Where people once grudgingly accepted transaction fees as a part of life, Bitcoin and the Lightning Network threaten the dominance of payment giants and remittance companies. During a new episode of “The Best Business Show,” host and investment expert Anthony Pompliano interviewed author and entrepreneur Jeff Booth.
The two dived into the future of Bitcoin and El Salvador while exploring how the Lightning Network could trigger deflation.
Credit-based system vs new reality
Calling Bitcoin “the safest asset” and the “king of all assets in this time,” Booth spoke about living with a Bitcoin standard where more money could not be printed at will. He said,
“What would happen on Bitcoin standard is prices would constantly come down. So it would enable the free market so [that] the abundance gained from technology would be more broadly distributed.”
However, Booth cautioned against treating deflation as the end goal. He explained that on the current credit-based system, deflation could cause bank failures and even societal collapse.
Pompliano and Booth agreed they were both bullish about the developments in El Salvador. Coming to the Lightning Network, Booth noted the disruption the second layer technology could cause to payment giants like Visa. He remarked,
“That means as a business, you could increase your net profits or you could increase your profits by that amount. And when businesses are operating on low margins,…