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- “Broken money” by Lyn Alden
Lyn Alden is a bestselling author, financial analyst, independent director on the board of Swan Bitcoin and a general partner in Ego Death Capital.
She now focuses on making independent, institutional-level research available to retail investors and is often featured in the Wall Street Journal, CNBC, the Financial Times and etc.
Key takeaways 🎓
1. The evolution of money
The book explores how technology has always shaped the evolution of money (from ancient forms of currency to modern digital systems).
In fact, many new technological advancements have led to changes in how money is created, stored and transferred.
She provides a detailed history of these developments, highlighting the impact of innovations like the telegraph, the internet and blockchain technology on our financial systems.
2. Problems with today's money
The author critically examines the current centralized monetary system, which she views as flawed and potentially harmful to the global economy.
All fiat money is losing value every year because the government keeps printing more of it - this ability to continually debase their currencies is nothing but a form of financial oppression that’s eroding people’s savings.
3. The future of money
Alden believes one particular technology - Bitcoin - has unique properties which create a form of "hard money" that is digitally native, easily transferable, limited in supply and resistant to debasement by any central authority.
She sees Bitcoin as “digital gold” and a potential solution to many of the problems with the current financial system, such as inflation or concentration of power in the hands of a few.
Closing thoughts 🧠
The book gives us a deep dive into the history of money and how technology has and always will continue to shape the future of money.
Lyn believes (and I agree) that the current centralized monetary system is flawed and advocates for the use of a superior form of money - Bitcoin - which she believes could provide a more stable and equitable financial future for all of us.