Overstock CEO: Bitcoin and Gold are Real Money, Not Fiat Currencies Like the USD

Overstock CEO: Bitcoin and Gold are Real Money, Not Fiat Currencies Like the USD

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Overstock CEO: Bitcoin and Gold are Real Money, Not Fiat Currencies Like the USD

Overstock CEO: Bitcoin and Gold are Real Money, Not Fiat Currencies Like the USD

Patrick Byrne, the CEO of major electronics retailer Overstock, along with many highly regarded financial analysts and billionaire investors in the traditional finance sector, believe the real bubble is in the fiat currency system such as the USD.

Earlier this week, Coinbase CEO Brian Armstrong revealed $10 billion in institutional money is expected to flow into the Bitcoin market in the upcoming months. As institutional money moves into the Cryptocurrency market, the liquidity of Bitcoin will increase exponentially, competing against conventional assets and currencies like gold and reserve currencies.The global fiat currency system and reserve currencies like the US dollar and Japanese yen are issued, controlled, and manipulated by central entities. Although the value of currencies are pegged and hedged onto the global economy, if consumers are not willing to use reserve currencies and move on to more robust forms of money and stores of value such as Bitcoin and gold, the fiat currency system will eventually decline.
As Goldman Sachs CEO Lloyd Blankfein explained in an interview with CNBC, the initial shift from gold to the fiat system in 1971 was considered a controversial decision which the public had struggled to adopt in its early days.

Relative to major shifts in currencies and stores of value in the past few decades, the growth of Bitcoin has continued to increase at a rapid rate, triggering the traditional finance market to reconsider the implications of Bitcoin as a technology and its potential as the global currency. Byrne noted:In the long-term, given the interest and demand for Bitcoin from the global finance industry at this current juncture, it is likely that Bitcoin will move on to compete with gold and reserve currencies, testing the fiat currency system for the first time in history.

Author : Joseph Young


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