Bitcoin is a scam because “they” can always print more.
No, only 21 million Bitcoins will ever be created. This limit is hard-coded into Bitcoin’s code. This can only be changed if a majority of holders agree to change it. The holders of Bitcoin have an interest in Bitcoin staying scarce. If they were to change this limit they would be devaluing their own ownership stake.
What if inflation doesn’t go up, but stays low?
Your investment assets may inflate in nominal value, but if the interest rates stay depressed (low-interest rates), retirees won’t be able to live on the interest, even with high nominal portfolio values.
Reasons why inflation may rise:
If we don’t get a depression, one potential cause of inflation is commodity scarcity in 2 or more years.
The Federal Reserve will have a hard time keeping inflation under control by raising rates because the Federal Government can’t afford to raise the federal funds rate. Doing so would cause the government to pay higher interest on its debt, which the government can’t afford.
What if the government develops its own digital currency?
The digital dollar will have the same monetary policy (more money printing). Bitcoin’s rationale still holds up because its 21 million coin limit is its competitive advantage.
Bitcoin’s mining process uses too much energy.
The dollar is a currency backed by the US military. Which is worse?