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if Bitcoin became the world reserve currency, governments would lose their power to print money and thus their ability to inflate the currency. This would force governments to be more disciplined in their spending.

The ETF operates by pooling money from investors to buy Bitcoin, which is then stored securely by the fund. Shares of the ETF are traded on stock exchanges, just like shares of other publicly traded companies or commodities.

Fiat currencies, on the other hand, are constantly inflated by governments, which weakens their purchasing power over time. Bitcoin, with its capped supply, is a more stable store of value.

The speaker highlights reasons why Bitcoin Pizza Day is a significant event. First, it signified the evolution of Bitcoin from a theoretical monetary system to a medium of exchange.

Today’s fiat money system is a debt-based system, meaning the money supply is increased by banks issuing loans. This is different from the old system where money was backed by gold.

Bitcoin is a peer-to-peer digital monetary system, meaning there is no middleman like a bank involved in transactions.