BIS head claims fiat won battle with crypto, Bitcoin community disagrees

cointelegraph.com:

The Bank for International Settlements (BIS) has long taken a cautious approach to Bitcoin (BTC) and cryptocurrencies. However, there is no need for caution anymore as the “battle has been won” between fiat and crypto, according to BIS.

BIS general manager Agustín Carstens, who made the claim, highlighted that “technology doesn’t make for trusted money,” among further criticisms of crypto in an interview with Bloomberg.

Crypto has lost the argument that it's an alternative to fiat currency, the head of the Bank for International Settlements says https://t.co/xZKFHEj3b2

As the central bank for central banks, the BIS has emphasized the need for regulation and risk management in the crypto space, but claiming the crypto vs. fiat battle has been won sparked outrage, satire and corrections among the Bitcoin and crypto community.

Ray Youssef, CEO of Paxful and vocal Bitcoin maximalist, told Cointelegraph that it’s “easy to get sucked into these battles but is all a distraction with no ROI.“ He continued, “We must focus on the battles in the global south and fight for every inch and every eyeball. What is happening in Nigeria now is vital for us all.“

Saifedean Ammous, the author of The Bitcoin Standard, brought Carsten’s statement to his followers’ attention, provoking condemnation and concern in the comments. Florida-based Bitcoin advocate SVN (not his real name), whose frozen bank account prompted a switch to go all in on Bitcoin, told Cointelegraph, “these people are clowns.”

Meanwhile, Lady Anarki, a Bitcoin advocate who recently closed a Bitcoin Security Education company, explained that “fiat and crypto are essentially the same exact scam.”

Bitcoin losing the “war” for money, as Carstens explained, is another reference to