Bitcoin to $100K? Reflecting on Fiat, War, and the Future of Financial Freedom

On November 13, 2024, I joined Sulaiman Ahmed (@ShaykhSulaiman) and several insightful speakers on an X Space to discuss Bitcoin’s trajectory and its implications for our global financial landscape. We tackled a core question: Could Bitcoin realistically reach $100K, and what would that mean for the anti-war movement?

In this conversation, I shared my perspective as a Muslim and how Bitcoin resonates deeply with principles of financial freedom, fairness, and the avoidance of debt-driven control, issues relevant to people of all faiths and backgrounds. For Muslims, Bitcoin offers a path away from riba (interest), which is prohibited in Islamic finance. But the ethical foundation of Bitcoin—the right to true ownership, debt-free transactions, and an escape from debt funded war and inflation—is universally appealing.

The Flaws in Fiat Banking and the Need for Alternative Systems

We opened with an analysis of the fiat banking system, exploring why its reliance on debt and interest poses challenges not only for ethical finance but for society as a whole. In fiat banking, once you deposit your money, it legally becomes the bank’s property. This allows banks to leverage deposits, creating new money through lending—money that didn’t exist before, all issued with interest. This cycle leads to economic inflation, rising debt levels, and a widening wealth gap.

For those who value financial autonomy, Bitcoin presents an alternative. I explained this around the 1:00-5:30 mark in the X Space, emphasizing that Bitcoin allows individuals to hold true ownership of their wealth without third-party control, creating a path for anyone seeking freedom from traditional financial dependency. This is a significant reason why Bitcoin aligns with principles that resonate across different faiths and philosophies, including my own Islamic faith.

Why Bitcoin’s Rise to $100K Matters: A Look at Demand, Scarcity, and Self-Sovereignty

We continued by addressing the speculative question of Bitcoin reaching $100K—a reflection of increasing demand, institutional interest, and broader adoption. But Bitcoin’s value isn’t just in the potential price; it’s in what it represents for financial sovereignty. Unlike fiat currencies, Bitcoin’s fixed supply of 21 million coins limits inflationary risk and removes the need for a central authority to manipulate its supply.

Around 51:52, we discussed why corporations and even some governments are starting to see Bitcoin as a strategic reserve, not only as a hedge against inflation but as a store of value that can’t be diluted by overprinting or interest. For Muslims and others who prefer ethical finance, Bitcoin’s independence from debt and interest is especially significant. However, the principles of transparency, limited supply, and freedom from inflationary policies hold universal appeal.

Self-Custody and the Right to Own Your Wealth

In traditional finance, you rely on banks or intermediaries to hold your assets, whether in fiat or in securities. With Bitcoin, self-custody is possible—meaning you can control your own funds without needing an intermediary. This is more than just a technical feature; it’s a philosophical shift. Around 1:42:00, we discussed why I advocate for self-custody: it ensures that you, and only you, have access to your wealth.

For Muslims, self-custody means a way to keep wealth free from the risks associated with interest-based banking. For everyone, regardless of faith, self-custody aligns with a desire for autonomy and security, granting individuals the power to manage their assets independently.

Bitcoin’s Potential as a Pathway to Global Peace

Around 1:17:10, we delved into the notion of Bitcoin fostering a more peaceful world. If more countries choose to adopt Bitcoin and lessen their dependency on the debt-fueled fiat system, we could see a decrease in economic struggles that often lead to conflicts. By relying on Bitcoin, a system free from interest and debt, economies could potentially reduce the need for borrowing, lessening the financial pressures that sometimes spark wars and global tension.

Timestamp:

00:00 - 05:30 Introduction
05:30 - 20:00 The Foundations of Fiat Banking and Riba
20:00 - 35:00 Bitcoin’s Design: Fixed Supply and Financial Sovereignty
35:00 - 51:52 Institutional Adoption and $100K Potential
51:52 - 1:05:00 Self-Custody and Ownership of Wealth
1:05:00 - 1:17:10 Bitcoin’s Role in Minimizing Global Conflict
1:17:10 - 1:30:00 Bitcoin as a Pathway to Global Peace
1:30:00 - 1:42:00 Practical Steps for New Bitcoin Investors
1:42:00 - 1:55:00 Comparing Bitcoin with Meme Coins and Altcoins
1:55:00 - 2:05:00 Risk Management and Long-Term Bitcoin Holding Strategies
2:05:00 - 2:09:00 Final Reflections and Closing Remarks

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Disclaimer

The information shared in this X Space does not constitute legal, financial, tax, or investment advice. All content discussed reflects my own personal opinions and perspectives, and is shared for informational and educational purposes only. I do not endorse any views, opinions, or information shared by other speakers during the X Space. Each participant’s views are their own and are not a reflection of my perspectives or those of any organization with which I may be affiliated. Furthermore, I am not offering any financial or investment advice. Individuals considering any form of investment should conduct their own research, seek advice from qualified financial advisors, and understand that all investments carry inherent risks. Always consult with legal, financial, or tax professionals before making any financial decisions. Please remember that Bitcoin, like any other asset, involves risk, and its value can fluctuate. Past performance is not indicative of future results.