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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Are Bitcoin Transactions Not Ecologically Sustainable

Bitcoin and the Global Currency War

NewsBTC by NewsBTC
8 years ago
in Uncategorized
Reading Time: 2 mins read
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Anyone who understands the “undeclared” global currency war can agree that there can’t be a real winner in the end.

For those who are new to this concept, central banks around the globe have embarked on monetary easing by way of adopting quantitative easing or by lowering their interest rates, in order to awash their respective financial systems with liquidity. Even though central banks argue that low interest rates or infusing liquidity is vital to reviving consumer demands in the flailing economies, there is more truth to that!

Nations adopt such extreme measures in order to devalue their currencies against foreign currencies, which, in turn, benefits their exports industries. Very recently, the Swiss National Bank intervened after Swiss franc strengthened against Euro in the wake of Greece crisis. The European Central Bank is also considering expansion of its €1 trillion quantitative easing program amid better economic data.

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So, What About Bitcoin?

The bigger theme here is that if central banks are so consumed with printing more fiat currency or infusing liquidity in the financial system, will they really make honest and noteworthy attempts to let Bitcoin gain mainstream adoption?

Bitcoin enthusiasts might argue that Bitcoin offers easiest, quickest and cheapest mode of money transfer and hence, users will automatically switch to this disruptive mode of payment sooner or later. But, as has been said before, the world is more interested in the Bitcoin technology and not the cryptocurrency itself.

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Continuing from above, if the central banks ask their national and regional banks to implement the blockchain technology to optimize their back-end processes and reinvent the system to be faster and significantly cheaper, it can be said with high probability that consumers will remain connected with the banks. And some big financial institutions such as Barclays, UBS, Bank of New York Mellon and Santander Bank are exploring the blockchain potential.

Think Greece crisis will make the consumers switch to Bitcoin? Well, I do not agree. If the Greeks vote in favor of austerity measures proposed by the Greek creditors on the July 5 referendum, they might stay in the Eurozone (following approval by the troika). Which also means that Bitcoin might lose its sheen once again.

My hunch: they will remain in the Eurozone!

Tags: bitcoinblockchainCurrency WareconomyGlobal SlowdownGreece crisisOpinion
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