Has Bitcoin Failed As A Medium Of Exchange?

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In this video, I discuss Nic Carter's recent tweet comparing Bitcoin to USD stablecoins, in which he concludes that Bitcoin has failed as a medium of exchange.

Nic assumes that the present is a good predictor of the future, failing to recognize how Bitcoin will continue to steal market share from the USD as the latter becomes an increasingly less stable store of value.

Will people still want to accept USD stablecoins as payment when the USD is losing significant value even overnight?

Of course not. They'll want to be paid directly in a hard currency like BTC.

That's when BTC as both a medium of exchange and store of value will really shine.

Nic fails to break out USD stablecoin usage for moving money between exchanges, which is not really a good proxy for Bitcoin's value as a medium of exchange.

Finally, Nic fails to include economic value that is transmitted over the Bitcoin Lightning Network, including instead only channel openings and closings.

Not investment advice! Consult a financial advisor.

Nic Carter says Bitcoin has failed as a medium of exchange:
https://twitter.com/nic__carter/status/1701521505300189415

Major reserve currencies since 1250:
https://www.seeitmarket.com/wp-content/uploads/2023/04/reserve-currencies-periods-years-since-1250-historical-chart.png

Chart of horses vs cars:
https://www.stadafa.com/2020/07/horses-vs-cars.html

Vijay Boyapati's famous essay:
https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1

The Hottest Jobs in Argentina Are the Ones That Pay in Dollars:
https://www.bloomberg.com/news/articles/2023-08-23/inflation-at-100-has-argentines-demanding-pay-in-us-dollars

Castle Ventures investing in Mountain stablecoins:
https://twitter.com/nic__carter/status/1701369320356589723

Mountain protocol is not permissionless:
https://mountainprotocol.com/restricted/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

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