Petition – The HODL Act
As of March 2023, the Reserve Bank of Australia (RBA) holds AU$87.5 billion in foreign currency reserves, 88% of which consist of unbacked fiat currency, with less than 8% in gold. Alarmingly, virtually all of Australia’s gold reserves (over 99.9%) are stored in the Bank of England. The fiat currency system, with its unlimited supply, inherently loses purchasing power over time—a trend observed throughout history.
In contrast, Bitcoin, launched in 2009, represents the most secure form of money available today. Unlike fiat currencies, Bitcoin has a capped and predictable supply, making it a superior store of value even compared to gold. It is also native to the internet, allowing for global, frictionless transactions without intermediaries.
Bitcoin’s decentralization ensures it cannot be manipulated or controlled by any government or central authority, making it the only cryptocurrency capable of functioning as global money. The sovereign nation of El Salvador has already recognized Bitcoin’s potential by adopting it as legal tender, and the Bank of International Settlements (BIS) has endorsed banks holding up to 2% of assets in cryptocurrencies. As Bitcoin’s supply remains fixed, countries and institutions that are slow to adopt it risk being left behind as demand drives up its value in fiat terms.
Bitcoin’s fixed supply and decentralized nature offer a hedge against fiat devaluation, positioning it as a critical asset for the future of global finance.
