Bitcoin was created to be the first ever peer-to-peer electronic cash system, and in its wake, an entire industry of digital assets has since been created. Despite the cryptocurrency’s longevity and staying power, there’s still debate amongst policy makers, regulators, and even investors, if the asset class should be defined as “money.”
A recent survey conducted by the International Monetary Fund has respondents overwhelmingly saying “yes” that Bitcoin and other altcoins are indeed money, and should be viewed as such.
BITCOIN AND MATURING INTO HARD MONEY
BTC is now the 16th world’s largest currency and climbing. It could some day become the global reserve currency, and be the first non-sovereign currency that’s used worldwide. There’s been over $10 trillion in value transacted across its network. Yet for some reason, there’s still debate over if cryptocurrencies are money.
The word currency is in the name, and Satoshi Nakamoto had every intention of his invention acting like money. And according to the general public, they also view cryptocurrencies as “money.”
At what price will people finally consider Bitcoin money at? BTCUSD on TradingView.com
IMF TWITTER SURVEY: MORE THAN 75% BELIEVE CRYPTO IS “MONEY”
The IMF is a global organization consisting of “190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade,” and more.
Are digital currencies really money? #poll
— IMF (@IMFNews) January 14, 2021
Recently, central banks in the US received the green light to begin using digital currencies to transfer money. Each passing day, cryptocurrencies take another step toward becoming “money.
Eventually, when enough people do this, the currency itself becomes undeniably money on its own. Could this be the path crypto is currently on?