Sam Altman Supports Bitcoin, Emphasizing Its Decentralization
Sam Altman, the CEO of OpenAI, has shown his support for Bitcoin and its unique feature of operating without a centralized authority. Altman has expressed excitement for Bitcoin in the past, recognizing its potential. In a blog post from ten years ago, Altman shared his initial uncertainty about Bitcoin and discussed three potential scenarios for its future: becoming the world reserve currency, failing, or surviving in a niche capacity.
Altman’s Initial Uncertainty About Bitcoin
In his blog post, Altman acknowledged the uncertainty surrounding Bitcoin’s future role. He emphasized the importance of monitoring legitimate transactions as a metric for its success and warned against relying on speculation or illegal transactions. At that time, speculation was the dominant use case for Bitcoin, with illegal transactions as a secondary use.
Chances of Bitcoin Surviving
Altman also discussed the challenges facing Bitcoin as a currency. He mentioned the prevalent tulip strategy driven by quick wealth desires and the fear of it becoming the reserve currency. Altman argued that these factors, along with its use in illegal activities, cannot sustain it in the long term. He highlighted issues such as money laundering concerns and the absence of a central authority enforcing Bitcoin’s value.
Bitcoin and Gold Comparison
In his blog post, Altman compared Bitcoin to gold as a store of value. He expressed skepticism about gold and questioned whether Bitcoin should be considered in a similar light. Altman pointed out the difficulties in transacting with a digital asset compared to a physical one but acknowledged the exciting possibilities of low transaction costs for worldwide commerce.
Hot Take: Bitcoin’s Evolution and Significance
Bitcoin has evolved over time and gained various use cases, including legal tender recognition, payment options, and an investment vehicle. Its substantial surge in value, reaching an all-time high of around $69,000 in late 2021, is particularly noteworthy. Altman’s support for Bitcoin highlights its decentralized nature and potential for financial transparency.
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