Crypto Community Sees Mixed Reactions as The IMF ‘Shills’ Bitcoin, Ethereum, XRP
The International Monetary Fund (IMF) has released an explainer video about cryptocurrencies. Though it was first published in 2018, the organization has reshared it on its Twitter account, engaging a larger community than the first time. The video which mostly covers the benefits of cryptocurrencies has the crypto community excited with mainstream adoption now a step closer.
The IMF is seeking to educate the masses about cryptocurrencies and their potential. But while some have celebrated the agency for embracing the new technology, others have criticized it as misinformed. Those who have been in support have highlighted the mention of crypto as possibly the “next step in the evolution of money.”
Some critics highlighted the narrator calling private keys ‘passwords’. Some were even cross about the mention of cryptocurrencies being highly volatile.
However, it was more about what was not mentioned that had the critics talking. In the video, there was no mention of a public ledger, decentralization, or coin supply.
But despite the blunders, many have seen this as a positive development. And though, the explainer stayed clear of mentioning specific coins, BTC, XRP, and ETH were exhibited.
Paper Money Soon To Be Replaced
This engagement comes at a time when billionaire Elon Musk has been predicting the end of paper money. Elon Musk has in a recent interview praised cryptocurrencies superiority to ‘pieces of paper.’ Musk has previously stated that he thinks cryptocurrencies hold greater promise over the current monetary system.
Elon Musk has been one of many prominent and rich personalities who have been advocating for crypto. His remarks have been welcomed especially after the community was handed a blow following the exit of Barstool Sports Founder David Portnoy after losing $25K in Bitcoin after just a week of being introduced to the market by the Winklevoss twins.
The end of paper money has especially in recent months been emphasized by the Coronavirus pandemic. Though scientists continue to argue whether money is one of the ways this particular virus has been spreading, over the years other viruses and bacterias have easily crossed this way. A digital form of money has been viewed as the best answer and is increasingly being adopted by the masses.