Wall Street Journal: Bitcoin ‘Need Not Compete With Dollar’ For ‘Respect’
Bitcoin “does not have to become a more stable store of value than the US dollar” to gain respect, the Wall Street Journal has said.
The Wall Street Journal has joined the increasing number of mainstream news sites newly bullish on Bitcoin.
In an article Monday, Northwestern University law professor John O. McGinnis led a buoyant appraisal of the virtual currency’s potential versus government-controlled fiat.
“To continue to flourish, Bitcoin does not have to become a more stable store of value than the US dollar,” he wrote together with lawyer Kyle W. Roche.
“It can climb the rungs of respectability by prevailing over less trustworthy currencies.”
Bitcoin’s appeal over national currencies has been a classic area of criticism and even ridicule from mainstream sources in the past.
Commentators such as Business Insider CEO Henry Blodget told networks such as CNBC just months ago that Bitcoin “has no intrinsic value,” implying fiat currency does in the form of government backing.
Discussing how this argument is irrelevant, McGinnis and Roche follow opinions from figures such as Snapchat investor Jeremy Liew, who has said developing markets hold the key to Bitcoin’s propagation.
“[Bitcoin] is already gaining strength and stability by competing successfully against monetarily oppressive regimes and helping poor immigrants in the developed world remit money to their relatives back home,” he continued.
“As Bitcoin gains stability, it can become even more competitive because even the best fiat money is subject to political risks.”
Social media users reacted broadly positively to McGinnis and Roche’s perspective.