The Currency Analytics
By Pankaj K
Bitcoin was never really a favorite of the traditional finance institutions like banks as well as governments, despite its futuristic potential.
Bitcoin had been through a bearish state last year but fortunately the BTC market has taken a bullish turn of late.
“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”,…
“From Japan to Greece to Lebanon, almost every major country in high debt is now banking on Bitcoin.”
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…
So, why is it that Bitcoin is being deemed as the savior even by those that have been against it initially?
As per Mr. Ifergan, The answer lies in its “fixed supply” quotient and its “inflation-preventing” policy.
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.
As BTC comes with fixed supply, it doesn’t allow centralized banking organizations to print it at their whims & fancy.
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.