Bitcoin would be lone survivor in nuclear war. In contrast, banks and fiat currency would literally go down in flames.
Crypto pioneer Charlie Shrem gushed in a Hacker Noon post –
“If the unthinkable happens, Bitcoin would be a highly durable currency during nuclear war, as compared to fiat currency, which would fail for multiple reasons.”
“Since fiat money exists in the physical word and is not a digital entity like Bitcoin, it would be susceptible to being incinerated in the nuclear fireballs. Banks could instantly lose their cash reserves needed to operate.”
Decentralization Makes Crypto Invincible
While his Hacker Noon post is bleak, Shrem was trying to make a point that the anti-fragility of digital currencies can compete with cash and even gold. He pointed out that different from traditional physical assets, Bitcoin is decentralized, has no physical presence, and no single point of failure.
As long as there is minimum one node running, the Bitcoin network will keep on functioning. It is most likely that many Bitcoin nodes would survive even the heinous nuclear attack since nodes are dispersed worldwide, and they could communicate with one another through satellite internet.
In case a nuclear war takes place, then the last thing most people would be concerned about is money.
Amid this protracted slump, naysayers are gleefully proclaiming that bitcoin’s price will tank to zero, while the others insist that the whole market will crater into extinction.
Charlie Shrem Is No Stranger To Controversy
For context, Charlie Shrem is a crypto pioneer who founded Bitinstant in 2011.
In 2015, Charlie was sent behind the bars for allegedly selling bitcoin to people who attempted to use it to buy drugs on Silk Road.
In September 2018, the Winklevoss twins, sued Shrem for $32 million, claiming he store 5,000 bitcoin from them in 2012.
The Winklevoss twins put the allegations in their lawsuit –
“Either Shrem has been incredibly lucky and successful since leaving prison, or — more likely — he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole.”
Though Shrem denies the allegations, yet the suit is going on.