Recently there has been a frenzied renewal of interest in Bitcoin as the crypto currency has rocketed out of a base in the mid-$20,000s to recently touch $45,000. Whether you trade crypto or not, all of the angles and arguments are fascinating. And the characters involved in the debate are bold and colorful. From crypto haters like JP Morgan’s (JPM) CEO Jamie Dimon who testified before Congress yesterday, to CEO Michael Saylor at Microstrategy (MSTR), whose company is basically a Bitcoin holding company.
But, whether you adhere to either argument, for or against crypto, fiat currency isn’t going away any time soon. In fact, fiat currency, the actual paper in circulation, is growing at about a 6% clip annually. And, as one of the pro crypto arguments correctly points out, fiat currency is increasingly under attack from counterfeiters using more and more advanced techniques…can you say AI?
