{"id":14351,"date":"2021-12-29T20:08:23","date_gmt":"2021-12-29T14:38:23","guid":{"rendered":"https:\/\/zebpay.com\/?p=14351"},"modified":"2023-03-13T10:18:56","modified_gmt":"2023-03-13T10:18:56","slug":"milton-friedman-predicted-bitcoin-in-1999","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/milton-friedman-predicted-bitcoin-in-1999","title":{"rendered":"Milton Friedman Predicted Bitcoin in 1999"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/milton-friedman-predicted-bitcoin-in-1999\/#The_prediction\" title=\"The prediction\">The prediction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/milton-friedman-predicted-bitcoin-in-1999\/#The_rise_of_the_internet_and_decentralisation\" title=\"The rise of the internet and decentralisation\">The rise of the internet and decentralisation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/milton-friedman-predicted-bitcoin-in-1999\/#Closing_Thoughts\" title=\"Closing Thoughts\">Closing Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Milton Friedman is a well renowned economist. He who was awarded a Nobel Prize for his impactful research and contributions to the field. He is one of the most prominent economists and statisticians of our time, well versed in consumer behaviour and monetary policies.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/20\/Portrait_of_Milton_Friedman.jpg\/1200px-Portrait_of_Milton_Friedman.jpg\" alt=\"Milton Friedman - Wikipedia\"\/><\/figure><\/div>\n\n\n<p>At the peak of his career in 1976, he won the Nobel Memorial Prize in Economic Science. He had his fair share of critics that at the time perceived his liberal worldly views in a negative light. However all of his theories such as the globalisation theory and others are holding true today.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-prediction\"><span class=\"ez-toc-section\" id=\"The_prediction\"><\/span><strong>The prediction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of Milton\u2019s most noteworthy predictions is his prediction on the invention of <a href=\"https:\/\/pro.zebpay.com\/trade\/BTC-INR\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin<\/a> in 1999. He believed in the true potential of the internet and the opportunities it would bring to the future generations. He experienced the true wonders of Web 1.0.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_rise_of_the_internet_and_decentralisation\"><\/span><strong>The rise of the internet and decentralisation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Seeing the rise of the internet, he predicted the need for electronic cash that would connect the world seamlessly. A currency that would mitigate the need for other national currencies. This would help in facilitating financial independence without relying on governments and central banks for making payments. Even the rise of e-commerce and other services being provided for on the internet would require digital cash for a seamless experience.<\/p>\n\n\n\n<p>He described this concept as a \u201cdecentralized currency\u201d that we call cryptocurrency today. He went on to describe the concept as \u201cTransfer funds from A to B without A knowing B or B knowing A\u201d. Friedman truly believed that this kind of change in monetary policy and the economy as a whole is inevitable. This would enable a more free world, one where we didn\u2019t have to rely on government\u2019s for determining the value of a dollar. And one where we did not have to trust financial institutions nor inform them of the purpose and minute details of our transactions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_Thoughts\"><\/span><strong>Closing Thoughts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Milton Friedman, one of the world\u2019s greatest economists, unfortunately did not see his prediction come to life. He died a natural death in 2006, missing the birth of Bitcoin just a few years later in January of 2009. He has always been futuristic in his views and theories, and today his prediction is holding strong. <a href=\"https:\/\/zebpay.com\/blog\/is-cryptocurrency-the-future-of-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">Decentralisation and cryptocurrencies are the building blocks of a brighter future for the coming generations<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Milton Friedman is a well renowned economist. He who was awarded a Nobel Prize for his impactful research and contributions to the field. He is one of the most prominent economists and statisticians of our time, well versed in consumer behaviour and monetary policies. At the peak of his career in 1976, he won the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14351"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14351"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14352"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}