Will BTC become worthless or bring power back to people?
According to the Bank of England, the value of Bitcoin (BTC) could be worthless and people who invested in the coin should be prepared to lose everything because its value can only be used online. Without the internet, BTC is of no use. The bank also found it alarming that several English citizens and even prominent investors are investing in BTC. As a matter of fact, its value skyrockets as high as $50,000 per piece.
In early November, its price peaked above $67,000 but immediately suffered a sell-off after the first news about the Omicron variant of COVID-19 broke off. Sir Jon Cunliffe, the deputy governor of the Bank of England, said that crypto investors should be ready for the risks linked to the rise of crypto assets followed by the continuous growth of its popularity.
‘Enhanced regulatory and law enforcement framework, both domestically and at a global level, are needed to influence developments in these fast-growing markets to manage risks, encourage suitable innovation and maintain broader trust and integrity in the financial system’, the Bank of England stated. A staff also revealed that BTC failed to fulfil the features needed and that it is highly volatile in a separate Bitcoin blog.
The bank also released a statement saying that huge institutions should take a cautious approach and pay close attention to the developments in the market as well. Since early 2020, the market capitalisation of crypto assets has grown tenfold. In fact, about 0.1% of UK households’ wealth is invested in BTC and other similar crypto assets.
If the word ‘Bitcoin’ is new to your ears, it is the largest and most valuable coin developed by a pseudonymous Satoshi Nakamoto in 2009. Its purpose is to serve as an alternative to digital currency. It is also decentralized which means that the government or any central authority has no control over it.
Can BTC bring power back to people?
Morgan Harper, a 38-year-old Senate Candidate for Ohio has been researching opportunities and the advantages of using decentralized digital currency. Specifically, an initiative to establish a decentralization power.
‘One of the greatest problems in our society is too much power centralized in too few hands, which produces anticompetitive effects that entrench incumbents and prevent innovation. It shifts power to a select few, large cities and a few dominant players within each market and away from people in states such as Ohio’, Harper said.
Among the reasons why Harper is looking deep into BTC is that she wants to find a way to establish economic power and freedom for the citizens so that they’ll be less reliant on huge corporations. This is also because the majority of the banks favour the rich with preferred access and terms which the working class and ordinary citizens don’t have. Instead, the people get hidden overdraft fees with no return on their capital.
‘I want to get the law right for this asset class for the people of Ohio, not because I stand to gain financially’, Harper firmly stated.
Even with the power given and the advantages of using BTC, it is still best to learn more about it through reading Bitcoin blog posts and other related materials before joining the crypto community. This is to avoid confusion and losing a huge amount of money in the long run.
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