Inflationists / consumptionists have been demonizing savers and sound money since the 1700s, if not earlier. They enjoy the artificial boom induced through infl

Inflationists / consumptionists have been demonizing savers and sound money since the 1700s, if not earlier. They enjoy the artificial boom induced through inflation of the money supply and then blame gold or speculation or "animal spirits" for the bust. They think that if we could only got back to the consumption levels of the boom, then we'd be "back on track." This never works, and the calls for consumption are usually special pleading by bank-connected interests that stand to benefit from monetary inflation. We will see the pattern continue with Bitcoin, the most sound money the world has ever known (no matter how high the price goes, you cannot increase supply beyond the scheduled issuance). This time is different, however. The consumer can (and should) control her own private keys, which means not trusting a bank, which historically will inflate the money supply to its own benefit. Forced confiscation of privately-held Bitcoin will be much more expensive than previous confiscations of gold already held in vaults. Unfortunately, those wealthy savers with their money in the vaults mentioned in the article will have their Bitcoin confiscated when things get bad enough. Too many in the space have already learned the hard way what happens when you trust your coins to a centralized institution.