CNBC Video Says Bitcoin Is Store Of Value But Not Currency, Misses The Big Picture

2021-8-16 21:34

CNBC Portraying BTC As A Store Of Value Isn't Pessimistic As It Outlines The Electronic Cash's Path To Full Monetization.

A recent CNBC.com video dealt with the current use cases for Bitcoin in the U.S., featuring a conversation discussing the merits of Bitcoin as a currency. Not surprisingly, many mainstream misunderstandings were showcased.

"People aren't really using bitcoin to buy everyday items, and that is partly due to the fact that not a lot of retailers give them the option to spend it," said CNBC.com digital correspondent Mackenzie Sigalos in the video. "You do have [some companies] that will let you use your crypto wallet directly in their website or in person but this is the exception to the rule."

Bitcoin usage as a medium of exchange, the role of money on which the mainstream line of thought primarily focuses,  is very often debated. Most people argue that since Bitcoin's price in U.S. dollars is quite volatile, it isn't suited to be used for everyday transactions. Consequently, they erroneously conclude that bitcoin is not money. However, money has more functions than just being a medium of exchange; it historically follows a monetization path as its awareness and adoption increase worldwide.

"Historically speaking, such a generally esteemed substance as gold seems to have served, firstly, as a commodity valuable for ornamental purposes; secondly, as stored wealth; thirdly, as a medium of exchange; and, lastly, as a measure of value," wrote marginalist economist William Stanley Jevons.

Sigalos also said that "at the moment bitcoin really is just seen as a store of value asset." Such a statement could be seen as bad news for some and is often repeated with excitement by the mainstream media but showcases how bitcoin is undergoing full monetization as nascent money.

Bitcoin is indeed peer-to-peer electronic cash; it was created to solve the double-spend problem and bring cash to the digital realm without the need for trusted intermediaries. However, it is still young, having been created only a little over a decade ago. If most people who know about or have Bitcoin already see it as a store of value, as Sigalos said, it is great news. Bitcoin is currently becoming a well-established store of value with many high-profile investors opting to get BTC exposure –– after many years of being seen only as a collectible, gimmick item.

If adoption keeps increasing and is currently growing faster than internet adoption, Bitcoin will progress towards the last two roles of money in its monetization path. As more people get to know bitcoin, use it, and accept it, it will become more well-established globally. Consequently, it will naturally become a medium of exchange and, later, a unit of account (a measure of value). We must put Bitcoin's history and current stage of monetization into perspective. While the entire world doesn't realize that BTC is the best money ever created, Bitcoiners can enjoy stacking more sats.

Nonetheless, Bitcoin is already a powerful medium of exchange outside the U.S. financial privilege bubble. In developing countries worldwide, where economic policies are wreaking havoc on citizens' purchasing power, BTC is providing an option to peacefully protest and opt out of a broken system. In Palestine, for instance, bitcoin could become a currency of freedom. Additionally, Nigeria, Sudan, and Ethiopia are concrete examples of places where bitcoin is bringing many benefits to citizens. And in El Salvador, bitcoin has already been deemed legal tender, obtaining the official currency status there.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Cash & Back Coin (CNBC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 CNBC

cnbc store value full monetization pessimistic isn

cnbc store → Результатов: 23


Основатель SkyBridge Capital верит в потенциал Ethereum

Основатель и управляющий партнер инвестиционной компании SkyBridge Capital Энтони Скарамуччи в интервью CNBC рассказал, что ему нравится Ethereum (ETH), но пока он сосредоточится на биткоине. "The technology around #ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with," says @Scaramucci on why he likes $ETH. […]

2021-4-7 17:50


New Poll: Over 75% Investors Pick Bitcoin (BTC) As Their Store Value Choice, Beating Gold And Silver

In a poll by CNBC Futures Now, Bitcoin (BTC) overwhelmingly emerged as the favorite store of value amongst its followers. Of the 4,221 voters who took part in the vote, 75% selected BTC as their choice asset compared to gold and silver with 19% and 6% of the votes respectively. The #DropGold campaign by Grayscale […]

2019-7-29 19:42


At CNBC Panel Discussion in Davos, Insiders Have Gloomy Forecasts: “Bitcoin Will Go to Zero,” Serves a Role as Store of Value

Jeff Schumacher is the founder of BCG Digital Ventures, an early-stage growth platform that invests in innovative startups that… The post At CNBC Panel Discussion in Davos, Insiders Have Gloomy Forecasts: “Bitcoin Will Go to Zero,” Serves a Role as Store of Value appeared first on Invest In Blockchain.

2019-1-24 19:25


Reddit’s Alexis Ohanian Shares Thoughts on Crypto & Blockchain Future

Co-Founder of Initialized Capital, Alexis Ohanian Believes “Digital Store of Value Will Be Desirable” One Day In an interview with CNBC during its “Power Lunch Segment”, Co-Founder of Initialized Capital, Alexis Ohanian discusses cryptocurrencies, blockchain technology and cryptocurrencies moving towards the venture capital (VC) sector.

2018-7-25 00:02


Фото:

Apple запретила майнить криптовалюту на своих устройствах

В начале апреля Google объявила о намерении удалить все приложения для майнинга из магазина Chrome и запретить добавлять новые. Теперь использовать свои устройства для майнинга криптовалют запретила Apple.

2018-6-12 17:00