Bitcoin vs. Cash: The SEC‘s Gensler Weighs In
Ah, the age-old debate that refuses to die faster than a bad joke at a family dinner: Can Bitcoin replace good old physical cash? Well, it seems Gary Gensler, the head honcho of the SEC, has some thoughts on the matter.
Recently, Gensler graced the halls of NYU School of Law, where he tossed around insights about cryptocurrency like it was confetti. “Could cryptocurrencies become the dominant form of currency?” you ask. Well, spoiler alert: the answer is a resounding no.
Gensler’s Skeptical Stance
Gensler, bless him, was as skeptical as a dog watching its owner with a vacuum cleaner. He made it painfully clear that the dream of digital coins taking over our wallets is as likely as me becoming a professional athlete. “Economic communities,” he said, “have historically tried to settle on a single currency.” Can you imagine a world where every country uses different currencies? Wait, we’re almost there!
But let’s not get sidetracked by the absurdity of it all. Gensler argued that a single currency is like a universal remote—convenient for everyone involved. Just think, instead of fumbling with a dozen digital wallets, we might actually get to eat our dinner instead of fiddling with numbers!
The Reality of Digital Currency
Of course, let’s not ignore the fact that digital currencies do have a cozy spot in certain regions. Gensler pointed out that people are using cryptocurrency to “exploit a different monetary system”—a.k.a. feeling clever while avoiding government regulation. Sound familiar? It does to me; makes you wonder if this rebellion is less about financial freedom and more about sticking it to “the Man”.
And while we’re pondering the meaning of life and currency, Gensler hinted that it will ultimately be the people—yes, those market movers who trade like they’re playing Monopoly—who decide the future of money. Woah, heady stuff!
The Implications
Wrapping up his thoughts like a last-minute gift before the holidays, Gensler concluded that “some won’t care about the definitions of ifs and whens.” It’s almost poetic, really—like he’s waving off all of us plebeians with our concerns about payment methods. But take note: if you’re not part of this crypto rebellion, you likely wouldn’t understand just how profound this statement is. Deep stuff, right?
So there you have it: Gensler’s take on Bitcoin and the like is more cautious than a cat on a hot tin roof. As we meander through this labyrinth of technology and finance, we can only hope that the public will hopefully navigate its way to economic enlightenment—before of course, they end up with a pocket full of digital dust.
In conclusion, it appears we’ll be stuck with good ol’ cash for a while yet. Call me old-fashioned, but I still like my money to fit in my wallet instead of the vague concept of a blockchain somewhere in the ether.
The hypothesis comes back into fashion on and off, recently it has been talked about more and more. Bitcoins instead of money? Gary Gensler answers.
Gary Gensler, president of the SEC (Securities and Exchange Commission), spoke once again on the now age-old question of the use of digital currency to replace physical currency. A scenario that is frequently proposed and re-proposed but which has not yet convinced observers, analysts and industry players. Only recently did the well-known banker speak at the NYU School of Law in Manhattan, and more than a few questions about the world of cryptocurrencies came from the audience.
Gary Gensler, president of the SEC, returns to talk about cryptocurrencies and their use for payments – trading.it (photo source ANSA)
It doesn’t even need to be said but Gensler appeared very skeptical regarding the possibility that cryptocurrencies will replace the current monetary system. His words leave room for few interpretations: “Economic communities, throughout history, have always tried to tend towards a single currency because it is a store of value, a means of exchange and a unit of account.” However, it does not rule out that in the end it will be the people who decidein particular those that find themselves pulling the strings of the markets.
Gary Gensler: “Bitcoin instead of money? Difficult”
Difficult if not impossible for Bitcoin and cryptocurrencies become real payment instruments officials. Or at least this is the opinion of Gary Gensler – he is head of the SEC – who at the end of his speech at the NYU School of Law in Manhattan answered more than a few questions from the public, going unbalanced on the subject. “The single currency has positive network externalities, it is convenient for everyone to participate in just one network because, in fact, everyone is involved”.
For Gary Gensler, cryptocurrencies are unlikely to replace physical money – trading.it
The fact that digital currency is already used where “the forced exchange rate of other currencies” exists, however, provides at the same time a further topic for discussion, namely that people are managing to exploit a different monetary system from that imposed by the political authorities. “We have one and indeed more independent monetary networks, distant from political power,” explained Gensler and added that it will be the same people – in particular those who move the markets – who will decide limits and boundaries.
Finally, without beating around the bush, he declared: “Someone won’t care about the definitions of ifs and whens, which those who don’t have certain needs can’t even understand.”
