(Kitco News) If Bitcoin were to become a global monetary standard, it would be an "absolute economic catastrophe," said Ernst & Young's global blockchain leader Paul Brody.
The world's largest cryptocurrency is by default considered a deflationary asset in the digital space. What this means in the crypto world is that its supply is finite — set at 21 million tokens ever to be minted — and as investors buy and hold Bitcoin, the supply is reduced, and prices increase.
"Deflationary systems like Bitcoin are bad for the economy. I don't think people devote nearly enough time and attention to discussing why. If Bitcoin were to become a global standard, it would be an absolute economic catastrophe," Brody told Kitco News in a recent interview. "And there are mountains of evidence."
Deflationary assets are especially terrible as global monetary standards during economic slowdowns. And one of the clearest examples from the past is gold, Brody added, noting that the gold standard failed...
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