.
Hard money resolves this tension in our system. It allows technological advances to naturally lower prices, without artificially offsetting them with the monetary expansion that perpetuates an inflationary economy.
At its most extreme, inflation becomes hyperinflation. In countries experiencing hyperinflation, high time preference is a matter of survival: “Prices rise parabolically, which prompts consumers to panic-buy anything that will hold value and thus create massive shortages.”120
In such cases, money becomes a hot potato, passed off in exchange for anything and everything as quickly as possible. In a hyperinflationary moment, as Saifedean Ammous points out, fruit trees are more useful as firewood now than for the fruit they will continue to bear year after year.121
Thankfully, most of us haven’t experienced this tragic—and often deadly—economic condition.
But when we see hints of the same desperation in our own behavior, it’s helpful to wonder whether the constant drumbeat of self-blame (“why can’t I make better decisions?”) isn’t, instead, a function of the nuanced but very real effects of money that loses its value over time.
The pull towards high time preference—spending now because money will be worth less later—isn’t just about individual behavior, either. This tendency also has an enormous effect on how business is conducted, with implications that ripple far beyond the boardroom and into our daily lives.
Corporations are trapped in the same high time preference paradigm as the rest of us. They just operate at a whole different level, incentivized to maximize short-term profit and shareholder value over long-term sustainability.
If you’ve noticed a huge shift in corporate culture over the last few decades, this helps to explain it. There was a time, not too long ago, when corporations had a lower time preference: they invested more in their employees, offering pensions and stable career paths that fostered loyalty and connection. They took great pride in building real things that would endure.
It seems almost old-fashioned at this point, but many in our parents’ generation stayed with companies for decades—even across an entire career—knowing that their dedication would be rewarded financially (can you imagine having a defined benefit pension?), and personally. They cultivated lifelong relationships; they belonged to a work community.
Today, however, the opposite is true. The goal of short-term profits at all costs—driven by the need to keep delivering a return for shareholders within the context of rising inflation—has eroded that foundation. Transient and transactional relationships and disposable jobs (not to mention an entire gig economy of faceless, interchangeable workers) have been left in its place.
Examples of the destructiveness of low time preference abound. Fast fashion, fast food, and fast entertainment designed to appeal to the broadest possible audience—think of the movie studios that keep milking old franchises for a quick buck, rather than taking creative risks—give us a strong sense of what the world looks like when money can’t hold its value.
When we’re stuck in a high time preference mindset, we tend to focus only on the short term. The future barely matters compared to what we need right now. For example, if a corporate executive is thinking short-term, dumping toxic waste into a river might seem like a quick fix. The product gets shipped today, employees get paid today, and the business survives another day.
But when that pressure eases—when our money holds its value and we don’t feel like we’re constantly racing against the clock—everything changes. Instead of seeing rivers, parks, and farmland as resources to grab before someone else does, we can start thinking long-term again. We can protect them not just for ourselves, but for future generations.
Lowering our time preference also changes how we treat each other. Instead of exploiting every opportunity for passing transactional gain, we build real relationships based on trust and mutual benefit. It’s the difference between looting during a crisis and creating networks that last: when we value the future, we stop acting like takers and start acting like builders.
Which brings us back to the inevitable march of time in our own lives, and the way our financial landscape colors the choices we make.
Until Bitcoin, my dream of owning a home was almost impossible to imagine. I worked as hard as I could, year after year, but never seemed to come any closer to making it a reality. I put my personal life and the desire to create a family on the backburner. I tried desperately to save, and blamed myself for not being able to achieve my goals. I just didn’t understand what I was doing wrong.
Now, of course, I understand completely: I was swimming against the tide. I was climbing a mountain that seemed to grow taller with every step.
Rather than wondering what I’m doing wrong, I now ask myself a completely different set of questions about the future: what would the world look like if everyone felt economically empowered?
What could people do with all the time they’d save if they didn’t have to worry so much about affording their lives?
And what about you? If your money could retain—and even grow—in value over time, what would you do differently?
Do you love what you’re doing for work, or would you make a different choice? Would you spend more time at home? Would you have more children? Travel? Would you learn the guitar, press wildflowers, volunteer at your local shelter? Would you read more books? Maybe write one?
What if we didn’t have to work so hard to survive, and instead could work towards goals that gave us a real sense of satisfaction and pleasure?
Bitcoin has taught me to view money from a completely different perspective, and shown me that we can reclaim control over our time.
And speaking of time, it bears repeating: when it comes to studying Bitcoin, you’re early. We all are.
As you can see in the global asset landscape depicted below, Bitcoin is still in its infancy. At the time of writing, it represents just less than $2 trillion of the $900 trillion total of global wealth. In contrast, real estate ($330 trillion), bonds ($300 trillion) and equities ($115 trillion) dominate as primary vehicles for wealth storage.
But predictions suggest that as adoption grows, significant capital will flow out of traditional asset classes and into Bitcoin.
Figure 11: Global asset values
Source: Jesse Myers, “Once-in-a-Species,” www.onceinaspecies.com.
Real estate could once again serve primarily to house real people rather than operating as a piggy bank. Art and collectibles might return to being appreciated for their cultural value rather than being prized primarily for their role as inflation hedges. With a monetary asset like Bitcoin anchoring global value, humanity can make the transformational shift towards a future-oriented mindset.
Imagine what such an awareness—not just as a moral imperative but as an economic reality—would mean to future generations.
When people are free from the anxiety of monetary debasement, they can invest their time, energy, and resources into building a world where long-term prosperity isn’t just possible, it’s inevitable.
Bitcoin doesn’t simply fix money; it fixes our relationship with time.
In this way, Bitcoin isn’t just money at all. It’s a reframing of the way money shapes our lives.
It’s the best money ever invented to store the energy of our work. Instead of forcing us to chase it to survive, Bitcoin frees us to live.
Chapter 16 Summary
Our relationship with time shapes everything we do. Time preference—how much we value the future over the present—is an underappreciated influence on all of our decision-making. With fiat money, we’re pushed toward short-term thinking: it makes sense to spend our money now, while it’s worth more than it will be over time. This has enormous consequences both for our individual lives and for society as a whole. Bitcoin reverses the logic of short-term thinking: since it’s scarce and deflationary, it encourages us to save and plan for the future.
Key Takeaway: Bitcoin realigns our relationship with time—it rewards patience and long-term planning by storing value across generations.
EPILOGUE:
BITCOIN IS FOR EVERYONE
“So the first answer to ‘Why now?’ is simply ‘Because it’s time’.”
CLAY SHIRKY
BITCOIN IS AN idea whose time has come.
The digital asset may have started out with an obscure post on a message board for cryptographers, but it is now a household name across the globe. And while its complexity is indisputable—each one of these chapters could be its own book—its impact is a story that we’re writing together.
I am passionate about Bitcoin not because I believe it has all the answers, but because it encourages us to grapple with some very important questions. How do we want to live?
How do we want to coexist with one another, and how might sound digital money help us achieve those ideals? Who are we, and who do we want to become? Why is it so hard to pause and ask these essential questions in our frenzied, distracted culture?
The Statue of Liberty—and the American Dream she has come to represent—has long been a beacon for the world. Her torch has lit the way not only for Americans, but for people everywhere, like my parents, who saw in the United States living proof that given the right conditions, people could work hard, live free, and thrive.
It was not simply that America was prosperous, although that has certainly been key to its enduring legacy. It was also what that prosperity enabled: innovation and creativity. Community-building, civic engagement, and leisure time with family and friends. The ability to decide what we want to do, and the opportunity to go ahead and do it.
America today is still extraordinarily prosperous by any metric, but the upward mobility that was possible for other generations—at least with hard work and discipline—seems to have receded.
This is not because people have fundamentally changed; in many ways, it’s because broken money has strained the American promise.
Bitcoin revives not just the American Dream, but also our global economy and society at large. With Bitcoin, we’re no longer breathlessly working to outpace an inflationary currency; with Bitcoin, we can slow down, imagine, and build a more humane and vital world.
By lifting a veil that had settled over Liberty’s torch, Bitcoin casts the glow of opportunity far and wide. Light that had become concentrated on the few can now reach all of us, even in places where barriers were the norm and access strictly limited.
It’s ironic, in a way, that a new form of money emphasizing personal sovereignty can lead us into direct contact with a greater sense of society as a whole. No longer isolated within a murky, opaque system, we can see more clearly how deeply intertwined we truly are with people in our backyards and across the globe. We can see that a zero-sum game of winners and losers is not the only future reality, nor even the likeliest one.
Whether you’re looking to diversify an already-robust portfolio or wondering how you’re going to make next month’s rent, Bitcoin is an investment in the vision of a future that we’re not just reacting to but can actually create together.
Or, as Satoshi humbly and succinctly put it, “It might make sense just to get some in case it catches on.”
Bitcoin is a rising tide, and it’s poised to be the first money in history that truly has the capacity to lift all boats.
Bitcoin is hope, and it really is for everyone.
ACKNOWLEDGMENTS
Everyone has help along the way.
Writing Bitcoin is for Everyone has been one of the most profound and transformative experiences of my life, and it would not have been possible without the support, love, and guidance of so many people who have walked alongside me.
First and foremost, I owe everything to my family. To my parents, who left behind everything they knew in pursuit of a better life for their children, I am forever indebted. Their courage to start anew in a foreign land, where everything was unfamiliar, shaped the person I am today. The sacrifices they made—never showing the weight of the struggles they faced—are etched deeply in my heart.
To my mother, who dreamed of a better world beyond the borders of Communist Poland and instilled in me the belief that anything is possible if we have the courage to fight for it. Her sacrifices fueled my desire to help others who are facing similar battles, and it’s because of their unshakable faith in the American Dream that I strive to make that dream accessible to everyone. To my father, who worked tirelessly to build a better life for our family. I am deeply grateful for his quiet sacrifices and the love and encouragement he continues to show me every day.
To my dear brother, who faced so many challenges coming to this country at nearly 17 years old, and who has always supported me in following my dreams, even when they have taken me far from home. His warmth, optimism, and quick wit have long been a source of comfort and inspiration. I’m so very grateful to once again be near to him, his wife, and my darling niece.
To my late grandmother and grandfather, who taught my mother to dream of a life beyond the Iron Curtain, I owe much of the foundation of my perspective on freedom and opportunity. Their vision of a world where people could dream without limits has shaped not just my journey, but the stories I’ve told throughout my career.
To my husband, Sam Callahan, whose unwavering support and belief in me have carried me through the most challenging times, thank you. Your patience, understanding, and love have been my anchor. Your shared vision of a brighter future for everyone, one where financial freedom is a reality, has been a constant source of inspiration.
I also want to extend my heartfelt thanks to writer Allison Gustavson and my literary agent, Maura Phelan, who helped me transform my thoughts and ideas into the written word. Their dedication and expertise have been invaluable throughout this process. Allison, with her unmatched talent for the written word, worked tirelessly to ensure that my scriptwriting for TV found its voice in literary text. Together, they patiently sat with me, poring over every chapter, every word, and helping me refine my ideas in ways that I couldn’t have done on my own. I am forever grateful for their guidance and skill.
I am profoundly grateful to my Bitcoin mentors. Their passion, knowledge, and commitment to creating a more inclusive financial world have deeply influenced my understanding of what is possible. Thank you for challenging my thinking and for helping me see Bitcoin not just as an investment, but as a revolutionary tool for empowerment. Notably, this includes Michael Saylor, Lyn Alden, Jeff Booth, Brian and Kelly Estes, Preston Pysh, Eric Weiss, Lawrence Lepard, Saifedean Ammous, Peter McCormack, and Lawrence Shea.
I must also thank my best friend of 19 years, Paula Pendley, whose steadfast support at my first Bitcoin conference helped me break into this new industry. Today, as a lawyer defending and championing justice for Bitcoin companies, she makes me prouder than ever.
To the many industry friends, colleagues, and brilliant minds who I’ve had the honor to connect with during my Bitcoin journey, thank you for sharing your time, collaborating side by side, and celebrating this extraordinary technology with me around the world. Thank you to Carla and Walker, Hunter, Nathanial, Teresa Bacal, Adam Back, Calli Bailey, David and Emily Bailey, Lynne Bairstow, Eric Balchunas, Haris Basit, Dom Bei, Sumit Behl, Aron Bender, Carly Benson, Marty Bent, Charlotte Bergmans, Nik Bhatia, Bill Miller, George Bodine, Joel Bomgar, Kelly Booth, Joe Burnett, Perianne Boring, Vijay Boyapati, Zach Bradford, Lee and Becca Bratcher, BTC Archive, Kaily Buemi, Bob Burnett, Joe Burnett, Joe Carlasare, Nic Carter, Vivian Cheng, John Christovich, Colin Coates, Renae Cormier, Alexandra Davani, Brian De Mint, Jason Don, Jack Dorsey, Julia Duzon, Sue Ennis, Charlene Fadirepo, Hong Fang, Efrat Fenigson, Fran Finney, David Foley, Silas Foley, Greg and Julie Foss, Martell Fox, Mike Germano, Alex Gladstein, Mike Germano, Simon Gerovich, Gui Gomes, Luke Gromen, Magdalena Gronowska, Dan Held, Stacy Herbert, Andrew Hohns, Matt Hougan, Hunter Horsley, Ella Hough, Lisa Hough, Adam Hurley, Neil Jacobs, Shirish Jajodia, Michael Jordan, Ed Juline, Andrew Kang, Max Keiser, Christian Keroles, Cory Klippsten, Tim Kotzman, Kyle Knobloch, Danny Knowles, Lyudmyla Kozlovska, Chris Kuiper, Victoria and James Lavish, Chris Lawlor, Shimon Lazarov, Phong Le, Dylan LeClair, Kiki LeClair, Nico Lechuga, Tom Lee, Alex Leishman, Hailey Lennon, Parker Lewis, Stephan Livera, Caitlin Long, Jameson Lopp, Valerie B. Love, Jason Lowery, U.S. Senator Cynthia Lummis, Col. Douglas Macgregor, Roya Mahboob, Janet Maingi, Brooke Mallers, Jack Mallers, Sabrey Manning, Elina Marchenko, Matt Marlinski, Steve McClurg, Addie McDougal, Lana Miles, T.J. Miller, Brad Mills, Nico Moran, Brett and Sima Morrison, Mark Moss, Jesse Myers, Farida Nabourema, Nick Neumann, Eric Norris, NVK, Obi Nwosu, Matt O’Dell, Russell Okung, Thomas Pacchia, Jeff Park, Anil Patel, Raj Patel, Charles Payne, Matteo Pellegrini, Ben Perrin, Matthew Pines, Anthony and Polina Pompliano, Dennis Porter, Yan Pritzker, Demi Pysh, Brandon Quittem, David Rassiner, Will Reeves, Susie and TJ Reilly, Rick Rickertsen, Pete Rizzo, Bonnie Roberts, Samantha Robertson, Pierre and Morgen Rochard, Jeff Ross, Avik Roy, Becca Rubenfeld, Kimberly and Shaun Ryan, Isabella Santos, Anthony Scaramucci, Kyle and Anelia Schmitt, Trey and Cas Sellers, Eric Semler, James Seyffart, Lauren Sieckmann Wertheimer and Udi Wertheimer, Natalie Smolenski, Jimmy Song, Alex Stanczyk, Elizabeth Stark, Ross Stevens, Aubrey Strobel, Harry Sudock, Knut Svanholm, Aleks Svetski, Brady Swenson, Fred Thiel, Kristin Thompson, Alex Thorn, Vince Ungaro, Jeff Walton, Michelle Weekley, Ben Werkman, Jason Williams, C.J. Wilson, Tyler and Cameron Winklevoss, Cathie Wood, Tony Yazbeck, Eric Yakes, Endi Zekaj and Yujia Zhai.
