With the uncertain future of the US dollar, what is Bitcoin’s role?
The U.S economy has come to a halt at the moment and the unemployment rate is increasing by the day. The Fed has taken various steps to strengthen the monetary situation but as strategists opine, the U.S dollar is headed for a massive drop by the end of 2020.
Bitcoin educator and analyst Andreas Antonopoulos in a recent podcast shared his thoughts on the uncertain future of the US dollar and analyzed if Bitcoin could fix the situation. Talking about Bitcoin’s real mission, he noted that there were two big camps with different perspectives among the bitcoin supporters.
- Monetary and economic perspective
- Bitcoin as an open international currency
He further stated,
“The monetary and economic perspective is about sound money, scarcity, limited supply, low inflation. The other camp looks at Bitcoin as an open international currency that is accessible tool anywhere, anytime without fencing authorization, which is available to the unbanked and underbanked and a nonpolitical neutral and open protocol for the internet that creates economic inclusion.”
Antonopoulos was of the opinion that Bitcoin’s monetary policy was not as strident as people assumed and he further asserted that Bitcoin was not the biggest and riskiest monetary experiment as portrayed. If Bitcoin’s monetary policy is weak and is not able to support the world during the financial crisis, it wouldn’t be pushed by the crypto community as a solution to the current situation? What are the Bitcoin maximalists like Binance’s CZ, Anthony Pompliamo, Mike Novogratz, Caitlin Long basing their arguments on?
As Bitcoin was born during a financial crisis, it should have stood by its promises during this current situation. Several Bitcoiners have defended the coin saying it is just not ready yet and that in about ten years, it would be equipped completely to stand against the giant government-backed fiat currency.