Author and psychologist Jordan Peterson said that hyperinflation hurts those who are the pillars of society.
The ability to save up is an essential tool for self-regulation and planning for the future, but when inflation becomes uncontrollable, those who put in their efforts to delay gratification get punished for their choice. On the other hand, Bitcoin (BTC) does the opposite, according to clinical psychologist Jordan Peterson.
In the show called What is Money?, Peterson joined the Bitcoin entrepreneur Robert Breedlove to talk about money and discuss the effects of fiat inflation on people who forego instant gratification and how Bitcoin gives hope for the future.
According to Peterson, hyperinflation hurts those who are patiently putting in the work and are saving up for the future. He described these people as the “pillars of our society,” and Peterson argued that these people are vital to the security and survival of civilization. He explained that:
“You want to encourage people to have some faith in the future and make decisions that make the delay of gratification morally laudable and intelligent. Inflation hurts those people.”
Peterson highlighted that with inflation distorting the market, one of the things that made him interested in Bitcoin is that there are no such distortions or interference. Cryptocurrency enables a free market, according to the psychologist.
He further mentions that BTC may be a device that will enable society to adapt to what he describes as the horizon of the future. “It’s the only bloody device we have. Unless you think central planners are going to manage it. Good luck with that. That’s just not going to happen,” he said.
Peterson dived into Bitcoin in 2019 when he started accepting BTC donations after leaving the subscription platform Patreon because of issues on free speech. The 12 Rules of Life author has also been trying to understand Bitcoin since 2021, inviting BTC proponents to his podcast and exploring more about cryptocurrency.