Feb 23, 2023

BIS Declares “Battle Won” in Crypto vs. Fiat War

The Bank for International Settlements (BIS) has had a long and cautious stance on Bitcoin (BTC) and cryptocurrencies. However, Agustín Carstens, the BIS general manager, recently declared that the battle between fiat and crypto has been won.

Carstens shared his opinion in an interview with Bloomberg, where he stated that “technology doesn’t make for trusted money”. This comment sparked a debate among the crypto community, with many voicing their opinions on the matter.

Ray Youssef, CEO of Paxful, advised the crypto community to ignore the debate and focus on the global south, and what is happening in Nigeria. Saifedean Ammous, author of The Bitcoin Standard, also shared Carstens’ statement with his followers, prompting criticism and concern.

Meanwhile, Lady Anarki, a Bitcoin advocate and former Bitcoin Security Education company founder, explained that “fiat and crypto are essentially the same exact scam”. She went on to explain that fiat is a system designed to enrich a few elite oligarchs, while Bitcoin is a technology designed with incentives and sound economic principles that enriches anyone who brings value to the world.

The Bitcoin price continues to trend higher despite the BIS’ best efforts to the contrary, as evidenced by What Bitcoin Did, a popular podcast hosted by Peter McCormack. The podcast tweeted some handy statistics to correct another inflammatory statement published by the BIS this week.

Willem Middelkoop, author and Bitcoin advocate, highlighted that the war between fiat and crypto is far from over. A cursory scroll through the comments on the original tweet from Bloomberg Crypto would suggest that the war is just heating up.

The BIS has been a vocal critic of cryptocurrencies, citing concerns about their volatility, scalability and energy consumption. However, the BIS has researched stablecoins and spearheads the development of central bank digital currencies in partnership with several countries, juxtaposing Carsten’s comment in the Bloomberg interview that tech “doesn’t make for trusted money.”

The crypto and web3 space has seen a surge in activity in the past year, with NFTs, crypto promotion, and NFT marketing becoming increasingly popular. Twitter NFT marketing is a particularly effective way to promote NFTs, and there are a number of NFT marketing agencies and web3 agencies that specialize in helping artists and creators sell their NFTs.

The crypto and web3 space is ever-evolving, and the battle between fiat and crypto is far from over. As more and more people become aware of the potential of cryptocurrencies, more and more people are turning to crypto as a means of investment and financial security. Whether or not the BIS will continue to take a cautious approach to crypto remains to be seen, but one thing is for certain: the crypto and web3 space is here to stay.

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