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Bitcoin may dominate financial space; won’t just be an asset for the dark web, claims Michael Goldstein

Matthew Chan

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Anthony Pompliano is well known in the crypto-community as a massive Bitcoin proponent. In the latest episode of his Off The Chain podcast, Pompliano interviewed Michael Goldstein, President of the Satoshi Nakamoto Institute. The pair discussed the current state of Bitcoin and how it has progressed over time, for everyone in the community.

Goldstein stressed on the fact that over time, he has remained committed to the original vision of Bitcoin. He added that he understands the economics behind the idea of Bitcoin, suggesting that it was okay to entertain the thought that the ‘hardest soundest money’ in Bitcoin could dominate the financial landscape, and not just remain a monetary asset for the “dark web”.

He said,

“The economics show that it can have much more ambition than that and in fact we should have that ambition because I believe, it brings so much value to society.”

Pompliano queried Goldstein about how he would counter Bitcoin’s critics over the fact that a majority of the Bitcoins in circulation are concentrated in the hands of a mere few.

Goldstein responded by stating that the first mistake made by people introduced to Bitcoin is that they identify one address to one single user, adding that metric was not exactly accurate. He said,

“You might look into an address which has 10,000 BTC but that might just be a cold storage of some exchange. It’s concentrated in a place where many people have created an entire market for Bitcoin so its not really accurate to say that is a specific person.”

He went on to say that a specific amount of investment did not matter in Bitcoin’s ecosystem as long as people were engaging in the marketplace and “stacking sats.” According to Goldstein, the idea of Bitcoin is to be recognized as money in the monetary system and be an asset that can be a hedge against future uncertainty.

Matthew is a full-time member of AMBCrypto. Prior to joining AMBCrypto, Chan had an extensive 2-year investigative business reporting stint with Tribune media. He has been following the blockchain space and currently writes about blockchain products and cryptocurrencies. Matthew will be reachable at matthew@ambcrypto.com.

1 Comment

1 Comment

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    Salva

    September 8, 2019 at 1:05 am

    Bitcoin is a scam, period. The only difference between bitcoin and digital dollars that only exist on computer screens. Is that bitcoin is more volatile.

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