Fiat Wins Crypto Battle? Bitcoin Community Disagrees

• Agustín Carstens, the Bank for International Settlements (BIS) general manager, recently claimed that the “battle between fiat and crypto has been won by fiat”.
• The Bitcoin and cryptocurrency community responded with outrage, satire and corrections to Carsten’s statement.
• High profile members of the crypto space have urged others to focus on the battles in the global south instead of responding to FUD bait.

BIS Head Claims Fiat Won Battle with Crypto

Bank for International Settlements (BIS) general manager Agustín Carstens recently declared that the battle between fiat and crypto has been won by fiat. He made this claim in an interview with Bloomberg, stating that “technology doesn’t make for trusted money” among other criticisms of cryptocurrencies.

Crypto Community Disagrees

Members of the Bitcoin and cryptocurrency community had immediate reactions to Carsten’s statement. Ray Youssef, CEO of Paxful and vocal Bitcoin maximalist, told Cointelegraph that it’s important to focus on battles in the global south instead of responding to FUD bait. Saifedean Ammous, author of The Bitcoin Standard brought attention to Carstens’ comments which provoked condemnation and concern among his followers. SVN, a Florida-based Bitcoin advocate whose bank account was frozen prompting him to go all-in on BTC said “these people are clowns.” Lady Anarki also commented that “fiat and crypto are essentially the same exact scam.”

Central Bank For Central Banks

The BIS is known as a central bank for central banks due its role as overseer in upholding regulation and risk management in the cryptocurrency space. However, their recent claim that fiat currency has won out over cryptocurrencies sparked debate within the community about which is more reliable or beneficial for society as a whole.

Bitcoin Maximalists Respond To Comments

High profile members from within the Bitcoin space such as Ray Youssef and Saifedean Ammous responded quickly to Carsten’s comments by urging people not to be drawn into these types arguments but rather focus on what is happening in places such as Nigeria where cryptocurrency adoption is growing exponentially compared to other regions around world. Similarly Lady Anarki argued that both fiat money and digital currencies are essentially scams preying upon vulnerable populations who cannot access traditional banking services or find themselves subject to oppressive government controls over their finances.


The ongoing debate surrounding whether or not one type of currency or asset class is better than another will likely continue indefinitely without any clear resolution in sight due largely to subjective opinions about each system’s pros and cons based upon individual experiences or beliefs about how best wealth should be managed within society at large. What remains certain however is that members from within both camps will remain vigilant when it comes protecting their interests against any perceived threats from either side regardless if those claims seem valid or not.