Executive says Bitcoin is the future of money, but is interrupted by ECB director

Each ticket costs £2,599 (R$13,400), and the MoneyLive Summit event brings together several names from the banking industry this week in London. However, one of the speakers seems to have misled the heads of the European Central Bank (ECB).

Explaining that cryptocurrencies are the future of money, Peter Stilwell commented to the audience on Bitcoin’s advantages over other government currencies. Substitutability, shareability, scarcity, security and verification were some of the benefits mentioned by Coinbase’s Head of Business Development.

Evelien Witlox, director responsible for the development of Euro Digital, however, felt uncomfortable with such statements. His lines were captured by Fortune.

Witlox responded after the CEO of Coinbase finished his speech “Cryptocurrencies are not money because there is nothing behind them.” He then also pointed out that the European Central Bank has done that “a slightly different view than the previous speaker.”

European Central Bank suffers from the arrival of cryptocurrencies

While the MoneyLive Summit mainly consists of traditional banks such as Barclays, JP Morgan and HSBC, some cryptocurrency companies such as Ripple, Bitpanda and Coinbase are also among the main sponsors of the event.

Given that, it’s only natural that Coinbase’s CEO took the space to express his vision for the future of money.

In his speech, Peter Stilwell introduced the history of money. From barter, transactions then evolved to barter with precious metals, then paper money until today, with credit and debit cards.

Looking ahead, the director pointed out that Bitcoin is the best choice because it has the best features.

Money history.

However, not everyone agreed with his opinion. Evelien Witlox, responsible for the development of Euro Digital, bluntly stated that Bitcoin is not even money. When asked whether the European CBDC will make cryptocurrencies obsolete, the director evaded.

“It’s not for us to say, but we think it’s important to have a very stable solution that people can use for payments.”

Finally, it is strange that bigwigs like Witlox continue to argue that cryptocurrencies will fail because they lack support. After all, all fiat cryptocurrencies work the same way, with rampant printing by governments being the biggest difference between the two.

Source: Live Coins