An Argentinian bitcoiner and influential player in the blockchain industry claimed that Bitcoin (BTC) and cryptocurrencies should not be confused. They believe that BTC could one day surpass gold as an exchange commodity.
Speaking to Rio Negro news outlet, Maximiliano Carjuzaa, the founder of Money On Chain, claimed that the “crypto world is full of Ponzi schemes”.
He asserted:
“With the exception of Bitcoin and a few other honest projects, most have a pyramid component.”
Mr. Carjuzaa is one of the country’s best-known Bitcoin advocates; he previously worked at American Express, Mercado Pago and Ticketmaster. He founded Money On Chain, a “provider of financial tools”, in 2017.
When asked if cryptocurrencies have the power to “replace fiat money in the long run,” Carjuzaa replied:
“First of all, we must distinguish Bitcoin from cryptocurrencies that interest me less. They are often used to enrich its founders”.
Will Bitcoin ever replace gold?
Mr. Carjuzaa echoed an idea that many other observers share that BTC will become “digital gold” in the coming years.
People with this view (including many financial analysts and even central bankers) argue that BTC has the potential to become a major store of value. But like gold, they claim that BTC is an inefficient means of payment.
Mr. Carjuzaa said:
“The monetary characteristics of Bitcoin are very similar to those of gold. It’s very possible that BTC will take its place in a few years, because gold can’t be sent over the internet.”
He added that if new sources of gold could be found, BTC prices would likely rise.
He further stated:
“Maybe when people start mining in space, gold won’t be a scarce commodity. It could happen in 50 years. But gold has been around for 5,000 years and it never has. affected the ability of nations to conduct monetary policy. Something similar will happen with Bitcoin.”
Regarding the ability of BTC to replace fiat currency, Mr. Carjuzaa did not commit: “It will be up to each country to decide if they want to grant Bitcoin legal tender status.“.
Some bitcoin maximalists claimed last year that they were storing gold that they could “exchange for BTC” in the event of a “panic” in global markets.
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