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SirWin
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SirWin

Fiat currency beat crypto says BIS head Carstens

fiat-currency-beat-crypto-says-bis-head-carstens
Edited by
News
Fiat currency beat crypto says BIS head Carstens

In reaction to the BIS governor’s comments that fiat had “won the war,” against crypto and that “technology doesn’t make for trustworthy money,” a few people in the crypto community have spoken out. 

Binance CEO CZ, Mike Novogratz, and ex-portfolio manager Travis Kling shared their thoughts on Agustin Carstens’ remarks.

Travis Kling: Agustin Carstens could be right

Kling maintains that BIS’s top brass could actually know something. In Kling’s view, bitcoin has not performed as a currency but as a losing share of software as a service company.

Kling explains that nothing seems likely to alter this trend very soon, as he anticipates that bitcoin will fluctuate in the future in much the same way as an underperforming SAAS stock would.

Even if stablecoins are the most widespread use of cryptocurrencies, Kling argues that this is hardly a victory for cryptocurrencies over cash. Instead, he views cryptocurrency as a means of gaining access to fiat currency, and more notably, the US dollar, which is in high demand.

“If you look at the current state of the cryptocurrency market, it’s easy to understand why he’s happy with fiat. Fraudsters and unethical actors have stomped all over the cryptocurrency market. Unfortunately, regulators have this situation firmly in their grasp, and there is currently not enough political will in Washington, DC, to mount a meaningful counterattack.”

Travis Kling, ex-portfolio manager.

Yet, Kling suggests there is still cause for optimism. He still is of the opinion that examining how much good crypto has done in the world so far and what the future holds before making any judgments is vital hence not entirely ruling out crypto.

Novogratz comments on the development

https://twitter.com/cz_binance/status/1628588183087726594

In Novogratz’s opinion, Carstens has had a tenacious attitude that doesn’t bear up to the facts. Novogratz disagreed with the BIS head’s stance while replying to Kling’s thread.

Many fiat currencies have lost nearly half their value in the previous decade and both bitcoin and ethereum have seen tremendous price increases, something Vitalik believes Carstens should be aware of.

CZ replies to Novogratz

In his response to Carstens, CZ reiterates Novogratz’s view that this is not a war. Tech reportedly doesn’t choose fights, at least according to CZ.

“It’s up to you to utilize it or not, depending on your preferences. Yet the number of users is expected to grow… Well, let’s check it out.”

CZ, Binance CEO.

It is clear that to the BIS, there is a war on against crypto. For the crypto community, the industry is about building technology for the future. .