Does Bitcoin Have the Potential to Become a Generally Accepted Medium of Exchange?

If the world were to lose confidence in the dollar, what could replace it— another fiat currency, gold, or bitcoin? That was the topic of a recent Oxford-style debate hosted by the Soho Forum. John Vallis, a financial consultant and host of the Bitcoin Rapid-Fire podcast, believes that bitcoin will eventually replace governments' fiat money as the preferred medium of exchange. He argues that bitcoin's global adoption is a matter of when not if. Lawrence H. White, an economics professor at George Mason University, is skeptical of bitcoin's future as money. He believes it may have a future as a financial asset, but isn't suitable to become a global medium of exchange.