Part 6/15:
He elaborates on the properties that make that possible, including the high costs of attempting a 51% attack, the network's proven resilience, and the incentive structures that promote honest participation. As Bitcoin's adoption grows, he envisions a future where central banks lose much of their monetary authority, transforming into "administrative entities" rather than active monetary policy makers.
The consequences of this shift could impact inflation, credit markets, and systemic risk. Yakes admits that while Bitcoin won't eliminate all economic volatility, it could significantly reduce malinvestment, moral hazard, and the boom-bust cycles caused by central bank interventions.