Wall Street Journal: bitcoin "need not compete with the dollar" for respect

The Wall Street Journal has joined the growing number of popular news sites that demonstrate bullish sentiments regarding bitcoins.

In an article published on Monday, John O. McGinnis, professor of law at Northwestern University, co-authored with lawyer Kyle W. Roche, assessed the potential of the virtual currency in comparison with the government-controlled fiat.
"To continue to thrive, Bitcoin should not become a more stable depository of value than the US dollar," the authors write. "He can rise to the heights of respectability, prevailing over less reliable currencies."
The way Bitcoin looks next to national currencies has always been a classic area of criticism and even ridicule on the part of information sources.
CEO of Business Insider Henry Blodget just a few months ago argued at CNBC that bitcoin "has no intrinsic value", implying that the currency of the currency enjoys total government support, in contrast to the crypto currency.
McGinnis and Roche criticized this argument as absolutely meaningless.
"Bitcoin is already gaining strength and stability, successfully competing with fraudulent repressive regimes and helping poor immigrants in the developed world to transfer money to their relatives to their homeland," the authors say. "Since bitcoin is becoming more stable, its competitiveness is increasing, because even the most popular money is subject to political risks."