Max Keiser: Bitcoin’s ‘Self-Settlement’ Is a Revolution Against Dollar
William Suberg's original article for cointelegraph.com reduced by 58%
Bitcoin beats both fiat currency and gold because it does not need settlement, RT host Max Keiser has said. In the latest episode of the network's Keiser Report on Nov. 7, the well-known Bitcoin bull explained that other forms of transactions need settlement time, but Bitcoin does not.
"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," Keiser summarized.
As Cointelegraph reported, China looks to be the first state to issue a digital yuan, while other central banks are eyeing the possibility, including the European Central Bank, or ECB. While digital transactions would cut both costs and settlement times, such currencies' relationship to the fiat system ultimately makes them political tools - with Keiser pointing the "Weaponization" of the U.S. dollar for sanctions - and subject to censorship as well as other centralization pitfalls.
Keiser meanwhile also criticized U.S. congressman Brad Sherman, the notorious Bitcoin critic who continues to argue for an outright ban on cryptocurrency. Other governments looking to undermine U.S.
dollar supremacy should thus open up their access to Bitcoin and make it part of their reserves. Rumors have long swirled around Russia, in particular, buying up large amounts of Bitcoin in the face of international sanctions.
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