If you thought that “Bitcoin is money” due to its ability to be exchanged for goods and services along with its other monetary properties, then you would have a different approach and view than the President of the United States.
In what would seem like a pretty usual Friday under Donald Trump’s presidency, the 45th President of the United States went on Twitter to share some strong remarks.
And this time they were about cryptocurrencies.
In a tweet full of negative statements, Trump dissed Bitcoin and other cryptocurrencies, stating that they were “not money.”
In his own words, Trump is “not a fan” of cryptocurrencies.
That rhetoric was immediately seen as something that goes against the very definition of what is money and what does it exactly do.
Countless replies and quote tweets pointed out that while Bitcoin and other cryptocurrencies may not be legal tender due to not being approved by governments in various jurisdictions, they are in fact the very definition of money.
And the argument was picked up not only by self-identified members of the cryptocurrency community, but also by financial experts, including Wall Street execs who practically breathe money during their day to day operations.
One such comment came from Mark Yusko, CEO of Morgan Creek Capital Management.
Taking to Twitter, Yusko took the responsibility of defining the very definition of money to the President of the United States and explained it in a simple way why Bitcoin is money.
As shown above, Yusko defined what is money and what it is supposed to do for its holders. The financial expert took the time to explain the very nature of money, and how the same characteristics apply to Bitcoin and other cryptocurrencies.
But Yusko didn’t stop there. He took the time to outline the way that fiat currencies differ from cryptocurrencies, essentially highlighting the ways in which they are similar in function.
Why Bitcoin is Money and Why It Needs to Be Understood
As the financial expert stated so eloquently, the very definition of money is something that is used to exchange goods and services.
As Bitcoin is a recognized way of value exchange out of all cryptocurrencies, dismissing its status and challenging whether Bitcoin is money seems an illogical way to approach it. Not only is it an incorrect approach, but it is also quite detrimental to the perception of the general public who may not know much about cryptocurrencies.
By falsely conflating the status of cryptocurrencies as something that is not on par with money undermines the value and the potential of the innovation. And this may have serious consequences on the perception of the everyday individual who is still trying to understand what is money in it’s digital form and its overall potential.
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