BIS General Manager Augustin Carstens believes that the battle between fiat and crypto is winning. The community disagrees.
The Bank for International Settlements (BIS) has long been cautious on Bitcoin.
and cryptocurrencies. However, there is no need to be cautious now as according to the BIS “the war between fiat and crypto has been won”.
BIS General Manager Augustin Carstens, who made the claim, highlighted in an interview with Bloomberg that “the technology does not generate reliable money,” amid further criticism of crypto.
As the central bank of central banks, the BIS has emphasized the need for regulation and risk management in the crypto space, but claims to have won the crypto vs. fiat war have sparked outrage, derision and reform in the bitcoin and crypto community. Is.
“It’s easy to get caught up in these battles, but it’s all a distraction with no ROI,” Paxful CEO and vocal Bitcoin maximalist Ray Yusuf told Cointelegraph. He continued, “We must stay focused and fight the battles in the Global South. Every inch and every eye. What is happening in Nigeria right now is important to all of us.”
“Want to p*ss clowns? Ignore their FUD taunts and pay attention to what’s happening in the streets of the Global South and Nigeria.
Bitcoin standards writer Sephadian Ammos brought Carsten’s statement to the attention of his followers, sparking condemnation and concern in the comments. “These guys are clowns,” Florida-based bitcoin advocate SVN (not his real name), whose frozen bank account prompted the most to go on bitcoin, told Cointelegraph.
Meanwhile, Lady Anarchy, a bitcoin advocate who recently shut down a bitcoin security education company, explained that “fiat and crypto are essentially the same scam.”
“For fiat, it’s about creating a rigged game system for evil elites to enrich themselves and impoverish everyone else. Bitcoin is a technology designed with incentives and sound economic principles. has gone that enriches anyone who brings value to the world.”
Bitcoin losing the “war” for money, as Carstens puts it, is another reference to the fact that Bitcoin has been declared dead, dead and dead again. The 2022 and 2023 bear markets are no different, and Bitcoin supporters on Twitter seized the opportunity to mock financial experts dancing on the decentralized currency’s imaginary grave.
However, Bitcoin is 40% above its 2022 lows, and adoption of the Lightning network continues to grow while the community seems to be increasingly vocal.
What Bitcoin Did, a popular podcast hosted by Peter McCormack, tweeted some useful statistics to correct another outrageous statement published by the BIS this week. Specifically, from August 2015 to December 2022, the BIS stated that “almost all economies experienced losses in their Bitcoin holdings.”
As shown, despite the best efforts of the BIS, Bitcoin’s price continues to rise.
The BIS has been an outspoken critic of cryptocurrencies, citing concerns about their volatility, scalability and energy consumption. Although the BIS has researched stablecoins and led the development of central bank digital currencies in partnership with several countries, the technology “does not create reliable money,” Bloomberg said in an interview.
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William Middlekop, author and Bitcoin advocate, highlighted that the battle between fiat and crypto is far from over. A quick scroll through the comments on Bloomberg Crypto’s original tweet shows that the battle is just heating up.