Bitcoin Gives the World 'Democratization of Savings'

Bitcoin has the ability to bring the world's population out of debt thanks to its ability to allow consumers to save without permission.

Mahmudov is the brother of Murad Mahmudov, the well-known Bitcoin proponent.

"Bitcoin is the democratization of savings," he summarized.

"Today, you can stack sats & store your wealth in the scarcest asset. The ability to save wealth in bitcoin will bring millions of people out of debt."

Global debt is now so large that for every Bitcoin that will ever exist, there is currently $12.1 million of debt.

Bitcoin's status as sound money has long seen support from academics such as Mahmudov, with others highlighting its specific benefits over phenomena such as fiat currency.

In particular, Saifedean Ammous, author of the popular book "The Bitcoin Standard" and formerly a professor at the Lebanese American University, continues to point out that fiat represents the antithesis of saving mentality.

"The Bitcoin Standard" quotes Keynes' infamous soundbite about the long-term impact of his advice: "In the long run, we are all dead.".

With Bitcoin, a provably scarce form of money with a fixed supply which is impossible to manipulate, the opposite is true for savers.

As Cointelegraph noted, analysts even predict that Bitcoin price models will become less useful in time due to fiat losing its value.