Quoth the Raven’s U-Turn: From Bitcoin Skeptic to Believer, Envisions a New Era of Financial Freedom

In a candid interview about his past skepticism towards bitcoin, Chris Irons, also known as ‘Quoth the Raven,’ founder of Quoth The Raven Research, has taken on a transformative journey from doubt to belief in the leading digital currency. During an episode of the “What Bitcoin Did” podcast with Peter McCormack, Irons explains his newfound perspective on bitcoin’s potential to standardize post-financial crisis and its capacity to serve as a bulwark against the current monetary system’s pitfalls.

Quoth the Raven Shifts Stance on Bitcoin

During an engaging and insightful dialogue, ‘Quoth The Raven’ (QTR) shares his reflections on Bitcoin’s community, the shaky ground of global monetary policies, and his broader investment philosophy. QTR, a distinguished financial writer and the brain behind Quoth The Raven Research, initially kept his identity a secret but chose to reveal his identity in 2015. Recently, he has experienced a shift in perspective regarding bitcoin, warming up to the leading digital currency.

In the interview, QTR articulates a case for bitcoin (BTC) as the future of sound money, emphasizing its potential to emerge as a standard in the wake of financial turmoil. He reflects, “If you’re out there putting in the work, and the only thing you want to do is preserve your wealth, you have a legit beef with monetary policy… the next time there is an Occupy Wall Street, the exit ramp could very well be bitcoin.”

Irons contrasts bitcoin with traditional protest investments, pointing out the absence of counterparty risk and dilution—key advantages over options like Gamestop shares. He asserts, “Nobody can shut trading off for you; nobody can take your bitcoin.” His description highlights bitcoin’s unique position as a censorship-resistant and autonomous asset.

Delving into the systemic flaws of the fiat currency system, Irons vividly describes the impact on everyday life, saying, “It feels horrible when you work a 40-hour week, and you can’t afford a Domino’s Pizza because of the fiat system.” QTR positions BTC alongside gold as viable exits from this system, anticipating a FOMO-induced surge in bitcoin’s value due to its capped supply and scarcity.

QTR imagines a unifying moment for various societal groups, from Occupy Wall Street participants to libertarians, rallying around bitcoin. This collective movement, he suggests, could significantly amplify bitcoin’s future adoption and influence. He also discusses the transformative potential of bitcoin exchange-traded funds (ETFs), viewing them as a regulator’s endorsement that could funnel trillions of dollars into bitcoin.

“The ETFs are essentially a tacit blessing from regulators. There’s no turning back,” Irons notes, highlighting the irreversible path toward widespread Bitcoin acceptance.

Predicting the inflow of international wealth into bitcoin, Irons comments on the allure of the cryptocurrency to the ultra-rich, suggesting a significant impact on bitcoin’s valuation. His observations at a Dubai conference underscore the global interest in bitcoin from diverse wealth sectors.

“That is wealth on a different level,” Irons said. “That is Saudi Aramco wealth. That is, ‘I live on top of an oil well’ wealth, right? These people are just looking for something to do with their money. They have more money than they know what to do with. They’re gold-plating water slides at water parks and building entire cities in the middle of the desert.”

QTR concluded:

If you think some of these guys are not going to allocate $20 billion, $25 billion to their sovereign balance sheets in the Middle East, even if [bitcoin] goes to zero, they don’t give a f*** — You know, they just say, ‘Alright, well, it’s this flashy thing. We want to get some of it. Maybe we’ll hold a trillion dollars in gold, 10 billion dollars in bitcoin.’ But I think when that kind of stuff happens, the game theory just takes over.

What do you think about Quoth the Raven’s recent turnaround concerning bitcoin? Let us know what you think about this subject in the comments section below.

Source