Bitcoin Forum

Wall Street Journal: Bitcoin ‘Need Not Compete With Dollar’ For ‘Respect’

The Wall Street Journal has joined the increasing number of mainstream news sites newly bullish on Bitcoin.

In an article Monday, Northwestern University law professor John O. McGinnis led a buoyant appraisal of the virtual currency’s potential versus government-controlled fiat.

“To continue to flourish, Bitcoin does not have to become a more stable store of value than the US dollar,” he wrote together with lawyer Kyle W. Roche.

“It can climb the rungs of respectability by prevailing over less trustworthy currencies.”

Bitcoin’s appeal over national currencies has been a classic area of criticism and even ridicule from mainstream sources in the past.

Commentators such as Business Insider CEO Henry Blodget told networks such as CNBC just months ago that Bitcoin “has no intrinsic value,” implying fiat currency does in the form of government backing.

Discussing how this argument is irrelevant, McGinnis and Roche follow opinions from figures such as Snapchat investor Jeremy Liew, who has said developing markets hold the key to Bitcoin’s propagation.

“[Bitcoin] is already gaining strength and stability by competing successfully against monetarily oppressive regimes and helping poor immigrants in the developed world remit money to their relatives back home,” he continued.

“As Bitcoin gains stability, it can become even more competitive because even the best fiat money is subject to political risks.”

Social media users reacted broadly positively to McGinnis and Roche’s perspective.

https://cointelegraph.com/news/wall-street-journal-bitcoin-need-not-compete-with-dollar-for-respect

"The Wall Street Journal has joined the increasing number of mainstream news sites newly bullish on Bitcoin."

I'm really seeing a lot of market analyst that is really seeing bitcoin as a good haven for investment. I suspect that a lot of their clients are seeking their advise on how to invest in it. I also agree with him. Why do bitcoin needs to compete with dollar in the first place? Why not take advantage of both? The Venezuelan crisis is an example, people in their turn to bitcoin as alternative to buy goods like food outside of the system.

Exactly. It's a constant bit of nonsensical discussion being kept alive by those that believe Bitcoin MUST and WILL replace banks, fiat currencies, whatever payment service, knock governments off the table, etc. This isn't a matter of the strongest will survive, but more that people have the freedom to finally choose. Bitcoin has been going strong and growing exponentially throughout the years - did we need Bitcoin to replace whatever institution or fiat currency for that? No. Neither will we need to do so in the future.

That's how it should be. But people as always will force themselves to pick one option, which will only result in these people to limit themselves heavily. It's basically the same with how people here are thinking about them going to focus on holding their coins, or trading... Hmmm... What should we do? Do both you short sighted weirdos.