Bitcoin? For the Fed's No. 1, San Francisco will never replace the dollar

Bitcoin? For the Fed's No. 1, San Francisco will never replace the dollar. Clear position from John Williams.

In a context where the price of Bitcoin grows, the president of San Francisco Federal Reserve, John Williams, has sought to further fuel the debate by stating that, in his own view, the criptomoneta it cannot be assimilated to a real currency.

Therefore, even if authoritative voices like that of the CEO of Twitter (Jack Dorsey) predict that Bitcoin will be able to replace all the currencies in the world in about 10 years, in reality the one who is running the Fed San Francisco does not seem to agree and, indeed, has wasted no time in explaining the reasons why cryptocurrencies, Bitcoin in the head, they cannot replace paper money.

Like others who question the usefulness of Bitcoin as a currency, Williams noted that cryptocurrencies are a volatile asset which makes it difficult to pay the correct price for an item. Second, Williams recalled that while the world's central banks try to stabilize the economy, including increasing or decreasing the amount of money in circulation, Bitcoin has a fixed supply of 20 million units.

"Cryptocurrencies don't even pass the basic test of what a currency should be," he said, as reported by CNBC.

However, some entrepreneurs do not seem to be on the same interpretative line and, indeed, already hope for projects to be able to address the shortcomings of the use of cryptocurrency. More recently, a plan that aims to keep the price of one criptovaluta at $ 1 per unit, nicknamed Base, raised $ 133 million in venture capital financing. Its creator, Nader Al-Naji, he added that he was uncomfortable spending Bitcoin, because he thought it could have reached a much higher value, and therefore stabilizing i cryptocurrency values there could be many benefits in terms of use as a means of payment.

Of course, this does not mean that all cryptocurrency advocates feel the same. Twitter CEO Dorsey said he personally believes Bitcoin will soon be used as a currency. “Eventually the world will have a single currency, the Internet will have a single currency. I personally think it will be Bitcoin "- Dorsey told The Times.

And which side are you on?