Battle has been won between fiat and crypto-BIS
2023.02.22 10:35
Battle has been won between fiat and crypto-BIS
By Tiffany Smith
Budrigannews.com – Bitcoin (BTC) and other cryptocurrencies have long been the subject of cautious policy from the Bank for International Settlements (BIS). However, BIS claims that the “battle has been won” between fiat and cryptocurrency, so caution is no longer required.
In an interview with Bloomberg, BIS general manager Agustn Carstens, who made the claim, emphasized that “technology doesn’t make for trusted money” among other criticisms of cryptocurrencies.
According to (https://t.co/xZKFHEj3b2) the head of the Bank for International Settlements, cryptocurrency has lost the argument that it is an alternative to fiat currency.
The BIS has emphasized the need for regulation and risk management in the cryptocurrency space as the central bank for central banks. However, claiming that the fiat battle has been won sparked outrage, satire, and corrections in the Bitcoin and crypto community.
“Easy to get sucked into these battles but is all a distraction with no ROI,” said Ray Youssef, CEO of Paxful and outspoken Bitcoin maximalist, in an interview with Cointelegraph. He proceeded, “We should zero in on the fights in the worldwide south and battle for each inch and each eyeball. We all need to keep an eye on what’s going on in Nigeria right now.
“Want to make fun of the clowns? Ignore their FUD bait and concentrate completely on the global south and what is going on in Nigeria’s streets.”
The BIS story was brought to the attention of Bitcoin author Saifedean Ammous’s followers, prompting condemnation and concern in the comments. “These people are clowns,” a Florida-based Bitcoin advocate known as SVN (not his real name) told Cointelegraph. His frozen bank account led to a switch to going all in on Bitcoin.
In the meantime, Lady Anarki, a local Bitcoin advocate who recently closed a company that provided education on Bitcoin security, stated that “fiat and crypto are basically the same exact scam.”
“For fiat, it is detestable first class oligarchs making a manipulated game situation to enhance themselves while making every other person more unfortunate. Bitcoin is a technology based on sound economic principles and incentives that enriches anyone who contributes value to the world.
Carstens explained that Bitcoin losing the “war” for money is another reference to the fact that Bitcoin has been declared dead, dead, and again. The bear markets of 2022 and 2023 are no different, and Bitcoin supporters on Twitter took advantage of the opportunity to make fun of financial experts dancing on the decentralized currency’s fictitious grave.
However, Bitcoin is up more than 40% from its lows in 2022, and adoption of the Lightning Network continues to grow while the community appears to be becoming more vocal.
The well-known podcast called What Bitcoin Did, which is hosted by football club owner Peter McCormack and is ranked number 38 on Cointelegraph’s Top 100, tweeted some useful statistics to refute yet another inflammatory statement that the BIS published this week. Notably, the BIS stated that “nearly all economies made losses on their Bitcoin holdings” from August 2015 to December 2022.
BIS analysis: Aug ‘15-Dec ‘22 “majority…in nearly all economies made losses on their #Bitcoin holdings”
Facts:
-Majority of global fiat lost value to USD since 2015
-USD has lost over 26% of its own value due to inflation#Bitcoin has gone up nearly 8000%
Despite the best efforts of the BIS to the contrary, the Bitcoin price continues to rise, as shown.
In the past, the BIS has voiced its concerns about cryptocurrencies’ volatility, scalability, and energy consumption. However, in contrast to Carsten’s statement in the Bloomberg interview that technology “doesn’t make for trusted money,” the BIS has investigated stablecoins and central bank digital currencies.
Willem Middelkoop, creator and Bitcoin advocate, featured that the conflict among fiat and crypto is not even close to finished. The initial Bloomberg Crypto tweet appears to indicate that the conflict is only beginning to escalate.
