Governments and banks once mocked Bitcoin. Now they want in on it
Governments and banks once mocked Bitcoin. Now they want in on it
After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher.
Once widely derided as a speculative asset with no intrinsic value, Bitcoin is being taken increasingly seriously by governments, financial institutions and investors alike.
Lol what, who is taking it seriously?
I am. BTC keeps growing and more institutions are seeing its benefit. Maybe you had specific criticisms?
It's '25. Bitcoin has been debunked as anything but a pump toy back in ’15 already. A decade ago. It's literally not getting any adoption. Nobody uses it for anything but trading. It has been proven that it is being pushed up and made liquid by Tether since '16 at least. There are court records with evidence, just Google it.
In an October report, the US Department of the Treasury referred to Bitcoin as “digital gold”, noting its use as a store of value.
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El Salvador has accumulated some $600m worth of Bitcoin reserves and is one of just a handful of countries, along with the Central African Republic, that accepts the asset as legal tender.
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BlackRock CEO Larry Fink, who once described Bitcoin as an “index of money laundering”, in January said the commodity was “no different than what gold represented for thousands of years” and an “asset class that protects you”.
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One of the reasons Bitcoin has gained strength in value is the poor performance of economies such as Argentina, where inflation last year skyrocketed more than 200 percent, according to Gerald Celente, founder and director of the New York-based Trends Research Institute.
“People were seeing their currencies being devalued… People were saying: ‘I’m losing all my money, what am I going to do?’ They can’t afford to buy gold, so they started buying whatever they could in cryptocurrencies like Bitcoin, so that kept it strong,” Celente told Al Jazeera.
Sounds very toppish.
It's still a speculative asset with no intrinsic value. That'll never change. Even in-game items have more intrinsic value than any crypto.
But, I'll also say the same could be said about most currency, including USD. What is the intrinsic value of it? Nothing. Its only value is what others think it is worth.