Charlie Shrem: “Bitcoin has the Potential to Survive a Nuclear Holocaust”, Praises BTC’s Durability
In a recent blog post written by Charlie Shrem, the crypto pioneer went on record to state that in the unlikely event of a nuclear holocaust taking place in this day and age, Bitcoin would be the world’s lone surviving financial entity.
“If the unthinkable happens, Bitcoin would be a highly durable currency during nuclear war, as compared to fiat currency, which would fail for multiple reasons,”
He further elaborated that since fiat assets existed in the physical world, they were susceptible to being “incinerated” in the event of nuclear fallout. Not only that, but Shrem also added that nuclear warheads would pretty much ”decimate centralized banking organizations” — thus rendering them meaningless.
“Bank balances would suddenly become meaningless,” Shrem reasoned. “No one would be able to go to the bank or ATM to get their cash since the banks would stop operating the day the first nuclear bombs detonate.”
Shrem Is Fully Behind Crypto
In his essay, Shrem tried to highlight the durable nature of cryptocurrencies in relation to cash and gold. His central point of contention was that quite unlike physical assets, bitcoin did not have a “single point of failure” (primarily because the asset is decentralized).
In addition to all this, Shrem also made it clear that as long as BTC had one running node, the network as a whole could continue to function seamlessly.
The Limitations Of Conventional Financial Institutions
Discussing the future potential of premier alt-assets such as Bitcoin and Ethereum, Shrem said that the people calling the “crypto industry dead” were not only stupid but one simply needed to look at the “physical limitations of the traditional finance industry” to see that Bitcoin is here to stay for good.
“Bitcoin’s decentralization also makes it impervious to economic calamity that would ensue from a nuclear war,”
For those of our readers who may not be aware of Charlie Shrem, he is the person who was responsible for creating the now-defunct bitcoin exchange Bitinstant (all the way back in 2011). However, a few years back he was sentenced to jail for “allegedly selling bitcoin” to people who were using the currency to buy drugs and other illegal items from the dark web.
If that wasn't enough, late last year the Winklevoss brothers sued Shrem to the tune of $30+ Million on the basis that he had stolen over 5,000 BTC from the twins back in 2012.
In their lawsuit, the Winklevosses noted:
“Either Shrem has been incredibly lucky and successful since leaving prison, or — more likely — he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole,”
However, Shrem has repeatedly denied all of the allegations that have been levied against him.