New Yorkers have witnessed a heated debate yesterday, July 2, as Erik Voorhees and Peter Schiff went head-to-head whether Bitcoin, or any cryptocurrency, will triumph over fiat currency as the generally-accepted means of payment.
Hosted by the Soho Forum, the resolution was: “Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange.”
Bull Versus Bear
On the affirmative side, Erik Voorhees said that Bitcoin, or any altcoin, will just need to get the gradual adoption for it to triumph. But definitely, gradually, it will replace government-backed currencies, Voorhees believed.
On the negative, Peter Schiff, a renowned economist, and a long-time Bitcoin detractor, argued the opposite, citing that people are not actually buying Bitcoin and other cryptos for the sake of using it — as the cryptos intend — but merely for them to get rich.
Schiff also remarked the recent floundering of Bitcoin, saying that its price volatility causes people to find it hard to use it as a means of trading. Even now, he argues that people do not see it as a reliable store of value.
But Voorhees, an early crypto evangelist, doesn’t seem worried with the market fluctuations, arguing that the issue with price volatility is already ‘self-correcting’.
Prior to what he said, he recalled the times when the cryptocurrency would move 50 up to percent. Nowadays, people make a big deal over a 10-percent movement. In a few years, he presumes that headlines will be made out of 2-3 percent rise or fall in its price.
There were many issues that were touched during the debate, but overall, the people who listened to the debate had changed their opinion on the matter. From a previous 40-percent yes, the audience who believed that cryptocurrencies would eventually replace fiat currencies rose to 51 percent, while those who thought otherwise fell from 40 to 31 percent.
(Image Source: Coindesk | CNBC)