On April 12th, Roland Gillet was a guest on Dominique Laresche's Objectif Monde L'Hebdo to discuss cryptocurrencies, particularly the most famous one: Bitcoin. He begins by recalling what constitutes money: a means of exchange generally backed by a trustworthy authority, such as a central bank, which guarantees its value and thus the purchasing power of those who hold it. Roland Gillet considers that Bitcoin does not meet this definition, as its value is highly volatile, making it impossible for it to serve as a stable store of value. Unlike traditional currency, there is no central bank or authority backing Bitcoin with real assets (gold, foreign currencies, etc.), which increases its risk.
"With one Bitcoin, at one point, you can buy a steak; the next day, two steaks; and the day after, a quarter of a steak."
He nevertheless praises the technology behind Bitcoin, called the "blockchain." The blockchain is a technology for storing and transmitting information, functioning like a large, public digital ledger secured by cryptographic methods. It allows anyone to verify and record transactions transparently, without the need for a trusted third party like a bank. For Roland Gillet, this technology is a genuine revolution with real added value, transforming and enhancing transparency across many sectors.
He emphasises the distinction between blockchain and Bitcoin: when an investor buys Bitcoin, they are not purchasing a part of the underlying technology.
"Bitcoin has a price, but it probably has no intrinsic value."
Bitcoin is more akin to a tool for speculation rather than a genuine currency capable of reliably purchasing goods or services over the long term.
Watch the full episode here.
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