Blackrock CEO sees big opportunity for cryptocurrencies2 min read
BTC promises financial freedom for states and central banks. But can the cryptocurrency keep this promise? The attitudes to this are different.
“The USA does not stand for freedom and that is a proven fact”
Nayib Bukele, a crypto fan and questionable dictator, wants to set up a BTC bond to fill El Salvador’s treasury. The USA does not seem to be enthusiastic about this and is currently discussing a draft law that would not recognize the legal status of BTC in El Salvador.
Bukele is outraged and condemns the actions of the USA.
The US government does not stand for freedom and that is a proven fact. So we will stand for freedom.
BTC is FU [Fuck you] money.
BTC as a crisis rescuer? Blackrock CEO sees opportunity for digital currencies
Larry Fink sees an opportunity in the ongoing conflict between Russia and Ukraine. Like Reuters reported the Blackrock CEO said in a letter to shareholders that the crisis could pave the way for a digital currency system.
A well-designed global digital payment system can improve the processing of international transactions while reducing the risk of money laundering and corruption.
Larry Fink, Blackrock CEO
Whether this digital payment system will be BTC or another cryptocurrency remains open in the report.
BTC skepticism from Blythe Masters
However, Blythe Masters, a board member at Credit Suisse, still doubts the highly acclaimed usefulness of the leading cryptocurrency by market capitalization. At the Asian Investment Conference 2022, she announced that she doesn’t necessarily believe that cryptocurrencies could compete with fiat currencies.
To this day, I remain skeptical of many arguments as to why BTC will eventually supplant fiat currencies and weaken banking.
Blythe Masters, Board Member at Credit Suisse
Among other things, she justified her skepticism by saying that the argument that cryptocurrencies could serve as inflation-proof crisis protection did not convince her. This is mainly due to the large number of different cryptocurrencies.
Each individual cryptocurrency may have a limited supply, [aber] there are endless cryptocurrencies being invented right now. And I think that raises a fundamental question mark for me about the long-term inflation protection of cryptocurrencies