SEC Chair Gary Gensler - Bitcoin is unlikely to become a currency

[Stalker22]

I gotta say, I just dont get Gensler's perspective here.  Sure, Bitcoin isnt quite the go-to currency yet, but writing it off as unlikely to ever make it happen seems short-sighted.  Though I guess trash-talking crypto is part of the SEC commissioner job description. 

Way I see it hes missing the forest for the trees.  This isnt about toppling old money - its giving folks choices and  and Bitcoin could do a heckuva lot more than just store value if we let it.  No reason it cant work for buying stuff if people wanna use it that way.  Worlds moving on, but feels like the SEC is still harping on how things used to be.

[Smartprofit]

Any state must maintain a monopoly on two things - the army and the issue of money.

Therefore, states will hinder the advancement of private money. Probably, everything is really bad in the global economy and finance if Bitcoin, cryptocurrencies and stablecoins have become so widespread throughout the world.

However, all states are currently testing central bank digital currencies (CBDC). If those in power decide that Bitcoin is harmful to the development of CBDC, they will introduce various new bans and restrictions on the use of the first cryptocurrency. It will not be easy for Bitcoin to become a world currency.

Currently, the world elites are doing everything to devalue Bitcoin, destroying its uniqueness. Many have already begun to perceive it as one of the ordinary financial products. Meanwhile, Bitcoin is a unique entity, a universal decentralized protocol for transferring value in virtual space.

[franky1]

women trade sexual favours... yep sex is a currency
men trade beer for favours with friends/neighbours.. beer is a currency

its just not going to replace FIAT currency

bitcoin wont be a single nations fiat, it wont be a "one world" currency everyone uses as fiat. it however can and will and does operate as a separate choice currency for anyone around the world

[Zoomic]

By "currency," it doesn’t necessarily mean the main currency--fiat will definitely stick around. The point is that people should have more options, not just seeing Bitcoin as a "store of value" (which I agree with), but it could also be used as legal tender so we can enjoy Bitcoin even more!

To be honest, there are some truths in what he said. It is not a lie that alot of bitcoin supporters only see bitcoin as an investment and not as a means of payment. Out of the thousands of people who are singing Bitcoin's praise, how many are actually using it the very way it was created to be used? The newbies who are joining the bitcoin community are only there because they were told that the value of bitcoin appreciates overtime, so they stand a chance to get double or even more of their initial deposits. If the majority of bitcoiners keep accumulating bitcoins for investment purposes and still encourage those yet to adopt bitcoin to do so for investment purpose too, in few years to come, the purpose of bitcoin serving as a currency might be defeated.

[legiteum]

I gotta say, I just dont get Gensler's perspective here.  Sure, Bitcoin isnt quite the go-to currency yet, but writing it off as unlikely to ever make it happen seems short-sighted.  Though I guess trash-talking crypto is part of the SEC commissioner job description.  

It will not, objectively speaking, ever happen. There is simply no way Bitcoin could ever scale to anything even within several orders of magnitude of handling the world's daily transactions. Indeed, maybe Gensler... knows more about Bitcoin than a lot of Bitcoin's cheerleaders?

Currently, the world elites are doing everything to devalue Bitcoin, destroying its uniqueness.

It would appear that the world's elites are actually embracing Bitcoin. Crypto was the #1 industry donor to the 2024 US elections. I really don't know where you are getting that.

Many have already begun to perceive it as one of the ordinary financial products. Meanwhile, Bitcoin is a unique entity, a universal decentralized protocol for transferring value in virtual space.

To almost all users of Bitcoin today, it's just an investment, no different than AAPL or NVDA. This wasn't because of some government conspiracy, it's simple market demand.