Bitcoin Is Not Digital Gold
Last night CNBC aired "Crypto Night in America" following President Joe Biden's signing of an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should intervene and create its own digital currency. Treasury Secretary Janet Yellen said the research would “promote a fairer, more inclusive, and more efficient financial system" while countering illicit finance and preventing risks to financial stability and national security. Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.
This is big news for Bitcoin and has a lot of people talking. During the special which aired last night, Meltem Demirors, Chief Strategy Officer at CoinShares, explains to America that,"...Bitcoin is not digital gold. That narrative is broken. Bitcoin is so much more. It is a protocol; it is a computation later; it is a physical network supported by a tremendous amount of highly secure, globally distributed computation powered by a large percentage of renewables, and it's an asset, unit of account, medium of exchange. So I think again, it's very short-sighted to say that Bitcoin isn't valuable just because you can't prescribe a traditional valuation methodology to it."
Ms. Demirors eloquently explains what few humans understand. Bitcoin is not digital gold. It is so much more. Was the internet just another fax machine? The Bitcoin protocol will reshape industries across the globe in ways that we cannot yet imagine.
Remember, “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” - Satoshi Nakamoto
To listen to the full podcast featuring Meltem Demirors, use the following link: