An Argentinian bitcoiner and blockchain industry insider argued that Bitcoin (BTC) and cryptocurrencies should not be equated, explaining that BTC could one day surpass gold as a trading commodity.
Press coverage Rio NegroMaximiliano Carjuzaa, founder of Money On Chain, claimed that the crypto world is full of Ponzi schemes.
“With the exception of Bitcoin and a few other honest projects, most projects have pyramid elements.”
Carjuzaa is one of the country’s most prominent Bitcoin advocates, having previously worked for American Express, Mercado Pago and Ticketmaster. He founded Money On Chain, a “financial tools provider” in his 2017.
Asked whether cryptocurrencies have the power to “replace fiat currencies in the long run,” Kaljuzer said it was important to “separate bitcoin and cryptocurrencies first.”
“Crypto is not something that gets my attention, and it often helps founders get rich.”
Will Bitcoin replace gold?
Carjuzaa echoed sentiment expressed elsewhere by those who argue that BTC will become “digital gold” in the next few years.
Many people with such a view (including numerous financial analysts and central bankers) argue that BTC could become a major store of value. However, like gold, BTC is not an effective means of payment, they argue.
“Bitcoin’s monetary characteristics are very similar to gold. Gold cannot be transmitted over the web, so it is very likely that Bitcoin will replace gold within a few years.”
And he said that the price of BTC will likely skyrocket once new sources of gold are found.
“Once space mining begins, gold will no longer be a scarce commodity. It may happen in 50 years. It has never affected my ability to make decisions, and the same thing will happen with Bitcoin.”
Regarding BTC’s credential as a fiat alternative candidate, Carjuzaa said:
“It will be up to individual countries to decide whether or not to accept bitcoin as a legal tender.”
Some Bitcoin maximalists last year claimed to be stockpiling gold that could be “redeemed for Bitcoin” in case global markets “panicked.”