Introduction to Jeff Booth’s Vision for a Deflationary Future
Welcome to Slate Sunday, CryptoSlate’s weekly feature with in-depth interviews, expert analysis, and thought-provoking commentary that goes beyond the headlines and explores the ideas and voices shaping the future of crypto. In this article, we will delve into the insights of Jeff Booth, a Vancouver-born entrepreneur and author of The Price of Tomorrow: Why Deflation is Key to an Abundant Future, who has been warning the world for over a decade that technology and debt don’t mix.
The Illusion of Stability in the Current Financial System
According to Booth, the financial system we live in is a giant illusion, a construct that prevents the natural process of progress and innovation from benefiting everyone equally. He reminds us that “the natural state of the free market is deflation,” which is the opposite of what we see in a debt-based system. Booth, who ran tech company BuildDirect for nearly two decades and now runs venture capital firm Ego Death Capital, was named one of Goldman Sachs’ 100 Most Fascinating Entrepreneurs.
Global economic data paints an increasingly unstable picture, with the U.S. unemployment rate rising to 4.1%, business bankruptcies at their highest level since 2020, and credit card delinquencies exceeding pre-pandemic levels. Meanwhile, real wages have stagnated against a backdrop of record debt levels, with global borrowing topping $337 trillion this year, according to the Institute of International Finance. Booth argues that this outcome is built into the system itself, where money has to grow forever, creating a system in which prices must rise.
Bitcoin as a Solution to the Debt-Based System
For Booth, Bitcoin represents the first truly global free market that cannot be manipulated. He believes that Bitcoin is “repricing the whole world” because it operates outside a system of debt and tightening credit. All global assets are steadily losing ground due to the scarcity-driven, deflationary Bitcoin model, and real estate is a prime example of this. While real estate prices may rise in fiat terms, they become significantly cheaper in BTC.
Booth encourages people not just to buy Bitcoin but to invest their time in it, learning about it, and understanding its potential to create a more abundant future. He believes that we are still in the early stages of Bitcoin’s adoption and that it’s not too late to start stacking sats. By doing so, individuals can contribute to a world they want to see, rather than being afraid of the one they are living in.
Fear and Control Systems
Booth believes that our collective fear, be it of inflation, artificial intelligence, or geopolitical conflict, is a symptom that we are caught in a rigged game. It is in the interests of those in power to create a cycle of constant uncertainty and fear. He argues that monopolies favor regulation, and that the only reason they can exist is due to a control system. In a truly competitive market, prices naturally fall until they equal the cost of actually producing the goods, benefiting society as a whole.
The Decision to Act and Create a Better Future
Booth’s core message is one of agency, insisting that individuals have more power than they realize. He encourages people to run a node, spend money in Bitcoin, and take action to create a better future. With the proliferation of digital IDs and centralized systems, Booth points to new technologies such as Nostr, the decentralized social protocol, and Fedi, a privacy protection platform, as examples of how individuals can take control of their data and create a more secure and private online experience.
Conclusion and the Path Forward
Booth’s thesis that technology-driven deflation should be embraced, not feared, has never seemed more relevant or hopeful. According to the International Labor Organization, global youth unemployment is nearly 13%, and Goldman Sachs warns that automation could displace 300 million full-time jobs by 2030. However, Booth sees abundance on the other side of this transformation, where the same AI that people think can destroy us will actually make life unimaginably rich.
For more information on Jeff Booth’s vision for a deflationary future and the role of Bitcoin in creating a more abundant world, visit https://cryptoslate.com/jeff-booth-wants-you-to-move-more-of-your-time-into-bitcoin/
