Bitcoin and crypto are not the same – expert

Bitcoin and crypto are not the same – expert

Several coins, representing Bitcoin tokens, in a pile, mixed with gold bars.
Source: Knut/Adobe

An Argentinian bitcoiner and blockchain insider has argued that Bitcoin (BTC) and crypto should not be equated – and has explained that BTC may one day surpass gold as a commodity.

Speaking to Rio Negro, Maximiliano Carjuzaa, the founder of Money On Chain, claimed that “the crypto world is full of Ponzi schemes.”

He claimed:

“Except for Bitcoin and a few other honest projects, most projects have a pyramid component in them.”

Carjuzaa is one of the country’s best-known Bitcoin advocates and has previously worked at American Express, Mercado Pago and Ticketmaster. He founded Money On Chain, a “financial tools provider” in 2017.

When asked if crypto had the power to “replace fiat money in the long run,” Carjuzaa replied that it was important to “first separate Bitcoin and crypto.”

He said:

“Crypto is not something that captures my attention. And it often serves to make the founders rich.”

Will Bitcoin Ever Replace Gold?

Carjuzaa echoed sentiments expressed elsewhere – by those who claim that BTC will become “digital gold” in the coming years.

Many people with such views (including many financial analysts and even central bankers) argue that BTC has the potential to become a major store of value. But like gold, they argue, BTC is an inefficient means of payment.

Carjuzaa stated:

“The monetary properties of Bitcoin are very similar to gold. It is very possible that Bitcoin will take the place of gold in a few years, because gold cannot be sent over the network.

And he said that if new sources of gold could be found, BTC prices would likely skyrocket.

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He stated:

“Maybe when people start mining in space, gold will no longer be a rare commodity. It could happen in 50 years. But gold has been around for 5,000 years, and it has never affected the ability of nations to make monetary policy. Something similar will happen with Bitcoin.”

A logarithmic scale showing the relative price of Bitcoin vs. Gold - from BTC's inception to March 15, 2023.
A logarithmic scale showing the relative price of Bitcoin vs. Gold – from BTC’s inception to March 15, 2023. (Source: Longtermtrends.com)

As for BTC’s credentials as a possible replacement for fiat, Carjuzaa was noncommittal, saying:

“It will be up to individual nations to decide whether to grant Bitcoin legal tender status.”

Some Bitcoin maximalists claimed last year that they are creating gold that they could “trade for BTC” should “panic” hit global markets.

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