LOGO_CRYPTO_SIGHT

Will Bitcoin Survive a Nuclear War?

By Katelyn James | February 3, 2019

Former CEO of Bitcoin Foundation Charlie Shrem, believed that Bitcoin would be the last remaining functional currency after a nuclear war.

According to Charlie, if there is a nuclear war, all the current financial system, as well as the network of centralized banks and computers, will be destroyed, leaving all types of fiat currencies useless and every bank balance in the world would be completely wiped out.

Bitcoin, however, would thrive or at least become the only reliable means of trading in such situation. Shrem specified that the crucial durability factor is the key for the cryptocurrency’ survival, as Bitcoin is a blockchain system that runs on independent nodes. If only one node can make it past the war, the whole system can still normally operate.

Furthermore, Charlie stated that fiat currencies are prone to hyperinflation, thus tremendously decrease their value. Shrem believed should nuclear war broke, governments would likely triple-print cash to support national defense and equip for war, while the economies would greatly sink, causing investors to sell off their shares for cash. Bitcoin can resolve this issue, as it is a completely decentralized Blockchain system and no matter how many people purchase it, the price and value will still go on a gradual rise.

The theory has attracted numerous contradict comments. Some people believe Bitcoin needs electricity to run and a nuclear war means the world is back to using gold. Another idea suggests using Nano – another type of cryptocurrency that runs on electricity using wind turbines.

Tags: , , , , ,

Comments