‘Bitcoin is not a New Form Of Money, it is a Commodity’, Says Craig S Wright

'Bitcoin is not a New Form Of Money, it is a Commodity', Says Craig S Wright

The controversial Scientist and businessman Dr. Craig S Wright, who claims to be the originator of the number one cryptocurrency, bitcoin, announced in a tweet and also via a medium post that the digital asset is not new money.

“Ledger space in a sound, the immutable ledger is a commodity. It has value. The trouble is that many think they can create something new. That, Bitcoin is a new form of money. It is not.”

Dr. Wright claims that bitcoin is only a commodity produced through a process in the transaction ledger space and computation. It cannot be seen as created money and no one should claim to have created something new.

The scientist stated that for a commodity to be called money, it must be generally accepted as a means of settling payment for goods, services, and settlement of debt. This means that the commodity is a legal tender. It is also possible for a commodity to be accepted as a medium of exchange without being a legal tender.

He went on to state that bitcoin is too transparent to be called money, this has made the government be against it because it is produced via a system that can maintain privacy and also exposes corruption and evil intents.

He defines bitcoin and other digital currencies as instruments made to break negative controls and restore freedom. This can only be achieved by releasing money or the legal tender and freeing it from every control. Freedom cannot be achieved without a fight and the cryptocurrencies are the only weapons which can be used to fight this battle.

Wright says “bitcoin is freedom,” accepting bitcoin equally means accepting freedom which comes from being set free from the control of money. It has been a working tool used to break the hold of power through the control of money. It is not regulated or controlled by any government or third party.

His emphasis is on freedom from a financial system that is monopolized by the government, banks and other controlling entities in the business world.

Wright who has long been in the crypto space seems to have a perfect understanding of the crypto space, its functionalities, and purposes.

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