{"id":123871,"date":"2020-02-01T19:48:15","date_gmt":"2020-02-01T19:48:15","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=123871"},"modified":"2020-02-01T19:48:15","modified_gmt":"2020-02-01T19:48:15","slug":"heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat\/","title":{"rendered":"Here&#8217;s why Bitcoin could obsolete the U.S. dollar, euro, and all fiat"},"content":{"rendered":"<p>For years, the primary use case of <a href=\"https:\/\/cryptoslate.com\/from-magic-internet-money-to-digital-gold-has-bitcoin-has-become-a-safe-haven-asset\/\">Bitcoin has been debated<\/a>. The detractors, often economists and mainstream investors, say it's nothing but a speculative asset; others say it's simply a digital store of value or a form of &#8220;digital gold,&#8221; nothing more.<\/p>\n<p>But, for many, Bitcoin\u2014once it has spread its proverbial wings, anyway\u2014is meant to be a full-fledged alternative to the fiat money system in place today, which has been marred by the 2008 Great Recession and previous financials debacles. Some have even gone as far as to say that Bitcoin will make all other forms of money obsolete.<\/p>\n<p>Parker Lewis\u2014the business development lead at crypto-centric financial services company <a href=\"https:\/\/unchained-capital.com\/\">Unchained Capital<\/a>\u2014recently laid out the case for this assertion in an extensive blog posted to the company website.<\/p>\n<h2>Will Bitcoin become the world's leading money? Top industry exec lays out the case for this<\/h2>\n<p>In a post fittingly <a href=\"https:\/\/unchained-capital.com\/blog\/bitcoin-obsoletes-all-other-money\/\">titled &#8220;Bitcoin Obsoletes All Other Money&#8221;<\/a>\u2014the latest edition in Unchained Capital's &#8220;Gradually, Then Suddenly&#8221; blog series on the why and what of BTC\u2014Lewis explained why Bitcoin has the potential to become the world's foremost money.<\/p>\n<p>Although the piece is long, here are a few key points he made to back his sentiment:<\/p>\n<ul>\n<li>Individuals naturally &#8220;converge on a singular monetary medium&#8221; because a single money gives each individual to &#8220;communicate and exchange with the most relevant set of trading partners.&#8221;<\/li>\n<li>Bitcoin, unlike many other forms of money, is &#8220;global and it is accessible on a permissionless basis.&#8221;<\/li>\n<li>Bitcoin is more scarce than fiat money, which has been rapidly debasing over the past few decades, <a href=\"https:\/\/cryptoslate.com\/why-an-investment-firm-believes-bitcoin-will-rally-430-in-2020\/\">because of the so-called halving.\u00a0<\/a><\/li>\n<li>Bitcoin is the most transferrable of all currencies, for it can &#8221; be irrevocably transferred over a communication channel without the need for any trusted third-party as an intermediary.&#8221;<\/li>\n<\/ul>\n<p>All these factors, Lewis wrote, will see the world converge as Bitcoin as the money of the future.<\/p>\n<p>The post has since garnered much traction on Twitter. Even Fidelity Digital Assets, the cryptocurrency-centric branch of financial services giant Fidelity Investments, shared the article.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">What we\u2019re reading: <a href=\"https:\/\/twitter.com\/parkeralewis?ref_src=twsrc%5Etfw\">@parkeralewis<\/a> discusses the role of money in civilization, how the world might converge to a single currency, and why bitcoin will be the currency to obsolete all others. From <a href=\"https:\/\/twitter.com\/unchainedcap?ref_src=twsrc%5Etfw\">@unchainedcap<\/a>  <a href=\"https:\/\/t.co\/LYJWX8gHWn\">https:\/\/t.co\/LYJWX8gHWn<\/a><\/p>\n<p>&mdash; Fidelity Digital Assets (@DigitalAssets) <a href=\"https:\/\/twitter.com\/DigitalAssets\/status\/1223306849275076608?ref_src=twsrc%5Etfw\">January 31, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Pundits are not convinced Bitcoin is money&#8230; yet<\/strong><\/h2>\n<p>Although Lewis did lay out a concrete case for Bitcoin obsoleting the hegemony of fiat, commentators in this industry, even some of the cryptocurrency's biggest fans, aren't convinced BTC will become the world's money any time soon.<\/p>\n<p>In a recent segment of its <a href=\"https:\/\/www.dbresearch.com\/PROD\/RPS_EN-PROD\/PROD0000000000504353\/The_Future_of_Payments_-_Part_I__Cash%3A_the_Dinosau.PDF\">&#8220;The Futures of Payments&#8221;<\/a> report, Deutsche Bank\u2014one of the world's largest banks\u2014wrote that while cryptocurrencies have<a href=\"https:\/\/cryptoslate.com\/deutsche-bank-crypto-could-replace-fiat-and-soar-by-2030\/\"> &#8220;passed the tipping point needed to become fashionable,&#8221;<\/a> Bitcoin is &#8220;too volatile&#8221; to be a &#8220;reliable&#8221; store of value.<\/p>\n<p>They continued that as it stands, Bitcoin represents but a &#8220;tiny&#8221; fraction of the world's payment gears, so to say.<\/p>\n<p>The skepticism that Bitcoin will become the world's money has been echoed by legendary Wall Street trader Ray Dalio. The co-head of the world's largest hedge fund told CNBC in a recent interview that the leading cryptocurrency is currently unreliable money because it is neither a widely-used unit of account nor a store of value.<\/p>\n<p>And Twitter's CEO Jack Dorsey, one of the most outspoken advocates of Bitcoin in Silicon Valley, told an Australian media outlet last year that the leading cryptocurrency is &#8220;not functional as a currency&#8221; right now:<\/p>\n<blockquote><p>\u201cIt\u2019s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold.\u201d<\/p><\/blockquote>\n<p>Despite these commentators, the issues they cited\u2014the crypto market's volatility, the stringent government regulation and tax issues, the lack of adoptability of digital assets, the slow block times of BTC, and the sometimes-high transaction fees\u2014arguably can be fixed with time, leaving a case for Bitcoin to &#8220;obsolete all other money.&#8221;<\/p>\n<p>Whether or not the current generation will be around to live in this Bitcoin-only world, though, is up for debate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For years, the primary use case of Bitcoin has been debated. The detractors, often economists and mainstream investors, say it&#8217;s nothing but a speculative asset; others say it&#8217;s simply a digital store of value or a form of &#8220;digital gold,&#8221; nothing more. But, for many, Bitcoin\u2014once it has spread its proverbial wings, anyway\u2014is meant to [&hellip;]<\/p>\n","protected":false},"author":170,"featured_media":123893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#039;s why Bitcoin could obsolete the U.S. dollar, euro, and all fiat<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s why Bitcoin could obsolete the U.S. dollar, euro, and all fiat\" \/>\n<meta property=\"og:description\" content=\"For years, the primary use case of Bitcoin has been debated. The detractors, often economists and mainstream investors, say it&#039;s nothing but a speculative asset; others say it&#039;s simply a digital store of value or a form of &#8220;digital gold,&#8221; nothing more. But, for many, Bitcoin\u2014once it has spread its proverbial wings, anyway\u2014is meant to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-01T19:48:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/bitcoin-money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/heres-why-bitcoin-could-obsolete-the-u-s-dollar-euro-and-all-fiat\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#person\",\"name\":\"Nick Chong\",\"url\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"caption\":\"Nick Chong\"},\"jobTitle\":\"Analyst\",\"description\":\"A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. 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