IMF survey shows strong support towards BTC and says it sees it as “money” and that it was created to become the first peer-to-peer electronic cash system since the entire industry was created. Despite the longevity and its staying power, there’s a debate among policymakers, investors, and regulators if the cryptocurrency should be defined as “money” as we can see more in today’s BTC news.
A recent IMF Survey has respondents overwhelmingly saying “yes” about BTC and other altcoins that are true as money and if they should be seen as such. BTC’s price is trading below $40,000 a few thousand from its recent high. While the drop of this magnitude in the past will bring many obituaries about BTC, today it is seen as a strong chance to get in cheaper. Investors and institutions voted their capital that the cryptocurrency will outperform the dollar and will help offset the hyperinflation. BTC is up by more than 500% against the dollar since the COVID pandemic struck but the short-term trend could be slowing down with the long-term trajectory has always been up.
BTC is the 16th biggest world currency and could even become the global reserve currency with the first non-sovereign currency which is used worldwide. There’s been more than $10 trillion in value transacted on the network but there’s still debate whether cryptos as money or not. Satoshi Nakamoto had an intention for BTC to act as money. The International Monetary Fund’s Twitter account shared a survey asking the followers if digital currencies are “real money” and out of 100,000 votes, the poll leads with 80% in favor of crypto as money.
Are digital currencies really money? #poll
— IMF (@IMFNews) January 14, 2021
The IMF is a global organization of about 190 countries that are working to foster global monetary cooperation, facilitate international trade, and secure financial stability. Central banks in the US received the green light to start using digital currencies to transfer the money and with each day passing by, cryptocurrencies are taking a huge step towards becoming “money.”
The debate is ongoing about BTC and its ability to be used as “money” to spend a few who purchase cryptocurrency and plan on using it this way. Owners of the old form of money are exchanging it for a better form and hold on to it because it is more valuable.
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