676 Interactions, 2 today
Speaking at a digital symposium event by CFR with Bank of England’s Mark Carney, Fink said and we quote at length:
“One of my important investors was on one of the television shows in the last few days, and he spoke about bitcoin and monetary policy and covid.
The hits on our website was 3,000 on covid, 3,000 hits on monetary policy and 600,000 hits on bitcoin.
So what that tells you is bitcoin has caught the attention and imagination of many people.
Many people are fascinated about it, many people are excited about it, but it’s still untested, it’s still a pretty small market relative to other markets… We see these giant movements everyday, it’s a thin market.
Can it evolve into a global market? Possibly. Certainly by the imagination of so many who want to learn about it or are interested about it, to me it’s a very telling sign.
We look at it as something as real, but it’s still untested, it still has many… we have to go through many markets to see if it is permanently real.
Last thing I want to say because we are running out of time, having a digital currency has real impact on US dollar. Because having a digital currency makes the need for the US dollar to be less relevant.
I’m not talking for Americans, I’m talking about international holders of dollar based assets.
The question I would raise: Does it change the need for the dollar as a reserve currency if there was a true digital currency that was seperated from dollar based assets and other things like that.
Many questions need to be answered before I can say whether is it real and alive, but it certainly has created a lot of imagination, a lot of interest, and it certainly has the potential to evolve into something real.”
There is hardly anything more real than bitcoin where money is concerned, for unlike the unaudited FED or the unconstrained unaccountable and intransparent commercial money printing banks, bitcoin is code we have ourselves written.
It is code reviewed by thousands of eyes across the globe and run by more than 10,000 listening nodes which ensure every rule is followed.
That this is real, and Fink himself initially said they see it as real, is shown by every block, by every transaction, and by the untold stories of many who built an entire ecosystem, the bugs that give our memes, and the songs that in their way keep it running.
As Matthew J. Martin, CEO of Blossom Finance, said in settling a debate on whether bitcoin is compatible with religious laws:
“Blockchain gives you mathematical proof of ownership and that’s overall much more in line with the spirit… than any digital fiat money.”
Moreover it gives you proof that the rules agreed by all are indeed followed, that no one can cheat by price fixing in intransparent boys clubs, that no one can give us fake inflation numbers while house prices balloon to unaffordability, that no one can say a false word in the face of blockchain truth, without us all knowing in any event.
The bitcoin network has come out of its experimental stage in 2018. This is now alpha, no longer beta software, for any bug will be fixed. Just as the bug was written, it will be unwritten, as has occurred many times during its progression from experiment to the hardest money known to man.
Whether it can complement the dollar in its role as a global reserve currency, however, is a story to be told.