Despite Donald Trump’s declaration that Bitcoin is a “scam,” it is expected to become a “global currency.”
Despite Donald Trump’s apparent denial of Bitcoin’s trustworthiness, a renowned entrepreneur believes it will one day become a “global currency.”
Bitcoin “looks like a swindle” that is impacting the value of the dollar, according to the former US President, who also stated that he wants the US banknote to be “the currency of the world.” His remarks dealt another hammer blow to the cryptocurrency’s price, which has been steadily declining since the end of April. In just one month, Bitcoin plunged from almost $60,000 (£42,200) to under $35,000 (£24,720) and is now trading at $33,215 (£23,492).
Its recent declines have been ascribed to China’s “crackdown” on the token, as well as Tesla’s announcement that it will no longer accept it.
However, at a TedTalk event, Bitcoin entrepreneur and enthusiast Jad Mubaslat outlined why he believes the coin will be the currency of the future.
“Many of you are probably sitting there wondering what Bitcoin is,” he remarked.
“Many of us have no idea how the dollar works, but we believe it and the government that backs it.
“A similar analogy holds true for Bitcoin, but with one key difference: everyone can read the Bitcoin code and verify the protocol’s history.
“After the 2008 financial crisis, Satoshi Nakamoto, a pseudonymous creator, discreetly published Bitcoin.
“No one knows who this person or group is, but they put a comment in the first Bitcoin transaction that said ‘The Times, January 3, 2009′ – the front page read ‘Chancellor on verge of second bailout for banks.’”
Mr Mubaslat stated that “part of the beauty” of Bitcoin versus the dollar is that it can be traded by anyone.
“It can be bought, sold, and swapped for other international currencies, and it can be simply kept on phones or computers,” he noted in 2020.
“Bitcoin is long-lasting because data never degrades, and it is democratic since anyone with an Internet connection may purchase, accept, or contribute to the growth of the currency.
“Large merchants began taking Bitcoin in 2013, Wall Street began trading regulated Bitcoin in 2018, and major institutional players have begun to embrace Bitcoin trading this year.
“Better money can lead to positive societal change — savers will be rewarded, the poor will not be penalized by inflation, and governments may reconsider.”Brinkwire Summary News.”