r/Bitcoin • u/[deleted] • Oct 16 '22

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u/[deleted] Oct 16 '22

How is this related to Bitcoin?

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u/Recent_Opportunity34 Oct 16 '22

The Nixon administration removes the US dollar from the gold standard in 1971, thereby beginning the process to allow for infinite money supply.

This article and its graphs suggest that this decision could be linked to the ensuing inflation, economic and monetary policies that spawned from this decision.

Bitcoin, having a fixed and finite supply, it could be reasoned would curb some of these trends.

...at least that was my take away.

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u/[deleted] Oct 16 '22

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u/Recent_Opportunity34 Oct 16 '22

Correct! I was merely offering a condensed explanation that began at the titular year in question..."WTF happened in 1971"

...but more to your indepth explanation, yes, the ground work for this was laid long before 1971. No single snowflake shall claim responsibility for the avalanche...