Bullet Points:
– Bitcoin reduces administrative bloat and cheaply transfers large sums of wealth across the globe.
– It can potentially work like a treasury bond but with higher yield returns due to its incorruptible network.
– Bitcoin’s adoption rate is expected to make gold and treasury bonds obsolete in the future.

The emergence of Bitcoin in the digital world has stirred up a fierce debate about the implications of this technology for the modern economy. On the one hand, there are those who are excited about its potential to revolutionize the way we transact and store wealth, while on the other there are those who are more cautious and view Bitcoin as a dangerous and unnecessary development.

Charlie Munger, the vice-chairman of Berkshire Hathaway and a longtime critic of Bitcoin, falls into the latter camp. In a recent interview, he stated that he finds the whole development “disgusting and contrary to the interests of civilization”. While it is understandable to be wary of a new technology, especially one that is so widely used by criminals and extortionists, it is important to recognize the potential benefits that arise from Bitcoin’s use.

First, Bitcoin’s decentralized ledger offers a way to reduce administrative bloat. By making the ledger public, much of the work needed to verify and audit wealth transfers is eliminated. This would be an especially attractive feature for businesses that need to quickly and securely move large sums of money.

Second, Bitcoin’s incorruptible network makes it a secure store of wealth, or even a savings account, as its market capitalization and volatility decrease. This could be an attractive option for those looking to store their wealth without having to worry about its safety.

Finally, Bitcoin could offer an alternative to traditional treasury bonds, with the potential to offer higher yields. This is due to the fact that the real returns on bonds is always lower than the nominal expectation, due to inflation. If Bitcoin is adopted more widely, this could mean that gold and treasury bonds slowly become obsolete.

Thus, while it is understandable to be cautious of a new technology, it is important to recognize the potential contributions to civilization that Bitcoin can provide. It is possible that, in the future, Bitcoin could become a widely accepted form of currency, replacing gold and treasury bonds as the premier way to store and transfer wealth. While there are certainly risks associated with its adoption, the potential benefits are too great to be ignored.