- Bitcoin’s transactions post directly to a ledger, connecting the settlement and the transaction directly.
- Max Keiser criticized Brad Sherman for his negative stance on Bitcoin.
Max Keiser is the host of the Keiser Report, and he is a well-known bull of Bitcoin. Considering his stance, it shouldn’t come as a surprise that he sees Bitcoin as a superior option to fiat currency and gold. However, breaking down the cryptocurrency asset on November 7th, Keiser explained that Bitcoin manages to beat out both gold and fiat currency for its lack of required settlement.
Bitcoin inherently weaves together the transaction and settlement of any transaction, since moving Bitcoin between wallets is as simple as updating a ledger. The update means that miners confirm the transactions in real time, instantly settling and posting to the blockchain.
“There’s a lot of friction, both in paper and in gold. Bitcoin, uniquely, is self-settling – the transaction is the settlement. When the transaction hits, it settles.”
The episode featuring this topic coincided with the support from governments for paper fiat, while digital currencies from any country have been a major point of discussion. China appears to be interested in issuing a digital yuan. However, other central banks are looking to do the same, like the European Central Bank.
The use of digital transactions would make for a positive change in the cost and settlement times, but the connection with the fiat system makes these changes more of a political move. Keiser believes that the US dollar would ultimately be weaponized for sanctions, though the fact that they’d be controlled by central banks leaves them prone to censorship and other centralization issues.
Keiser took the time to criticize Brad Sherman, a US congressman and long-time Bitcoin critic who has pushed for cryptocurrency to be banned.
“Brad Sherman is going to a gunfight with a knife, he has failed to take on board exactly what the dimension of this battle is going to be.” He added that Sherman fails to see that “he’s already lost.”
As international sanctions plague Russia, the country has been rumored to be purchasing substantial amounts of Bitcoin to circumvent the policies.