Jerry Brito on Bitcoin and Escape from Government Control as 'Monetary Justice'



There are many reasons why Bitcoin is a revolutionary and disruptive invention, and its wider adoption promises many benefits for individuals and the economy. Delivering us from the perceived unfairness of inflation, however, is not one of them. But even assuming that Bitcoin could displace the dollar, what we would end up with is a currency that likely would behave like gold, and gold doesn't make for good money–it's too volatile.

But what Bitcoin has that no other currency has is censorship-resistance, writes Jerry Brito. Because it is decentralized and relies on no third parties, Bitcoin has the ability to bypass capital controls. If you can convert your wealth into Bitcoin, you can get it out of your government's reach. That is revolutionary,and this is Bitcoin's true contribution to "monetary justice."