If only we had a record of all the discussions around Bitcoin (BTC) by people involved in one way or another in its creation, in the pre-BTC era. At least we would know with more certainty the fate Satoshi Nakamoto has planned for his baby. Ray Dalio gave a provocative speech on Twitter, prompting Bitcoin advocates to break their silence.
Bitcoiners, show your support!
In a discussion on Twitter, Ray Dalio indicated that Bitcoin was neither an efficient trading instrument nor a store of value due to its volatility.
He also argued that governments could declare cryptomoney illegal if it posed a threat to fiat currencies.
According to Dalio, it is impossible to imagine central banks, institutional investors and multinational corporations adopting Bitcoin.
Nevertheless, he admits that he could be wrong and has invited other users to speak out on the subject, as the cryptos players are not shy about doing so.
The United States loves Bitcoin
The founder of Quantum Economics, Mati Greenspan, simply replied that Bitcoin was a currency and all other existing instruments were credits.
CoinShares' Chief Strategy Officer, Meltem Demirrors, explained how Bitcoin could be used as a means of payment - thanks to the Lightning Network - while adding that basically Bitcoin was a technology for savings.
BlockFi's CEO, Zac Prince, published several tweets and responded point by point to the arguments put forward by Dalio.
Regarding volatility, Prince points out that most traditional assets have a higher degree of volatility than Bitcoin.
On the issue of prohibition by governments, Prince admits that some will act in this direction, particularly those who have put in place a system of capital controls. In other countries such as the United States, Bitcoin is well established and is regulated by numerous regulatory bodies.
Finally, Prince indicates that many institutional investors have adopted Bitcoin including Fidelity, Square, PTJ, Druckenmiller.
Will the future prove the full-time - like Peter Schiff - or part-time critics of Bitcoin right? The figures are currently on the side of the BTC, which is approaching USD 20,000. Institutional investors are devouring BTC's outstanding bids. Killing Bitcoin: the sweet dream of fiat advocates, especially of the dollar.
