2021-02-02 Forbes - Bitcoin Is Not Money—Yet - page 2.

davis196

hero member

Activity: 2968

Merit: 913

Quote

But that doesn’t make Bitcoin an alternative to the dollar yet.

Is it really necessary for Bitcoin to be an alternative to the US dollar?
I don't really want the US government to see Bitcoin as an "alternative" or "competitor" to the USD.
If the US government sees BTC as an alternative then the government will go everything to try to stop that alternative.Bitcoin would be much better "flying under the radars" of the US authorities.
It would be great if the US government/Federal Reserve sees Bitcoin as an opportunity,rather than an alternative.Unfortunately,this won't happen.
Anyway,this is a pretty mediocre Forbes article.

cr1776

legendary

Activity: 4018

Merit: 1299

Quote

"Money works best when it has a stable value. "

Agreed, but over what time period? Fiat currencies lose value - by design - over time in order to pick the pockets of the masses of people and redistribute that value into someone else's pockets. Steve knows that, and kind of deals with that "fixed value, being tied to gold or something". Bitcoin handles that by being fixed in supply. Bitcoin will eventually have a more stable value. This is the "boot up" phases where the fiat price will be unstable, but appreciating for probably at least another order of magnitude or two until it reaches supply/demand equilibrium.

Quote

"Another problem with Bitcoin is that there’s a fixed supply of it."

Says who? Discredited statist economists? This is a feature, not a bug.

I'm respect Steve Forbes for many things, but he isn't fully up to speed on crypto.

DooMAD

legendary

Activity: 3724

Merit: 3063

Leave no FUD unchallenged

Given that many places have been printing even more money than they usually do to bolster their economy due to the pandemic lockdowns, it's not a question of "if" there will be consequences on the horizon, but "when". It's going to take a bit of time before the full effects are felt, but it will happen. Inflation is going to become an increasing concern and it will impact how the public perceive their money. Any arguments they make about "stable value" in Bitcoin won't hold up very well if fiat can't hold its own value.

Miaallen

member

Activity: 573

Merit: 30

What the writer or composer of that article doesn't understand yet is that series of organisations now accept Bitcoin as a means of payment all across the world. I read that a grocery shop now accepts cryptocurrency as a mean of payment which is likely to be Bitcoin.
Although, he may be right saying it's not money as money is expected to be generally accepted as a means of payment. But to many of us, Bitcoin is more than money as it stores values money can never store.

acquafredda

legendary

Activity: 1316

Merit: 1481

Quote

Bitcoin is the new darling of investors. It has rocketed since March 2020 from $5,000 to over $40,000 before pulling back. Fans are predicting that it will resume its rise and head to $100,000 or higher.

But that doesn’t make Bitcoin an alternative to the dollar yet.

People are rushing in because of a lack of faith in government currencies. The Federal Reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for Covid relief measures and to stimulate damaged economies.

https://www.forbes.com/sites/steveforbes/2021/02/02/bitcoin-is-not-money-yet/

I could provide countless articles I have read over the years that will share a similar stance. To me, this article clearly shows how narrow minded some people can be thinking they know it all about everything. They clearly can see anything over the veil: good then, we have still some time to acquire more sats.

Topic: 2021-02-02 Forbes - Bitcoin Is Not Money—Yet - page 2. (Read 270 times)