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Nexo

IMF Survey Overwhelmingly Supports Bitcoin As “Money”

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0

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.

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Bitcoin price is trading at under $40,000, a few thousand from its recent high. And while a drop of that magnitude in the past would bring forth obituaries about Bitcoin, today, its viewed as an opportunity to get in slightly cheaper.

Investors and institutions are voting with their capital that the cryptocurrency will outperform the dollar and help to offset the coming bout of hyperinflation. Bitcoin is up more than 500% against the dollar since the pandemic struck, and while the short-term trend might be taking a breather, the long-term trajectory has always been up.

RELATED READING | BITCOIN BECOMES 16TH WORLD’S LARGEST CURRENCY, WHAT’S NEXT?

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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.”

bitcoin money imf

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 International Monetary Fund’s official Twitter account recently shared a survey asking followers if “digital currencies” are “really money?” Out of nearly 100,000 votes, the poll is currently leading around 80% in favor of crypto as 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.”

RELATED READING | MILESTONE: BITCOIN INCHES CLOSER TO ACHIEVING $10 TRILLION IN VALUE TRANSFERRED

The debate exists, however, because although Bitcoin itself can easily be used as “money” to spend, few who buy the cryptocurrency plan on using it that way. But this is how superior forms of money first emerge. Owners of the old form of money begin to exchange it for what they perceive as the better form of money, and hold onto it because they believe it is more valuable.

Eventually, when enough people do this, the currency itself becomes undeniably money on its own. Could this be the path crypto is currently on?

Featured image from Deposit Photos, Charts from TradingView.com

 

 

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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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