79.9% of people consider cryptocurrencies to be money

The debate over whether Bitcoin and other cryptocurrencies are real money has continued sincethese innovative assets have emerged. Both points of view have their supporters.

According to a recent survey by the International Monetary Fund, the vast majority of respondents tend to believe that digital currencies are indeed money.

Out of 90.7 thousand, 79.9% of the respondents gave an affirmative answer to the question.

Are digital currencies really money? #poll

- IMF (@IMFNews) January 14, 2021

But what's even more interesting are the individual answers.For example, digital asset strategist and director of VanEck Gabor Gurbax responded with another survey asking if fiat currencies are money. 78.81% of respondents out of 9 248 votes answered “no”.

In addition, Bitcoin is considered a store of value, often referred to as digital gold. However, unlike the latter, BTC is much easier to move around as it has no physical barriers.

The design of the protocol makes BTC a scarce digital asset, as no more than 21 million bitcoins will go into circulation.

In contrast, fiat currencies can be printedgovernments ad infinitum. This is what we are seeing now against the backdrop of the ongoing crisis due to the coronavirus. For this reason, individual investors have invested in Bitcoin to hedge against inflation.

And here we come to another important factor -bitcoin is not governed by any central authority... It runs a decentralized public ledger based on mathematical algorithms rather than subjective decision-making.

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