Bitcoin (BTC) Can Reportedly Make Other Digital Assets And Fiat Money Obsolete
The crypto market looked pretty mixed today, with some coins still on an ascending trend, while others are trading in the red.
Bitcoin made analysts excited recently when it surpassed $9,500, making some experts believe that the most important coin in the market is on a rally to $10k.
This is a really important psychological level because, according to some analysts, one BTC surpasses $10,000, this move will unleash a general FOMO.
Anyway, the coin seems to have stopped from its rally, and it’s now trading in the red.
At the moment of writing this article, BTC is priced at $9,278.81.
Bitcoin to make all the other cryptos and fiat money obsolete
It’s been revealed that the head of business development at the crypto lending platform Unchained Capital said that all the fiat and virtual currencies would eventually be ruled by a single king: Bitcoin.
In a new blog post, Parker Lewis tracks the history of fiat money and the rise of the dollar, euro, and more currencies from the gold standard.
He’s predicting the rise of a new monetary standard with a fixed supply that rises in value over time against other currencies.
Bitcoin is unique in comparison to other currencies
He also pointed out the fact that Bitcoin is unique in comparison to fiat money and the other digital assets.
“No other currency in the world can ever be more scarce than Bitcoin, and scarcity will act like a gravitational force driving adoption and communication of value,” Lewis began.
“Today, most billionaires do not understand bitcoin. Bitcoin is an equal opportunity mind-bender. But even those who do not understand Bitcoin will come to rely upon it…” he said.
He continued and highlighted the fact that “owning Bitcoin is becoming the cost of entry to what will likely be the largest and most diverse economy that has ever existed.”
Despite the huge volatility of the crypto market, the optimistic predictions about Bitcoin keep coming.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.