Why Bitcoin Won’t Fail the “Tests of Financial Services” Forever8.4

In an interview at the World Economic Forum in Davos earlier, the senior adviser to the governor of the Bank of England weighed in about the threat posed to the current financial status quo by Bitcoin and other cryptocurrencies. Huw van Steenis largely dismissed the blockchain-backed fintech innovation on the grounds that Bitcoin had not yet achieved the kind of traction that more traditional forms of value storage or mediums of exchange had.

Van Steenis stated that he did not see Bitcoin as being capable to pass the “fundamental tests of financial services”. However, what he seems to be missing in his rudimentary analysis is that Bitcoin has emerged in a post-internet world meaning that all it will take mass adoption is a solid track record of greater utility and enough information reaching the global public to dissuade them away from ascribing value in government-issued fiat currency.

Original source
https://www.newsbtc.com/2019/01/22/bitcoin-wont-fail-forever/

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