From Dr. Mark Stephany, former host of The Progressive Bitcoiner podcast and current President/Chair of The Progressive Bitcoiner, Inc.
The confluence of Bitcoin, health, and medical care has been a topic of discussion for years, with many crypto projects claiming to revolutionize healthcare, only to ultimately fall short of their promises. However, a deeper examination of the intersection between Bitcoin, and health reveals a profound connection between the ethos of Bitcoin and the pursuit of wellness. The principles of personal responsibility, self-sovereignty, and low time preference that underlie the Bitcoin community have inspired a new wave of individuals to prioritize their health and wellbeing.
As a physician, I have witnessed firsthand the devastating consequences of poor lifestyle choices, which stem from a high time preference that prioritizes immediate gratification over long-term health. In contrast, individuals with a low time preference, who prioritize delayed gratification and planning for the future, tend to make healthier decisions and achieve longer health span. The Bitcoin community, with its emphasis on saving and planning for the future, is perfectly positioned to promote healthy habits and self care.
Bitcoin + Technology in Healthcare
The technological innovation of Bitcoin also has the potential to transform the healthcare industry. A healthcare system anchored on bitcoin would see the growth of independent providers utilizing bitcoin and the Lightning Network for direct payments from individuals, enabling instant settlement and reestablishing the patient-provider relationship by removing insurance company mandates. Paired with Nostr, an open source protocol for decentralized communication and cryptographic identity, Bitcoin can be used for value transfer with secure storage and sharing of medical records. Startups like NosFabrica are leveraging the Bitcoin and Nostr protocols to create decentralized health apps and interoperable electronic health records, giving patients greater control over their medical information. These open source tools can also deliver identity verification for doctors, streamlining healthcare provider credentialing to reduce bureaucracy and administration costs.
Health Savings Accounts
The addition of Bitcoin to traditional Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) could provide a tax-efficient way to save for rising healthcare expenses, while also benefiting from the potential upside of Bitcoin’s historical performance. Moreover, Bitcoin payment rails can empower independent practitioners to provide personalized care without the need for insurance intermediares allowing for a more direct and patient-centered approach to healthcare.
Bitcoin Philanthropy
Just as we have a responsibility to prioritize our physical health, we also have a duty to prudently manage our wealth. As a result, if you desire to protect your wealth from government overreach and taxes– donate to and build the services that are needed for a healthy society. For example, one of my Bitcoin dreams is to create an urban farm and greenhouse (heated by bitcoin miners, of course) that can employ and provide nutritious food for those in need. By donating Bitcoin to charitable causes, individuals can support the development of healthy communities and promote wellness initiatives. This approach can create a new model for philanthropy, one that is more direct, transparent, and effective.
Ultimately, the current healthcare system is unlikely to change from within. Instead, it will require a new system, built from the ground up, that prioritizes health, wellness, and personal freedom. This is where the Bitcoin community can play a pivotal role, by creating a Layer Zero movement that promotes a new vision for healthcare. Imagine a network of Bitcoin backed clinics, hospitals and wellness centers, where care is provided by Bitcoiner physicians and paid for by members through CrowdHealth, with medical records managed via NosFabrica. This is a vision for a health and wellness ecosystem that is decentralized, patient-centered, and empowered by the principles of Bitcoin.
In conclusion, the intersection of Bitcoin, health, and medical care is a complex and multifaceted topic, with far-reaching implications for the future of healthcare. By embracing the ethos of Bitcoin and leveraging its technological and financial innovations, we can create a new paradigm for healthcare that prioritizes wellness, self-sovereignty, and personal responsibility. The Bitcoin community has the potential to be a catalyst for this change. It is up to us to build a new system that promotes health, freedom, and prosperity for all.
