Peter McCormack: 'Bitcoin has WON the war on money'. Do you agree?

[Silberman]

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

There is a huge difference with having already won the war and the potential to do so, bitcoin without a doubt has potential to become the money with the most adoption around the world and displace gold and fiat from their respective spots, however this is still nothing more but a possibility, however it is not as if governments and banks are going to sit down and do nothing in the mean time so we need to prepare for the counterattack and see what they do to try to destroy bitcoin.

[barbara44]

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

I definitely don't agree that there is a "war" between Bitcoin and fiat money(or between BTC and any other financial asset).There is no "kill or be killed" on the financial markets.The investors have choice and they could choose both BTC and traditional financial assets,in order to diversify their portfolio.
Bitcoin outperformed traditional financial assets,but I don't think that Bitcoin is ever going to completely "destroy" them and make them obsolete.
All those bullish predictions about Bitcoin becoming "the money of the future" are just what they are-opinions and wishful thinking.

In fact, I will take it a step further and say that there were never really a "war" between fiat and crypto. It was about regulations, corruption, centralization, power grap, politicians, banks and many other stuff, the law is made by the powerful for the powerful and decisions in a country is usually based on whoever is closest to the president and the high level officials which is why it is a crooked system. So, there was nothing wrong with fiat, you can still have a very powerful and fair dollars if the people who run the country were fair, but that this doesn't change the fact that we are talking about something that is just tech related or law related.

We are talking about crypto vs fiat and there were never really anything against fiat, it was about how fiat was used and that is the biggest problem. Which is why I believe no war has been won since no war has been wagered.

[Nhazwrath]

IMHO,  my answer is based more on how humans react to things over the actual tech of the bitcoin.

Bans and or regulations plus taxes will be attempted on bitcoin with poor results.  But, as the price seems to be rising over time due to peoples belief of a store of value(and money printing) that seems secure(with pretty good evidence).  The fiat side of the equation will probable be forced in to a balancing act to compete against bitcoin. 

So the Point of bitcoin will be achieved even if the coin isn't as successful as everyone here seems to think.   

3 conditions

Fail = fail with possible win(with probably something arising that functions even better then bitcoin)

Tie or balanced = win (I prefer this outcome due to the idea of competition long term is good)

Win all out. = win (newer better ideas still can occur here but will have just a hard time against bitcoin as bitcoin has had)

Im am aware there are other conditions but im lumping them in to those 3 possibles.

I reserve the right to be wrong =>

[pinggoki]

If bitcoin resolves it's issues like network congestion, I would probably believe what McCormack says about it, I wouldn't believe it because bitcoin hasn't really been upscaled to a point where it's really a global market like fiat, what I mean by that is that everyone is using it and at the same time it can handle all of the incoming transactions without a hitch. On the other issue though, I don't think that bankers will sit idly while their rival financial tool is winning, pretty sure that they're going to be doing something about it.

[cabron]

the word win doesn't literally really win, win in this terms of a valuable asset because in fact the basic design of its presence can not be used in general.
but gradually cryptocurrencies will actually win and be adopted by the general public and are no longer a digital asset used for investment.

I think so too but as long as it's going to be used by the people it already achieved its purpose even when it's still in the experiment today. Being a digital asset where the value keeps rising is what makes it attractive which is also what drives people to invest. But the fight is not over we don't know yet in the future if it's still the case because fiat is also turned into digital which is coming through CBDC. What is certain is that BTC will be used as well as digital fiat.

[Darker45]

There is really nothing so special with this. Peter McCormack saying exaggerated things in favor of Bitcoin and against fiat, gold, and other cryptocurrencies is like the other Peter, Peter Schiff, saying exaggerated things in favor of gold and against fiat, Bitcoin, and other cryptocurrencies.

We cannot expect unbiased opinions from both men. Objectivity is not something they could stick to in terms of these topics.

I have nothing against the pro-Bitcoin Peter but since he's a Bitcoin heavyweight, things he will be saying about Bitcoin is expected to be like that.

For me, we have not yet won the war. There might be battles we've already won, though.

[dezoel]

I do believe that Bitcoin is going to be used more than it’s being used now in the future. There is the tendency of adoption of Bitcoin increasing every time. Even if the government should ban Bitcoin, being decentralized makes it possible for people to still continue making use of this currency, whether it is being allowed in their country or not, through the help of decentralized exchanges.

But one thing, I wouldn’t really agree with is when people say that Bitcoin is going to replace Fiat by becoming the main currency of every country, I don’t really believe such. That is something that we are all sure that is never really going to happen. But in terms of adoption, it is quite possible that Bitcoin is going to gain more adoption in the future and it will be widely used, and it will even be like a regular currency and will be very popular in the future. But it wouldn’t be a replacement .

[Lucius]

Those stores are auto-settling their crypto into fiat.  It is too volatile to hold on their balance sheets.  

The fact is that a lot can be bought for Bitcoin, regardless of the fact that payment processors are in play - but that only proves that you are wrong when you say that nothing can be bought for Bitcoin. Bitcoin is conceived as a decentralized cryptocurrency, and the fact that it is increasingly becoming a kind of digital gold is just proof that most people do not understand its true essence.

Out of curiosity, what is it that I am perceived to be promoting?

I don't understand why you ask such a question if the answer is more than obvious? Don't just tell me that your nickname on the forum is completely coincidental and that you have nothing to do with what this service represents? It is fascinating that people who have such an opinion about Bitcoin spend their time on a forum like this - but you are neither the first nor the last to try to sell some idea better than Bitcoin.

[doomloop]

Keep in mind that gold was the best before Bitcoin, and it hasn't been used as money for a long time.

It was used as a money but later government decided that liquidating gold is not that easy so we have to print a paper which equal the amount of gold reserve we have but at some point the actual intention of fiat changed when gold is not the only source to print how much money then we have inflation, hyper inflation,etc.

To OP, Bitcoin is yet to beat the fiat in terms of medium of exchange, as of now its considered as asset so we can claim that more people see it as digital gold but the vision is still a long way to reach.

Well, the truth is that we are already sure that Fiat is still going to remain the conventional currency. Even countries that are likely to declare Bitcoin a legal tender are still going to continue keeping their Fiat currency, It is not going to be something that they will do away with.

The Fiat currency is part of what serves as a symbol of representation for every country, so the government wouldn't really give up on it and choose Bitcoin as a replacement. Most people now see Bitcoin as an asset, and it’s definitely going to be an on top of the list asset in the future. And also the volume at which it is being used for transactions will also increase in the future. And in countries where it is legally accepted, we are going to see it being accepted in more stores around the world, both offline and online.

[TheGreatPython]

There is really nothing so special with this. Peter McCormack saying exaggerated things in favor of Bitcoin and against fiat, gold, and other cryptocurrencies is like the other Peter, Peter Schiff, saying exaggerated things in favor of gold and against fiat, Bitcoin, and other cryptocurrencies.

We cannot expect unbiased opinions from both men. Objectivity is not something they could stick to in terms of these topics.

I have nothing against the pro-Bitcoin Peter but since he's a Bitcoin heavyweight, things he will be saying about Bitcoin is expected to be like that.

For me, we have not yet won the war. There might be battles we've already won, though.

There will always be some "famous" people in the finance world, I still do not get how you get famous in the finance world. Like I get the Hollywood celebs and all, they are doing it because they are in front of what we watch and we watch them and they get famous for their amazing performances and we enjoy it and spend time watching them.

Finance people are just finance people, what they do is boring, and we do not even see them, only if they become like some forbes top richest list person or whatever, otherwise they are useless and boring and there is no need to give them any microphone to say something. In both sides there are many idiots and nobody should care even a little to what they are saying.

[arwin100]

If bitcoin resolves it's issues like network congestion, I would probably believe what McCormack says about it, I wouldn't believe it because bitcoin hasn't really been upscaled to a point where it's really a global market like fiat, what I mean by that is that everyone is using it and at the same time it can handle all of the incoming transactions without a hitch. On the other issue though, I don't think that bankers will sit idly while their rival financial tool is winning, pretty sure that they're going to be doing something about it.

Maybe in some certain areas bitcoin win knowing how bigger the size of profit we can accumulate if bitcoin price spike up maybe that one he mentioned. But in use case I don't think it won in fiat since this is most use globally and as you mentioned bitcoin didn't reached yet in other parts of the worlds and not all people use this so maybe we cannot agree what he's saying yet.  But maybe in future this one will happen knowing that we are shifting in digital space and for sure bitcoin will excel into that.

[Anonylz]

The possibilities of btc becoming the money for the future is there but since no one can tell what will happen then it is difficult to agree or disagree, but one thing is clear, btc is gaining ground faster than many people anticipated, few years back nobody would believe this will ever be possible, but today, lots of adoption are coming up and btc gaining popularity among top institutions, so it is just a matter of time before btc fully takes over from the look of things.

[Argoo]

Bitcoin has not yet become full-fledged money, that is, it has not become a means of payment widely used in society. Repeated surveys, including on this and other similar forums, have confirmed that bitcoin is extremely little used to buy goods and services. Under such circumstances, it is still too early to even imagine that it will be able to surpass the currency of states and gold as money. And the cryptocurrency is not able to do this. The states will never allow this.

[Fortify]

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

If it has won the "war on money" (wtf?) then why is it almost invariably compared to the US dollar price when discussed in all media around the world. For people to get a gauge of comparison and value, it is still converted back to something that most people understand - a currency that has been around for many decades. If it's won this imaginary war, why is the reserve currency of the world the US dollar and why have big countries like Russia & China outlawed it entirely, making it worthless to use within their borders? People like this talk a big argument and it feels like they become disillusioned by the media bubble they must build around themselves. Bitcoin has proved a great case study, but it is far from perfect and better iterations of cryptocurrency are bound to come along. Even Satoshi would be unlikely to be so ignorant or self absorbed to claim it was perfect.

[Vaculin]

Bitcoin has not yet become full-fledged money, that is, it has not become a means of payment widely used in society. Repeated surveys, including on this and other similar forums, have confirmed that bitcoin is extremely little used to buy goods and services. Under such circumstances, it is still too early to even imagine that it will be able to surpass the currency of states and gold as money. And the cryptocurrency is not able to do this. The states will never allow this.

Its still very early to declare that bitcoin beats them all because the fact is, bitcoin is not yet globally accepted as a means of payment because it has its own issue that the government won't be able to adopt it. And i don't even think that bitcoin is invented in the first place to make a race with fiat and so with gold. Of  course, we all know that bitcoin has higher profits compared to gold but still, majority of the people still chose to invest in gold because its value is more stable than bitcoin and there is less risk on it.

[paxmao]

There never was a war on money. Bitcoin has proven that, until now, the demand exceeds the offer and thus there is price increase that is likely to continue. Bitcoin is not the opposite of money, that is just a construct that some people use to convince others to buy. It is rather a tool you can use for the originally intended peer-to-peer transfer of economic units. If now has become a tool for speculation, I do not consider it a success.

[batang_bitcoin]

Where do we get these titles for being a bitcoin investor? A heavyweight? Come on, he's no different from us that gives his insights about the market. He's obviously telling what he had also told for a long time.
There's the big chance that bitcoin could be the future money but it's more likely becoming a store of value than a currency.

[Leviathan.007]

For people who don't know him, he is a former football player and chairman of real Bedford he is also a cryptocurrency podcaster and he is usually positive about bitcoin and cryptocurrencies, many people believe in the bitcoin and fiat war and looking for a winner, but regarding what he said I think even if there is a war between fiat traditional money and cryptocurrencies bitcoin is the winner and known as the new generations of the currencies, but still I believe our world still needs the fiat money and these two are needed in own place depending on the usage and the situation.

[tygeade]

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Even I agree with him, I just want these words from someone who is as influential as Elon Musk or from any government which is working on adopting bitcoin as their one of legal tender. I mean people who are already into bitcoin may say anything on bitcoin to justify their decision on adopting bitcoin investments which might be having lesser impact on crypto world in terms of bringing new investors (still I agree it will get good vibes among all bitcoiners to invest more or to plan up for more longer duration).

Basically I am not having any different opinion on bitcoin from him; I am also confident about bitcoin to become as a preferred investment to gold and will become a federal reserve for governments hence it will be the money and investment of the future for sure.

[Mauser]

It's seems a bit early to declare bitcoins as the winner in the currency wars. Crypto currencies have definitely won some battles in the past, but the war is not over yet. So far there are only a few countries which accepted bitcoins as a legal tender. For me to say that bitcoins won the war would be either after being used as the world currency, so that all international trade will be settled in bitcoins. Or that one of the leading countries will accept bitcoins as a legal tender. At the moment this still seems years away. The war will continue.