{"id":11346,"date":"2020-07-07T04:37:29","date_gmt":"2020-07-07T04:37:29","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=11346"},"modified":"2020-07-07T04:37:31","modified_gmt":"2020-07-07T04:37:31","slug":"news-commentary-1105-bitcoin-is-not-a-currency","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=11346","title":{"rendered":"News Commentary #1,105 – Bitcoin Is Not a Currency?"},"content":{"rendered":"\n

It\u2019s a \u201cSpeculative Asset\u201d…<\/strong><\/p>\n\n\n\n

Another interesting article with opinion of Steve Hanke – “an economist at John Hopkins University and foreign exchange trader” who shared it On July 4th. <\/p>\n\n\n\n

It seems that the question of what Bitcoin is, will be for many years to come. And until this is clear, decided and accepted on 100% by countries, governments, people with current leaders of the financial system, no one can say with certainty, whether Bitcoin is a new type of money or something completely different.<\/p>\n\n\n

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If you have read Satoshi Nakamoto\u2019s original white paper on Bitcoin, the likely takeaway is that BTC is a currency. Take the following excerpt from the conclusion of\u00a0the white paper.<\/p>\n

\u201cWe have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from digital signatures, which provides strong control of ownership\u2026 We proposed a peer-to-peer network using proof-of-work to record a public history of transactions.\u201d<\/p>\n

While\u00a0Bitcoin\u00a0becoming a currency may have been the goal of Nakamoto and others, it is a goal that has not widely been accepted.<\/p>\n

Economist Rebuts Sentiment That Bitcoin Is a Currency<\/strong><\/h2>\n

On July 4th, Steve Hanke, an economist at John Hopkins University and foreign exchange trader, said that he doesn\u2019t think Bitcoin is a currency.<\/p>\n

\u201c#Bitcoin is not a currency, it is a speculative asset. In order for a #crypto-\u201ccurrency\u201d to be an actual currency, it must be tied to gold,\u201d Hanke\u00a0commented,\u00a0attaching the image below to his tweet.<\/p>\n