Investor Doug Casey currently cited that bitcoin qualifies as currency but Casey is not certain it will last in the long time. In an interview posted the previous day, the Casey research founder mentioned his viewpoints about bitcoin. Doug Casey noted that he first got into bitcoin back while it was valued at nearly thirteen dollars, because of a present of a physical bitcoin, which Casey obtained.
Doug Casey mentioned that bitcoin meets the characteristics described by the Greek philosopher Aristotle. Particularly, that it is divisible, durable, convenient to apply and consistent. Moreover, Doug Casey back to an idea that he formerly held but now argues is incorrect, that bitcoin has no use value.
Doug Casey stated:
“When you have a million United States dollars and no one accepts them, they haven’t any use in and of themselves. They are unsecured liabilities of bankrupt authorities. Like one million Zimbabwe dollars. Moreover, a fiat currency is without difficulty destroyed by its issuer. The things are burning matches. They’ve half of-lives, like radioactive elements. And I stated that was the issue with bitcoin. But I was wrong about that.”
Comparing bitcoin with a great transfer tool that sits outside of the conventional banking system, Doug Casey mentioned that his original argument against bitcoin’s use value was invalid.
Doug Casey said:
“So, this is the use value of bitcoin. It permits you to transfer something this is accepted as currency outside of the banking system, and outside of fiat currencies.”
However, Doug Casey was much less bullish at the long-term possibilities of the digital currency. Casey believes that bitcoin meets the conditions to serve as a form of currency, and this scenario might not be last forever.
Doug Casey added:
“The bottom line, bitcoin passes the medium of trade check for the moment and store of value check for the moment. So that you can without a doubt say it’s currency. I’ve little confidence bitcoin will be here say 5 years from now.”