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“It is wrong to describe bitcoin as a currency, because it does not fulfil the basic properties of money. It is a speculative asset without any recognisable fundamental value” – European Central Bank executive board member, Isabel Schnabel

“It is wrong to describe bitcoin as a currency, because it does not fulfil the basic properties of money. It is a speculative asset without any recognisable fundamental value” – European Central Bank executive board member, Isabel Schnabel



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14 Comments

  1. Unpopular Opinion: She is right (kinda). BTC has only little use or value as a currency. It’s way to expensive to transact little amounts on it . Why should I used my BTC to go buy some bread, if I pay 5 dollars in transactions fee? It doesn’t make much sense. Mabe for big pruchases like a car, but not everyday stuff.

    However, Crypto per se has. Take NANO as a example. No Fee, fast. I can buy some fucking bread with it. Or take ETH. High fees, but it’s used as Coin in many transactions that have (or will have) real life applications. Theres your fundamental value.

    I don’t know if this is a try to FUD crypto as a whole, but on BTC i do believe she is kinda right.

  2. I mean he’s not wrong per se.

    A currency to be defined as such has to be widely accepted and a reserve of value.

    Bitcoin at the moment is neither but, on the bright side, more and more people are starting to adopt Bitcoin as a mean of payment (I am looking at you Elon) so who knows what the future has to offer.
    Furthermore fiat is becoming less and less valuable thanks to a rapid inflation meaning that it can no longer be considered a reserve of value.

    So yeah Bitcoin may not be a proper currency atm but is surely more valuable than fiat in the long term and it is becoming more and more accepted as payment as we speak.

  3. As much as this is such a boomer statement, i still believe people are very very reluctant spending their btc even probably if there is tax advantage for it, so they are not wrong per se, the community just being hypocritical.

  4. Some of you seem pretty mad but I wanna ask you this: how many times have you spend BTC in your whole life as a currency?

    They probably don’t mean well for crypto, making this statement but they are not at all incorrect. If they said crypto as a whole cannot fulfill the role of currency, sure they’re incorrect but you’re delusional if you think BTC can be used as one.

  5. Right now it’s a storage of value. Lightning Network is getting it closer to currency. If you look at the history of currencies most were seen as storages of value prior to becoming full fledged currency.

  6. >**It is wrong to describe bitcoin as a currency, because it does not fulfil the basic properties of money**

    Oh the irony! You could argue that the USD and EURO dont qualify as currency because they do not fulful the basic properties of money: “Most modern textbooks now list only three functions, that of medium of exchange, unit of account, and *store of value*” (wikipedia).

    No wonder the financial system is fucked, if such people are part of the upper echolon of a central bank. Why doesnt she put her money where her mouth is and only hold USD and EURO for the rest of her live, if its such a good store of value…

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