Peter Van Valkenburgh, head of research at Coin Center, said that Bitcoin may not mean the end of traditional currencies and the banking industry.
“I think people in the Bitcoin community may have too much voice on how Bitcoin will rule all economic systems. No one will use the U.S. dollar anymore, and no one will use the bank anymore, and I think it’s really a bit stupid,” Van Valkenburgh Say In an interview with C-Span Washington Magazine on Friday.
“The truth is that sometimes you want to make bitcoin transactions. Of course, if you are in a state of oppression like Nigeria or Belarus, you may find it more useful to use bitcoin. In the United States, we have a fairly stable banking system We have the rule of law and a well-functioning government.”
In other regionsCompared with traditional finance and currency, Bitcoin can act as a tool of greater freedom, providing users with greater flexibility and faster payments, as well as a way to get rid of inflationary troubles.
“Generally speaking, here in the U.S., you may still use credit cards and Venmo, but maybe you want to buy some bitcoins because it can balance your investment portfolio with the threat of inflation.” Van Falken Van Valkenburgh said, then referring to the similarities with gold in the limited supply.
He said: “So, maybe you know that as part of a balanced portfolio that includes other safer investments, you might have a bit of Bitcoin to hedge against inflation,”