Lecture delivered on Sept 17, 2021, to the Property and Freedom Society in Bodrum, Turkey, at the invitation of Professor Hans Hermann Hoppe. In this lecture, Saifedean discusses the relationship between time preference and hard money. Saifedean argues that the ability to hold a form of money that holds its value into the future reduces the uncertainty surrounding the future, leading to less discounting of the future and thus a lower time preference. The lowering of time preference is what allows for the process of civilization to take place, with increasing capital accumulation, rising productivity, and improving living standards. Drawing on his research into the gold standard, the fiat standard, and the bitcoin standard, Saifedean illustrates several societal and economic trends which illustrate this relationship.

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