Bitcoin’s Monetary Doctrine: The Dogma of Limited Supply Challenged by History and Macroeconomics

Bitcoin’s initial manifesto denounced central banks’ constant monetary expansion, yet this premise overlooks the vital imperative of flexible, modern monetary management.

💰 I. The Myth of Perpetual Money Creation

Major central banks, including the Fed and the ECB, have recently demonstrated the capacity to contract their balance sheets, reducing the money supply in response to economic demand. This historical flexibility invalidates the core argument for inevitable monetary increase.

📊 II. Structural Rigidity vs. Demographic Decline

Bitcoin’s inflexible monetary policy, which fixes its supply, presents a theoretical risk amid structurally slowing global aggregate demand, particularly due to demographic trends. Monetary history suggests this broken equilibrium leads to price instability.

💡 III. The Betrayal of the Project’s Initial Intent

Bitcoin’s dominant use has deviated from its original function as a payment medium, becoming a speculative « store of value » asset. Real-world transactions remain marginal, with the ecosystem prioritizing conversion into fiat currencies for fiscal or commercial utility.

Bitcoin’s fate as a currency is sealed, not by technical failure, but by users’ strategic choice to exclusively treat it as a speculative financial instrument.