The Bank for International Settlements (BIS) has long maintained a cautious attitude towards Bitcoin (BTC) and cryptocurrencies. However, There is no need for caution anymore as the “battle is won” between fiat and cryptocurrencies, according to the BIS.
BIS Director General Agustín Carstens, who made the claim, highlighted that “technology does not make reliable money,” among other criticisms of cryptocurrencies in an interview with Bloomberg.
Crypto has lost the argument that it’s an alternative to fiat currency, the head of the Bank for International Settlements says https://t.co/xZKFHEj3b2
— Bloomberg Crypto (@crypto) February 22, 2023
Cryptocurrencies have lost the argument that it is an alternative to fiat currency, says the director of the Bank for International Settlements
As the central bank of central banks, the BIS has emphasized the need for regulation and risk management in the cryptocurrency space, But claiming that the fiat battle has been won has sparked outrage, satire, and corrections among the Bitcoin and cryptocurrency community.
Ray Youssef, CEO of Paxful and an avowed Bitcoin maximalist, told Cointelegraph that it’s “easy to get sucked into these battles, but it’s all a distraction with no return on investment.” He continued: “We must focus on the battles in the global south and fight for every inch and every eyeball. What is happening now in Nigeria is vital for all of us.”
“Do you want to piss off the clowns? Ignore their FUD bait and focus on the global south and what’s happening on the streets of nigeria.”
Bitcoin author Saifedean Ammous drew the attention of his followers to the history from the BIS, drawing condemnation and concern in the comments. Florida-based Bitcoin advocate named SVN (not his real name), whose frozen bank account caused him to switch to Bitcoin bettingtold Cointelegraph that “These people are clowns.”
Meanwhile, Lady Anarki, a Bitcoin advocate who recently shut down a Bitcoin Security Education company explained that “fiat and crypto are essentially the same scam.”
“To fiat, they are nefarious elite oligarchs creating a rigged game system to enrich themselves while impoverishing everyone else. Bitcoin is a technology designed with incentives and sound economic principles that enriches anyone who adds value to the world.”
Bitcoin is losing the “war” for money, as Carstens explained, is another reference to the fact that Bitcoin has been declared dead, dead and dead again. The 2022 and 2023 bear market is no different, and Bitcoin advocates in Twitter they took the opportunity to mock financial experts by dancing on the imaginary grave of decentralized currency.
Nonetheless, Bitcoin is up more than 40% from its 2022 lows, and Lightning Network adoption is flourishing as the community seems increasingly rowdy.
What Bitcoin Did, the popular podcast hosted by football club owner Peter McCormack – number 38 on Cointelegraph’s Top 100 – tweeted some useful statistics to correct another inflammatory statement released by the BIS this week.. Specifically, from August 2015 to December 2022, the BIS explained that “almost all economies had losses on their Bitcoin holdings.”
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%facts be sticky pic.twitter.com/mMyBzuVhWz
—What Bitcoin Did (@WhatBitcoinDid) February 21, 2023
BIS Analysis: Aug ’15-Dec ’22 “most…in almost all economies made losses on their #Bitcoin holdings”
Facts:
-Most global fiat has lost value against the USD since 2015
-USD has lost more than 26% of its own value due to inflation #Bitcoin is up almost 8000%facts are sticky
Bitcoin price continues to rise despite the efforts of the BIS.
In the past, the BIS has openly criticized cryptocurrencies for their volatility, scalability, and energy consumption. However, The BIS has also investigated stablecoins and central bank digital currencies, juxtaposing Carsten’s comment in the Bloomberg interview that the technology “doesn’t make trust money.”
Willem Middelkoop, Author and Bitcoin Advocate, stressed that the war between fiat and cryptocurrencies is far from over. A mere glance at the original Bloomberg Crypto tweet suggests that the war is on. warming up.
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