Brian Armstrong: belief

Transcript context

…If we know the net mining fees are going up, shouldn’t our prediction for the long-term equilibrium be one of very low velocity, and in some ways, the uses of bitcoin will be more restricted than now, and it will be quite inert. It will be there as a thing in portfolios, but actually, in a funny way, a little boring. Look, I think of bitcoin as being like digital gold, so it may turn out that it’s not going to be the medium of exchange unless those layer 2 solutions start to really work. If we don’t get layer 2, then I think bitcoin will probably stay like a digital gold, and you’re right, it will be large, slow-moving amounts. It’s like the asset that people flee to in times of uncertainty, almost like the reserve currency of the crypto economy. I don’t know if it’s boring or not, but you may see lower movement of money and that kind of thing. Why isn’t it a Pareto improvement, then, to have a fork, to give up on the old agreement, have something called bitcoin new, where they do create more than 20 million, and that will keep the mining fees lower for bitcoin new, and that will out-compete classic bitcoin.…

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