IMF survey shows that 80% of people consider cryptocurrencies as "money"

Bitcoin was created as the first ever peer-to-peer electronic cash system, and since then, an entire digital asset industry has been created. Despite the cryptocurrency’s longevity and continued viability, there is still considerable debate among policymakers, regulators, and even investors as to whether or not the asset class should be defined as a “currency.”

Respondents to a recent survey by the International Monetary Fund overwhelmingly said “yes” that Bitcoin and other cryptocurrencies are indeed a type of currency and should be treated as “currencies.”

Bitcoin is trading below $40,000, a few thousand dollars below its recent highs, and while a drop this big in the past would have drawn warnings about Bitcoin, today it’s being seen as an opportunity to get a little cheaper.

Investors and institutions are voting with their capital that the cryptocurrency will outperform the dollar and help offset the coming hyperinflation. Bitcoin has risen more than 500% against the dollar since the coronavirus pandemic, and while the short-term trend may be taking a breather, the long-term trend is still up.

Bitcoin is now the world's 16th largest currency and is climbing in stature. It could one day become a global reserve currency and the first non-sovereign currency used worldwide, with the potential for transactions on its network to exceed $100,000 in value. Yet for some reason, there is still debate about whether cryptocurrencies are money.

The word currency is the name, and for all intents of Satoshi Nakamoto, he intended it to be like money. And, according to the general public, they also think of cryptocurrency as “money”.

The official Twitter account of the International Monetary Fund recently shared a survey asking followers whether “cryptocurrency” is “real money?” With nearly 100,000 votes, the poll is currently leading with around 80% favoring cryptocurrencies.

The IMF is a global organization comprised of “190 countries committed to promoting global monetary cooperation, ensuring financial stability, facilitating international trade,” among other things.

Recently, the U.S. Central Bank received approval to begin using cryptocurrencies for money transfers, and every day, cryptocurrencies take another step toward becoming “money.”

However, the debate exists because, while Bitcoin itself can easily be used as “money” to spend, few people use cryptocurrency in this way when purchasing goods. However, perhaps this is how superior forms of money first emerge, and owners of older forms of money begin to exchange them for what they believe to be better forms of money, and hold on to them because they believe the money is more valuable.

Eventually, when enough people do this, cryptocurrencies themselves will undoubtedly become currencies, so will this be the path that cryptocurrencies are currently on?

The original text comes from bitcoinist and was translated by Blockchain Knight. The English copyright belongs to the original author. Please contact the translator for Chinese reprint.