Well-known member of the crypto industry Charlie Shrem (Charlie Shrem) believes that bitcoin “will survive a nuclear catastrophe,” while banks and paper money literally burn up.
“If the unthinkable happens, bitcoin will be very durable currency during a nuclear war, compared to Fiat currency, which will simply disappear,” he said.
In his words, as paper money, unlike bitcoin, are digital objects, they can easily burn, and then the banks would instantly lose their cash reserves they need for the job.
Moreover, Shrem believes that a nuclear disaster will destroy Central banking organizations – their balance sheets will become useless as soon as the banks and computers will be destroyed.
“Bank balance sheets will suddenly become meaningless. No one will be able to go to the Bank or to the ATM to get cash, because the banks will cease to work that day when will explode the first nuclear bomb,” said Shrem.
He said that when “some banks will evaporate” and others are “contaminated by radiation”, bitcoin, of course, survive the tragedy, because unlike Fiat, it has no physical presence and decentralized.
“While there is at least one node running the Bitcoin network will continue to function. It is highly likely that many nodes will survive even the worst nuclear attack, because they are scattered around the world and can communicate with each other via satellite Internet,” he said.
In fact, if there was a nuclear war, the money actually mattered to people least of all. However, Shrem raised some thought-provoking points that should be considered in the framework of today’s “cryptocurrency winter”, when some skeptics declare that the price of bitcoin drops to zero, while others insist on the disappearance of the market.
Shrem believes that the rumors about the death of bitcoin are greatly exaggerated, and in order to understand this, just look at the physical limitations of traditional financial institutions.
“Decentralization of the Bitcoin network is immune to economic disasters that may occur as a result of nuclear war,” said Shrem. “The network will continue to operate even in the case of a complete collapse of the global electrical and telecommunications infrastructure.” Discuss current news and events on the Forum
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