Bitcoin News
By Pankaj K
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Bitcoin was never really a favorite of the traditional finance institutions like banks as well as governments, despite its futuristic potential.
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Bitcoin had been through a bearish state last year but fortunately the BTC market has taken a bullish turn of late.
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“A major reason behind the rise of Bitcoin of late is increasing recognition from banks and governments who have now realized that crypto is the only way to resolve their debts”,…
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“From Japan to Greece to Lebanon, almost every major country in high debt is now banking on Bitcoin.”
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Mr. Ifergan’s tweet comes with a list top 10 countries with highest public debt levels. Japan has topped the list while Greece, Lebanon and Venezuela are in the 2nd, 3rd and 4th…
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So, why is it that Bitcoin is being deemed as the savior even by those that have been against it initially?
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As per Mr. Ifergan, The answer lies in its “fixed supply” quotient and its “inflation-preventing” policy.
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Being unable to repay their mammoth debts, governments will be printing more fiat currencies. It would abet inflation as well as decrease the value of fiat.
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As BTC comes with fixed supply, it doesn’t allow centralized banking organizations to print it at their whims & fancy.
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As a result Bitcoin seems to be comparatively safer and more stable than regular fiat and hence a wiser solution to get rid of debt burdens for countries in severe debt.
The Currency Analytics
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