Bitcoin collects the principles of the Austrian economy

Ryan Radloff, CEO of the Kingdom Trust, stated that Bitcoin (BTC) is a clear manifestation of the Austrian economy and added that he started accumulating and investing in Bitcoin shortly after he became aware of the existence of cryptocurrencies in the late 2011.

Bitcoin collects the principles of the Austrian economy

Austrian vs Keynesian economy

Ryan Radloff, CEO of the Kingdom Trust, stated that Bitcoin (BTC) is a clear manifestation of the Austrian economy and added that he started accumulating and investing in Bitcoin shortly after he became aware of the existence of cryptocurrencies in the late 2011. Kingdom Trust is a leading independent, qualified custodian specializing in innovative custody solutions and custody services for individual and institutional investors who has custody of over $ 13 million in assets.

** A well-known malware team, NerWalker, launched a ransomware attack against the Augustan city of Weiz that seriously affected the utility system and leaked some of the stolen data from applications and building inspections.

Radloff stated that what attracted him to Bitcoin was not the blockchain technology but the economic principles that support the cryptocurrency: "For me, what led me to Bitcoin was not the technology ... I was studying monetary policy, specifically the yen When I first started to really understand the construction of how money works, the money supply of Bitcoin, the quantitative tightening that it goes through every year: that was my "eureka" moment rather than the element of blockchain technology. ”However, Radloff has clarified that his opinion on blockchain technology is clearly positive and I rate it as "incredibly innovative".

** One of the main private banks in Austria, the Raiffeisen Bank International (RBI), is working on the development of a new form of conversion into national currency through the use of blockchain technology.

Radloff believes that Bitcoin is reopening the dialogue about the current monetary system and its shortcomings, such as uncontrolled issuance: "If you are our age, collectively, all we already know is" money printing sounds like 'brrr', that's all . Since we were born, we are printing cash and no one really questioned that. "But you look back at past generations ... and it used to be that way.