Max Keiser: Bitcoin’s “self-settlement” attribute challenges the dollar

Bitcoin supporter and host Max Keiser said on Thursday that Bitcoin would beat fiat money and gold with this because there is no need for additional settlement.

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In the latest update to the Keizer Report, he said that other forms of transactions require settlement time, while Bitcoin does not. Because in the bitcoin network, transactions and settlements are inseparable. Moving bitcoin between wallets simply means updating the ledger, which means that the miner settles immediately when the transaction is confirmed.

“Whether it’s paper money or gold, it’s time to settle. Bitcoin’s special point is that it’s self-settled, which means the transaction is settled. When the transaction is reached, it will also be settled.”

Keizer concluded.

The background to his remarks is that governments are beginning to discuss digital versions of paper legal currency and national currency, and central banks in all countries are concerned about the possibility of issuing central bank digital currencies, including the European Central Bank.

While digital transactions can reduce costs and settlement time, the association of such currencies with the fiat currency system may ultimately make them political tools and subject to censorship and other centralization issues.

At the same time, Keizer also criticized US Congressman Brad Sherman, a well-known bitcoin opponent, who continued to advocate a total ban on cryptocurrency.

"Brad Sherman is going to shoot with a cold weapon. He can't accurately grasp the scale of the battle." Keizer criticized. "He doesn't know he has lost."

Keizer believes that other governments that want to challenge dollar hegemony should open up restrictions on Bitcoin as part of their reserves.

By Liang CHE

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Disclaimer: It is only the author's point of view and does not constitute investment advice. Investment is risky and at your own risk.