In a recent blog post written by Charlie Shrem, the early Bitcoin adopter explained that, should we be unfortunate enough to experience nuclear holocaust, Bitcoin would survive as the world’s only financial entity.
“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.”
Shrem explains that Bitcoin would be the sole surviving currency because, aside from the fact that fiat currency is a physical asset and is thus susceptible to being “incinerated,” the event of nuclear war would, mean “centralized banking organizations would quickly become non-functional.”
“Bank balances would suddenly become meaningless as no one would be able to go to the bank or ATM to get their cash since the banks would stop operating the day the first nuclear bombs detonate.”
Shrem goes on to explain that the fundamental reason for the collapse of traditional financial entities in the event of nuclear war is the result of “the same catastrophic flaw: a single point of failure.” Compared to Bitcoin which, aside from not existing in the physical world, lacks a single point of failure. According to Shrem, “As long as there is at least one node running Bitcoin, the Bitcoin network will continue to function.”