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

[fowlertm]

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.

[odolvlobo]

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.

It certainly is possible, but it is not guaranteed.

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

Also, keep in mind that Peter McCormack is not an expert on Bitcoin, money, or economics. He is obviously an expert on podcasting and interviewing, though.

[jrrsparkles]

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.

[nullama]

Personally I find investing in Bitcoin way more convenient than investing in gold.

I can send money from my bank account to an exchange, which auto-buys bitcoin, and after it passes a threshold, it automatically withdraws it into my own wallet. That means basically I'm almost directly sending fiat and receiving Bitcoin from it into my wallet. It's amazing.

To invest in gold I would have to buy it, wait for it to be shipped or I pick it up and transport it. Very risky and complicated. Plus I have to trust everyone involved in the transaction so that I don't end up getting a fake.

Then to store it properly. It's such a hassle, and what if I need to get fiat from gold, I would have to bring that stuff into a physical shop and sell it there. Some mints don't buy back their own gold.

It just feels so antiquated and inconvenient to invest in gold when there's bitcoin available.

I think it's a matter of time until more and more people realize this.

Bitcoin already won, it's just that a lot of people are not aware of it.

[mk4]

I'm bullish on Bitcoin, but it's more like "Bitcoin is winning" rather than "Bitcoin has won". I mean, we still don't see bitcoin being used as money on brick and mortar stores and everywhere online, right? We're getting there, but definitely not there yet.

[Wexnident]

Kinda too early to say? I mean sure, Bitcoin's value is BIG, but just look at the number of payment processors, companies, etc that have adopted Bitcoin as a medium for payment. They're rather low in number, and they're all mostly bigwig companies, you'd rarely see (though not impossible to find afaik) small scale businesses accept Bitcoin. We'd actually have to wait to the level where Bitcoin is pretty well known to most people, not just what it is, but also how to use it as a currency.

[Vaskiy]

For gold it took years to get acceptance as an exchange asset from a valuable metal. Bitcoin needs time to attain the same. It has grown good in very short time period, but as money the network is strong for it. The regulation and policies keep it as an alternate. There will be some form of transition with time, maybe with the upcoming generation it can happen. I see the statement from Peter McCormack as the future reality of the market.

[avikz]

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 don't think it is possible! In the world of 7 billion population, the capped supply of 21 million bitcoin is way too small regardless of the fact that bitcoin can be used fractions. Bitcoin's blockchain is not powerful enough to scale up towards the need of the world population. So I don't foresee that bitcoin will ever replace the traditional fiat currencies, unless the humankind have to face a nuke war where most institutions will be destroyed.

Bitcoin can beat some traditional investment in terms of ROI (return on investment). As the demand is skyrocketing, the prices are following the same pattern. But it wouldn't eradicate the need to a fiat currency whatsoever.

[Kakmakr]

You have to understand how Peter McCormack work.. to understand why he says things like this. He likes to "trigger people" in his own words... or like he said, “just f—ing winding people up” .....so he will say something controversial to spark a debate.  

The guy is a bitcoin investor and podcast host focused on Bitcoin, so he will not be biased in his opinions and statements towards Bitcoin. He even purchased professional English soccer club Bedford FC and become its chairman to use it as a marketing tool to promote Bitcoin.  

In my opinion... we have won 1 small victory in El Salvador.. but Fiat money still rule the rest of the world.  

[Strongkored]

Wondering what your thoughts are.

Not beating fiat in use, but rather maybe able to beat gold as a form of investment that provides a large return to its owners especially to early investors. what is difficult for btc to beat fiat because of its overly fast-moving price and the media that often preaches bad things about btc.

[aprilnot]

what he said was too much. defeating gold or fiat, I don't think for this era would be possible. if the world's governments wanted to, today bitcoin could just lose its influence. remember regulation plays an important role in bitcoin existence. and this has limited the potential of bitcoin so far. so if it's called won, it's not quite right. just because some countries have accepted and allowed bitcoin, bitcoin can not be called the best. is still far away and very difficult to realize. Let's take the example of a country that has legalized bitcoin. see elsalvador whether since bitcoin is legal there, bitcoin is the main choice?. I don't think so, because the people there still prioritize fiat.

[davis196]

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.

[tyz]

Wondering what your thoughts are.

I wouldn't say yet that Bitcoin has won the war, but it has won some important battles. By that I mean that Bitcoin has gradually survived over the last 13 years or so, despite huge headwinds from politics, the financial industry, and to some extent society, and has become so widespread that Bitcoin is hardly questioned from those today anymore. However, I think it is wrong to claim that Bitcoin has also triumphed over money, because in my opinion Bitcoin is currently not an alternative to money, especially for technical reasons, but rather an alternative to gold.

[palle11]

Is fast to say on bitcoin taking over from fiat but I do agree the level it has been accepted is increasing. There are places that lots of people are yet to understand the blockchain so how do bitcoin take over such places. Take over has to be total but for now it is yet to live into that level. Just few countries are positive with bitcoin and majority are not yet but building independent currency in digital.

[Blue0x.com]

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.

No it didnt win anything.  It didnt even do anything.  What can you buy with Bitcoin?  Money buys stuff.  Assets inflate into bubbles.  Bitcoin is the later.

[mindrust]

I don't agree. It may happen in the future I don't think it happened yet. Also most people think money and currency like they are the same thing. USD is a currency. Gold (i think) is money. Just because we don't use it as a currency, it doesn't mean it is not money.

If bitcoin is going to be money, it should be accepted by almost everybody. I don't think we are there yet.

[Lucius]

Also, keep in mind that Peter McCormack is not an expert on Bitcoin, money, or economics. He is obviously an expert on podcasting and interviewing, though.

If we take all this into account, then his opinion is completely irrelevant, as is opinion of most so-called experts who just want to profit by parasitizing on Bitcoin.

No it didnt win anything.  It didnt even do anything.  What can you buy with Bitcoin?  Money buys stuff.  Assets inflate into bubbles.  Bitcoin is the later.

I can buy almost anything for Bitcoin in my country, crypto payment processors are becoming widely accepted in many online stores that sell everything possible that one could wish for. Your attitude towards Bitcoin is understandable given what you are promoting as the ultimate solution - but for those of us who understand what Bitcoin is, such statements have no effect.

[Blue0x.com]

Also, keep in mind that Peter McCormack is not an expert on Bitcoin, money, or economics. He is obviously an expert on podcasting and interviewing, though.

If we take all this into account, then his opinion is completely irrelevant, as is opinion of most so-called experts who just want to profit by parasitizing on Bitcoin.

No it didnt win anything.  It didnt even do anything.  What can you buy with Bitcoin?  Money buys stuff.  Assets inflate into bubbles.  Bitcoin is the later.

I can buy almost anything for Bitcoin in my country, crypto payment processors are becoming widely accepted in many online stores that sell everything possible that one could wish for. Your attitude towards Bitcoin is understandable given what you are promoting as the ultimate solution - but for those of us who understand what Bitcoin is, such statements have no effect.

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

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

[fiulpro]

I am not really sure that people do understand what the war on fiat really is? It's the far on the whole economy. The economy governed by the government. I do think that we have to look at the graph and look at the value of fiat during the pandemic and that's when it mattered, people save a lot of fiat in their bank accounts to only realize that they don't own their money for real.
With Bitcoins, it's a money that's *really yours* plus it's a fine asset, even the volatility is something that helps people along the way, during the low prices people generally buy more and at the end they sell when the prices are generally normal, using them as a currency is something that people don't usually do. Therefore we cannot be certain regarding it's use as a currency right now, we still have lot of time to see if it works.

[Blue0x.com]

I am not really sure that people do understand what the war on fiat really is? It's the far on the whole economy. The economy governed by the government. I do think that we have to look at the graph and look at the value of fiat during the pandemic and that's when it mattered, people save a lot of fiat in their bank accounts to only realize that they don't own their money for real.
With Bitcoins, it's a money that's *really yours* plus it's a fine asset, even the volatility is something that helps people along the way, during the low prices people generally buy more and at the end they sell when the prices are generally normal, using them as a currency is something that people don't usually do. Therefore we cannot be certain regarding it's use as a currency right now, we still have lot of time to see if it works.

You ever ask yourself why there is not an Iranian Rial stablecoin?  How about an Iraqi Dinar stablecoin?  Weird huh?