Governments will compete to accumulate Bitcoin. Max Keizer, journalist and former stockbroker, believes that the time is coming when “governments of the world are competing to add and accumulate bitcoin,” as he expressed it during his presentation at LaBitConf, a program developed in El Salvador.

Keizer indicated, in the framework of his presentation called “Printing, unlimited debt power vs Bitcoin”, that with the legalization of bitcoin as official currency it is impossible for governments not to start competing to obtain fortunes through cryptocurrencies. A good example are all the steps that countries such as Panama, Brazil, Cuba and Paraguay are carrying out to adopt cryptos legally.

According to the journalist, neither government is interested in the other getting a fortune and everyone will want to mine for profit. “It’s the hash war (…); it’s going to happen and no one can stop it.”

Accumulate bitcoin means independence

The bitcoin evangelist, as he is known, explained that all world currencies are about to collapse as a result of the loss of value that fiat money has tolerated for the last 300 years, “losing 99 % of its purchasing power”; even the US dollar.

He argued that physical money or bills are simply paper, giving citizens the illusion of “keeping them safe in an inflationary world.” While bitcoin is characterized by “its mathematically guaranteed scarcity, which is uncensored and decentralized.” In addition, being an equalizer it has the possibility of maintaining the balance of the economy.

From his perspective, bitcoin generates monetary independence for people. At present we are all victims of inflation, which will destroy the lives of citizens and countries. That is why bitcoin is priced at more than 50 thousand dollars each currency, giving clear and forceful signals that a “global hyperinflationary process” will be enchained soon and if they are not accumulating bitcoin they will have serious problems.

M. Rodríguez

With information from cryptocurrency specialized media

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A few days before the third monetary reconversion in Venezuela, the economist José Ricardo Salazar points out that the single advantage that this new change brings is the simplification of transactions. He assures that payment processes will be facilitated because it will not be necessary to include the number of zeros “that the machines no longer support, and that will make operations faster.“

Salazar argues that this process must be accompanied by a “robust economic recovery plan because otherwise Venezuela will not get out of the situation it is in.” Reconversion by itself and in isolation will not “yield positive results for the country,” he said.

He emphasizes that the loss of the value of the currency is currently very accelerated, which complicates and exacerbates the reconversion that will take effect on October 1st. The economist recalled that the first conversion process was in 2008 and ten years later the second was carried out.

However, just three years from later the government has to apply the elimination of zeros to the currency again. “It may not last even two years due to the loss of value of the currency” that is occurring in the country.

For Salazar there is no kind of expectation because the country has “two serious problems. First, the fall in gross domestic product for 25 consecutive quarters and hyperinflation. That is not going to be solved with the makeup they are trying to do by taking 6 zeros out of the coin,” he pointed out.

M. Rodríguez

Source: primicia.com.ve

La entrada New currency expression will simplify transactions apareció primero en Bitfinance.