Doug Casey, anarcho-capitalist and Casey Research founder, recently in an interview expressed affirmed bitcoin as a currency. He expressed that Bitcoin has attributes that qualify it as money even if it long-term availability is uncertain. Casey expressed in the discussion that a bitcoin gift valued at $13 was the initial encounter of the bitcoin currency in his life.
Aristotle, the famous Greek philosopher, defined the common characteristics that any currency ought to uphold. Currency, as Casey notes, should be durable, consistent, divisible, and convenient. Casey held that bitcoin exhibits these characteristics in which until now he had conversely argued out that bitcoin lacks the use value.
In the interview, Casey stated that he earlier regarded bitcoin as a fiat currency that has a half-life like any radioactive element that the issuer can destroy with ease. He referred having it is like possessing a million US dollars that are unacceptable is like being in possession of a million Zimbabwe dollars.
Casey declared the original argument about bitcoin having ‘no use value’ as invalid, and instead acknowledged it as an excellent transfer device that doesn’t operate within the traditional banking system.
In a nutshell, although Casey remained confident that bitcoin momentarily passed tests of the store of value and medium of exchange, he remained uncertain about cryptocurrency’s long-term outlook.