In January 2022, Belgian MP Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC). He did this in a political act to defend financial freedom and economic opportunity, and to combat financial illiteracy and the current growth model.
One year later, De Beukelaer has shared some of the lessons he learned from his experiment.
Bitcoin is volatile
Bitcoin is a volatile asset, and its price can fluctuate wildly. This can be a challenge for people who are using it to pay their bills or to save for the future.
De Beukelaer experienced this firsthand. His Bitcoin salary was worth around €38,000 in January 2022, but it had fallen to around €17,000 by January 2023.
However, De Beukelaer said that he was not surprised by the volatility. He knew that Bitcoin was a risky asset, but he was willing to take the risk in order to support the project.
Bitcoin is still a young technology
Bitcoin is still a relatively new technology, and there is still a lot of uncertainty about its future.
De Beukelaer said that he learned a lot about Bitcoin’s strengths and weaknesses during his experiment. He was impressed by Bitcoin’s security and transparency, but he was also aware of its limitations, such as its scalability and energy consumption.
Bitcoin needs more adoption
In order for Bitcoin to succeed, it needs to be more widely adopted. This means that more people need to start using it to pay for goods and services.
De Beukelaer said that he was encouraged by the growing adoption of Bitcoin in Belgium and around the world. However, he said that there is still a lot of work to be done to make Bitcoin more accessible and user-friendly.
Overall, De Beukelaer said that he was positive about the future of Bitcoin. He believes that Bitcoin has the potential to revolutionize the financial system and to create a more equitable world.
Here are some additional thoughts on the lessons that can be learned from De Beukelaer’s experiment:
- Bitcoin is a store of value, but it is not a currency: Bitcoin is a volatile asset, and its price can fluctuate wildly. This makes it unsuitable for use as a day-to-day currency. However, Bitcoin can be used as a store of value, meaning that it can be used to store wealth over time.
- Bitcoin is a global asset: Bitcoin is not tied to any specific country or government. This makes it a global asset that can be used to send and receive money anywhere in the world.
- Bitcoin is a permissionless asset: Anyone can use Bitcoin without having to go through a bank or other financial institution. This gives people more control over their own money.
Overall, De Beukelaer’s experiment has shown that Bitcoin is a viable alternative to traditional fiat currencies. It is a volatile asset, but it offers several advantages, such as global reach, permissionless access, and the potential to store value over time.
