Bitcoin’s decentralized nature will render military superiority, economic sanctions irrelevant

  • 01 July 2019, Monday, 19:30

A lot has been debated about whether Bitcoin would eventually disrupt traditional systems, or whether the latter would just embrace the technology. The decentralized ledger technology has undoubtedly garnered the attention of skeptics, as industry giants are looking forward to revolutionizing the existing system by leveraging the underlying tech or jumping into the cryptocurrency ecosystem directly.

However, in a fresh take on Bitcoin’s “eventual domination,” Pomp penned his utopia. In the latest edition of “Off The Chain,” Anthony Pompliano, Co-founder of Morgan Creek Capital, stated that Bitcoin would eventually shift the status quo in terms of power and dominance of a country over another.

According to the crypto-maximalist, Bitcoin is vying for “global reserve currency status.” Pomp noted that the global reserve currency was always dominated by a global superpower at any given time in history, whether it is ancient Athens or more recently, when the US dollar became the global reserve currency after World War II.

Pomp is of the belief that this trend will change after the world realizes the largest cryptocurrency, Bitcoin’s, true potential. His blog read,

“Instead of conceiving a plan to gain superiority by attacking other countries or currencies, Bitcoin is designed in a way to survive any known attack.”

The Co-founder stated that military superiority will be rendered irrelevant in the face of the decentralized nature of Bitcoin. There is also no way to “stop Bitcoin.” Hence, the distributed network cannot be sanctioned, which will subsequently render an economic sanction irrelevant. Bitcoin would also defeat any cyber warfare tactics owing to the strength of the network that has risen 10x in the last 2.5 years.

This would lead to Bitcoin becoming the first currency to achieve the feat of becoming a “global reserve ” peacefully, without having to indulge in warfare.

Source: ambcrypto.com