BIS Chief Claims Fiat Victory Battle With Cryptocurrency while BTC Disagrees


Agustin Carstens is the General Manager of BIS (International Settlement Bank) and he has lately stated that Fiat has already won the war against cryptocurrency. BIS seems to have taken a careful approach toward Bitcoin as well as other cryptocurrencies. On the other hand, BIS has hastily announced that Fiat gained a victory against crypto in the long battle that has been ensuing. 

This claim made by Carstens emphasized the fact that technology cannot compensate for trusted money when he was interviewed by Bloomberg. Despite this claim, the Bitcoin community does not agree and holds a very different view on the war. 

Claims and Disagreements In Crypto 

BIS is the central bank among all central banks. They have clearly stated the importance of risk management along with regulation in the cryptocurrency market. They have further claimed that the battle between fiat and cryptocurrency has opened a flood of outrage, mockery, and corrections in BTC and the entire crypto community. 

The Vocal BTC maximalist as well as the Paxful CEO, Ray Youssef, shared with Cointelegraph that these battles can distract people from the actual war. He further added that the main battle is unfolding in the Global South that requires all the attention, Youssef also mentioned the crisis in Nigeria that requires immediate action and remedy. 

Cryptocurrency Battles And Misinterpretations 

Bitcoin Standard writer, Saifedean Ammous, condemned Carstens’ statement. Lady Anarki, an advocate for Bitcoin, also shared her opinion on the crypto-fiat case stating that it is a scam. She said that fiat is simply an elite oligarch that built a rigged system to ensure its profits while the others become poorer. However, BTC has been designed with appropriate financial principles and incentives that are profitable to the users. 

BIS is a known critic of crypto and has made some concerning statements.