Book Author Saifedean Ammous Says Bitcoin is Not Free From Government Interference
Saifedean Ammous, the author of ‘The Bitcoin Standard’ says that Bitcoin is not free from government interference as of now. Bitcoin has been promoted as the borderless peer-to-peer financial network free from the clutches of any authority.
Ammous who was being interviewed by the German Finance MagazineBoerse Online said that even though Bitcoin is technically superior and its adoption is only going to surge in coming years, but still it faces many challenges before it becomes as mainstream as fiat. He went on to add that there is no certainty whether Bitcoin is protected from the government.
However, given the universal nature and acceptability of Bitcoin, it will be quite difficult for a particular government to put a complete blanket ban on Bitcoin use. He explained,
“Bitcoin is laid out in a global way, which would make it difficult for a government on its own to ban it completely.”
The comment about the government's control came in during the discussion over the Bitcoin's future longevity. Ammous believes that Bitcoin's scarcity and being backed by a technology which is near impossible to counterfeit would make Bitcoin the currency of choice in the long run. He went onto add,
“It has already increased by 18 million percent in ten years. No other cryptocurrency or any other asset has ever managed to do that,”
Bitcoin and Gold: The Never Ending Comparision
Saifedean Ammous is an avid crypto bull who loves to take Bitcoin naysayers head-on. Peter Schiff, who is a big-time Gold proponent and has come around to realize the potential of Bitcoin as a possible future currency, but still maintains that Bitcoin can never replace gold as a store of value.
Ammous schooled Schiff during a debate on his beliefs and tried to make him understand how Bitcoin is well on its way to replace gold as a store of value. He explained further,
“Governments still control the majority of gold, governments are able to influence the market for gold through their sales and lending… and governments own a big chunk of the gold”
Ammous went on to add that nothing should be taken for certain, not even the much talked about the decentralized structure of Bitcoin which many calls secure and unhackable. He explained,
“My point is that even in the worst case scenario Bitcoin can support thousands of final clearance banks, which is thousands more than the single-node USD or gold systems of the last century. It thus has a much better chance at resisting centralization. I can’t promise it will”
Although Ammous is a well-known Bitcoin bull, his predictions are well-balanced often deemed conservative, given how cautious he is over his predictions.