Bitcoin essentially worthless?
Don Bielak
1

Hi Don,

Thank you for the thoughtful answer. Thought I will clarify some points and go into more detail regarding my stand.

When I said that Bitcoin is fast I was saying that it was in comparison to western union. While other cryptocurrencies are certainly faster than Bitcoin, the reason why Bitcoin has a higher price is due to its long history and it is the most accessible worldwide.

Is it a speculative investment vehicle? I would say to a certain extent, yes. But how about commodities like oil and even currencies? There is speculation in these assets as well. Just because there is regulation in place does not mean that people do not lose money and speculation is controlled. I may even make an argument that Bitcoin has not been speculated enough! But of course, that is another topic altogether.

Regarding the people in Venezuela and Turkey, I don’t really know what’s their stand towards Bitcoin and cryptocurrencies in general, but I highly doubt they buy Bitcoin to gamble, living in an environment that is unstable themselves. However, I was trying to make the point that is the most widely available cryptocurrency where their governments cannot control it may have some use for them in terms of remittance or if it gives them comfort that they are not controlled by the government to hold it as a store of value.

Stable coins can be a great solution, but I do not see them being a viable solution in the near future. They need to be widely available, and in addition to that, the companies backing them need to have huge reserves of fiat currency with them. Something that I think will be a red flag for any governments.

Will be happy to discuss with you about Cyrptocurrencies and maybe potential collaboration points. Maybe we can connect on LinkedIn?