• The Bank for International Settlements (BIS) recently claimed that the “battle has been won” between fiat and crypto.
• This statement sparked outrage, satire, and corrections among the Bitcoin and crypto community.
• Bitcoin advocates have criticized BIS’ claims and highlighted the need to focus on the battles in the global south.
Bank for International Settlements Claims Fiat Has ‘Won’ Battle Over Crypto
The Bank for International Settlements (BIS) recently made a bold claim: they think the battle between fiat and crypto has been won by fiat. BIS general manager Agustín Carstens made his remarks in an interview with Bloomberg, citing technology as one of the reasons why crypto is not a trusted form of money compared to fiat currency.
Crypto Community Reacts with Outrage
Carsten’s statement was met with criticism from many members of the Bitcoin and cryptocurrency community. Ray Youssef, CEO of Paxful and vocal Bitcoin maximalist, said that focusing on this argument is a distraction with no ROI. He encouraged everyone to stay focused on what’s happening in Nigeria instead. Saifedean Ammous also shared Carsten’s statement on social media which prompted further condemnation from his followers. Florida-based Bitcoin advocate SVN declared that “these people are clowns.” Lady Anarki stated that both fiat and crypto are essentially just scams.
Need for Regulation & Risk Management
The BIS has long taken a cautious approach towards cryptocurrencies as it serves as a central bank for other central banks worldwide. They emphasize the need for proper regulation and risk management within this sector so as not to create any financial instability or chaos in society if things were to go wrong.
Focus Should Be on Global South
Despite all of this back-and-forth between advocates of both sides, many agree that there should be more attention paid to what is happening in countries like Nigeria who have recently seen their own crypto revolution taking place on their streets – something which deserves more focus than arguments about whether or not fiat or cryptocurrency will reign supreme at some point in the future.
Conclusion
Overall, it seems clear that while BIS may think they have ‘won’ their battle against cryptocurrency, there is still much work to be done when it comes to properly regulating this space so as not to cause any financial instability or chaos if things were to go wrong. There should also be more focus placed on what is happening in countries like Nigeria who are currently seeing their own cryptocurrency revolutions take place right now – something which deserves far more attention than abstract arguments about whether or not fiat will win out over cryptocurrencies at some point down the line