Thursday, November 14, 2019

Media Challenges Max Keiser’s “Bitcoin is Peer-to-Peer Gold” Statement

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Max Keiser in February stated that “Bitcoin is peer-to-peer gold,” and went ahead to put up a challenge for anyone who is bold enough to dispute it. While that may have been months ago, long enough for even the US broadcaster to have forgotten, Money Maven, a media outlet decided to take the bait.

Media Outlet Accepts Max Kieser’s Challenge

According to Money Maven on April 24, they have accepted Max Kieser’s challenge. What Kieser and the media have in common, is that their responses were triggered by a comment made by another. Kieser, for instance, had made his in reference to that of JP Morgan, an investment bank and financial services company which said cryptocurrency will only have value in a “dystopian economy” where investors have “lost all confidence in all major reserve assets.”

Money Maven, on the other hand, in response to Kieser’s statement outlined that Bitcoin may be divisible like Gold, but the digital currency is not scarce. According to the writer, there have been variants of the virtual asset such as Bitcoin cash, Bitcoin SV, and many others. Nonetheless, it is worthy to note that the Bitcoin Kieser was referring to is Bitcoin core.

Bitcoin’s Limited 21 Million Supply Speaks Scarcity

Bitcoin has a limited supply of 21 million coins and a circulating supply of 17 million. Its halving is set for every four years (210,000 blocks) and the next one has been fixed for May 2020 which will halve the amount of Bitcoin that is supplied to the market. As such, Bitcoin’s limited supply should not be questionable. The others may have the name Bitcoin as well, but they are not Bitcoin, the most popular cryptocurrency by market capitalization.

Another issue raised by the media is that cryptocurrency can be compared to fiat since they can be produced from thin air. That may be agreeable since these are over 2,000 crypto assets on the market with the potential for more to be launched. However, we’ll be generalizing by looking at cryptocurrency as a whole instead of Bitcoin which Kieser made reference to. On that note, Bitcoin is not generated from thin air, it is a fixed daily reward (12.5 Bitcoins) to miners for adding transactions on the blockchain.

Despite these arguments, Bitcoin is a digital currency that has taken away the limitation of time and place thereby allowing individuals around the globe to exchange value. The world is getting digitized and so is the new form of money. The new form of money speaks convenience and freedom.

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