Only China is afraid of Bitcoin BTC. For Russia it is the way to get rid of the dollar monopoly. For the mayor of Miami, this is an opportunity to place himself at the center of the world. And for Switzerland, it is a debate of national sovereignty. Bitcoin divides, Bitcoin creates debates. One thing is certain: Bitcoin will be part of the world of tomorrow.
Bitcoin Shakes China
Bitcoin BTC price drops 5% following Binance’s announcement, which is suspending Chinese Yuan trading and cutting off access to its Chinese customers.
Basically, if China is so afraid of this liberating weapon, it is probably because it fears the freedom that its inhabitants could gain. And the stubbornness with which she seeks to drive away Bitcoin and crypto lets us know just how powerful digital currencies are. If they are so powerful, then there is no doubt about it: within 10 years, cryptocurrencies will cover the face of the world, and Bitcoin will reign supreme over the economy.
The exchange platform Binance reaffirmed that it has not been present on the Chinese mainland since 2017. The government recalled that cryptocurrencies were speculative and dangerous assets that were used in criminal activities.
In all, more than 30 companies have pulled out of the mainland Chinese market since the Chinese government announcements. In addition, many sites like Trading View and Coin Market Cap have been blocked by the Chinese Firewall.
Russia Watches Crypto
For its part, Russia does not intend to put in place such restrictions for its citizens, according to the Russian Deputy Minister of Economy.
The Russian Federation is not taking China’s path at all. If Russian officials do not agree on the place to be given to Bitcoin and cryptocurrencies, they agree that it is a technology that will be part of the future.
Alexey Moiseev, Deputy Minister of Economy, says no cryptocurrency ban will see the light of day in his country:
“Currently, citizens can buy and sell bitcoin through wallets outside of Russia. This situation is not about to change abroad. In this context, there is no reason to put in place a ban that it would be impossible to apply. ”
As always, the Central Bank takes a dim view of crypto, which calls into question the monopoly of currencies.
This is precisely the reason why billionaires are rather open to the idea of Bitcoin. Oleg Deripaska, the founder of the Volnoe Delo Foundation, considers the example of El Salvador. According to him, Bitcoin should be added to the means of payment:
“Even poor El Salvador understood the need for digital currencies and took a simple path, recognizing Bitcoin as a means of payment.”
Indeed, he sees in this new method of payment the means of freeing himself from the rules of foreign trade and economic sanctions. And in this way, to regain commercial and financial independence in a world largely dominated by the United States.
Read also – “The Madness Continues: $ 17 Million Bitcoin Found!”
Miami Mayor loves Bitcoin
In Miami, the mayor wants to roll out the red carpet for cryptocurrencies. The latter offers to pay municipal employees in Bitcoin!
Francis Suarez, the mayor of Miami, dreams of his city as the cryptographic capital of the United States. In February, he wanted to invest part of the government funds in Bitcoin. However, government money is controlled, and it is impossible to invest it in volatile and deregulated assets like crypto assets. The situation could well change with the arrival of ETFs on Bitcoin, because municipalities can completely invest in financial products like ETFs, even if they are based on less supervised assets.
But this cryptocurrency lover doesn’t plan to wait. To achieve his goal of holding Bitcoins in city coffers, the mayor intends to accept payment of taxes and duties in BTC. Thus, he will have reserves and will eventually be able to pay the salaries of municipal employees in crypto. Finally, for those who want it.
According to Suarez, it is a top priority to become the center of crypto, in the United States and around the world.
Switzerland called to vote for Bitcoin
Finally, even Switzerland, far from El Salvador, is turning to Bitcoin. There a Think Tank is mounting a referendum to ask the Swiss Central Bank to hold Bitcoin in addition to Gold.
A Swiss Think Tank by the name of 2B4CH is collecting the 100,000 signatures needed to open a referendum on the Bitcoin issue. The proposal would be to add BTC to the reserves of the Central Bank, alongside Gold.
More than a real victory, what the founder of 2B4CH, Yves Bennaïm, seeks is to open the debate. According to him, Gold and Bitcoin play the same role. A relatively independent and “free” store of value.
That said, Bitcoin has many advantages over Gold. Benefits already noticed across the Atlantic by billionaire George Soros and JP Morgan clients.
Gold is bulky, difficult to move, difficult to negotiate. Storing a large reserve of gold costs a lot of money, and the risks of theft at every stage of the life of an ingot are very present. ” Bennaïm says.
Bitcoin almost presents the opposite picture. Its digital nature obviously makes it very mobile. Trading Bitcoin on the different platforms is very accessible, and the risk of theft is almost zero.
Especially since Gold is in a kind of bubble that has lasted for 2000 years. Of course, the value of gold is accepted today, but our time is at a turning point. And Bitcoin might as well know Gold’s path: being on the rise for 2,000 years, as the yellow metal slowly falls back to zero.
All of this is just guesswork. But that is the goal of 2B4CH: to open the debate, ask questions, and reflect with the rest of Switzerland on the financial future of Gold and Bitcoin.
So, from China to Miami via Russia and Switzerland, the debate is dividing. Cryptocurrencies are there, and governments in different countries are hesitating between using them, using them, or fighting them. With the key, a financial and technological superiority.