Kingdom Trust CEO Says Bitcoin Is Digital Manifestation of Austrian Economics

Published at: June 1, 2020

The chief executive of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics.

In an interview with Cointelegraph, Radloff said that he first encountered Bitcoin toward the end of 2011, adding that he began “hodling and accumulating shortly after.”

Bitcoin as Austrian Economics

Unlike many early adopters, Radloff stated that it wasn’t the technology underpinning Bitcoin that attracted him to crypto, rather the economic principles that the nascent cryptocurrency embodied.

“For me, what drove to Bitcoin wasn’t the technology at all. [...] I had been a student of monetary policy, specifically the Japanese yen. As I started really understanding the construct of how money works, Bitcoin’s monetary supply — the quantitative hardening that it goes through every few years — was my eureka moment more than the blockchain technology element of it,” he said.

“Obviously I love the tech side and I think that it's incredibly innovative, but what gets me excited about it is these ‘hardening’ elements — it's really a discussion around Austrian economics versus Keynesian economics,” Radloff added. 

Bitcoin reopens Austrian economics discourse

Radloff asserts that his “goal in life is not just to advance [Bitcoin], but to make Austrian economics more approachable and understandable to Millennials and Generation Z.” 

"If you’re our age, collectively, all we've ever known is ‘money printer go brrr’ — that's all we've ever known. Since we were born, we've been printing, and nobody's really ever questioned that. But it's you look at [past] generations [...] it didn't use to be this way."

“The idea of a gold standard and an Austrian basis to our economy and market is something that many people are out of touch with that are our age. And Bitcoin is now reopening that dialogue.” 

“Bitcoin is the digital manifestation of Austrian economics,” Radloff concluded.

Is Bitcoin replacing gold?

Radloff also argued that Bitcoin is emerging as a digital replacement for the monetary utility traditionally offered by gold, stating:

"In the digital age, [Bitcoin] is taking over gold's role that it fulfilled for thousands of years. This is why economists that are on the Austrian side of the fence, and people that invest with a kind of Austrian mindset — like the gold and land people — should be excited about Bitcoin and its success."

Radloff noted that Kingdom Trust’s decision to introduce custody services for Bitcoin was a response to demand from the custodian’s gold-owning customer base, with interest in crypto assets growing among gold holders from 2014 onwards.

Recently, Kingdom Trust announced the launch of a retirement fund that supports cryptocurrencies — among other financial assets.

Tags
Bitcoin
Gold
Economics
Austria
Related Posts
Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report
The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve's likelihood to start unwinding its stimulus program this year. The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%. OUCH! US economy adds just 235,000 jobs vs …
Bitcoin / Sept. 3, 2021
Bitcoin Price Eyeing $7,000 After Fed Says it Has ‘Infinite Cash’
Bitcoin (BTC) and gold showed clear signs of strength on March 24 as the United States Federal Reserve revealed the true extent of its money printing. Having cleared $6,000 on Monday, BTC/USD went on to hold ground at around $6,500. At the same time, gold rallied, as market analysts suggested its recent selloff was over. Fed: We have “infinite cash” The precious metal traded at around $1,572 at press time, a daily improvement of 1.35%. Bitcoin versus gold 1-year chart. Source: Skew.com For gold, the rebound echoed behavior during the financial crisis of 2008, Goldman Sachs highlighted, quoted by Bloomberg. …
Bitcoin / March 24, 2020
50% Favor Bitcoin as Long-Term Investment in Former US Rep Ron Paul’s Twitter Survey
Former U.S. Congressman Ron Paul has asked Twitter users Nov. 15 how they would prefer to receive $10,000 if they had to keep it in this form for a decade, with the majority picking Bitcoin (BTC) . Of the respondents, 50 percent answered that they would prefer to receive their $10,000 in Bitcoin, the second most chosen asset was gold (37 percent), the third U.S. 10 year treasury bonds (11 percent), and the last was the U.S. dollar at only 2 percent. Screenshot of Ron Paul’s Nov. 14, 2018 tweet. Source: Twitter Bitcoin’s price had recently been stable for a …
Bitcoin / Nov. 18, 2018
Netagio ISAE 3000 Audit Shows Bitcoin Gravitas in Finance Industry
UK Bitcoin and gold exchange Netagio has confirmed its successful ISAE 3000 audit, becoming the first Bitcoin entity in the industry to achieve the distinction. The audit, which was conducted May 26 by professional services firm BDO LLP, means that Netagio is officially in compliance with standards set out by International Auditing and Assurance Standards Board (IAASB) “to ensure the quality of assurance work, including report verification as well as assurance on corporate governance, internal compliance, and other areas central to corporate responsibility,” a statement released today reads. The only UK registered exchange offering trading in Bitcoin, gold and GBP, …
Bitcoin / Sept. 22, 2014
5 reasons why Bitcoin could be a better long-term investment than gold
The emergence of forty-year high inflation readings and the increasingly dire-looking global economy has prompted many financial analysts to recommend investing in gold to protect against volatility and a possible decline in the value of the United States dollar. For years, crypto traders have referred to Bitcoin (BTC) as “digital gold,” but is it actually a better investment than gold? Let’s take a look at some of the conventional arguments investors cite when praising gold as an investment and why Bitcoin might be an even better long-term option. Value retention One of the most common reasons to buy both gold …
Adoption / June 3, 2022