We are witnessing a flight out of fiat, accompanied by a distinct twinge of “financial nihilism”, a phrase once coined by podcaster Demetri Kofinas.

Mises described it as a situation where the “masses wake up” to realize inflation isn’t temporary but rather that the currency is doomed to keep losing value. At that point there’s a rush to convert money into goods, any goods – what he called a “flight into real values.”

What’s particularly relevant to our Bitcoin as a “Monetary Regime Change” thesis is that crack-up booms tend to happen in the later stages of a fiat currency decline – which is where we believe we are in the current global monetary system. The rush into Bitcoin, precious metals and other crypto assets is the same “flight into real values” of our era that Mises described in his.