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Die Welt: Bitcoin is a global barometer of mistrust to the monetary policy of states

In his comments to the Bitcoin rally, observed in the last few days, senior editor of the financial department of a leading German newspaper Die Welt Holger Zschäpitz said that Bitcoin seems to have become the new safe haven for investment.

In an article devoted to the difficult challenges that many of the national currencies face today, Zschäpitznotes that, despite the fact that Bitcoin is still considered a risky investment, uncertainty of fiat currencies attracts the investors.

In the night of Thursday to Friday, amid various geopolitical risks Bitcoin raised in value above $ 900, and, according to the analyst, cryptocurrency is becoming a new safe haven for investments, replacing gold.

 

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 The main reason for this, according to him, is that Bitcoin is not regulated by governments and is less affected by changes in monetary policy.

Moreover, Bitcoin can also be regarded as a global barometer of mistrust to the existing monetary system, says Zschäpitz.

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Holger Zschäpitz also recalls that this year Bitcoin power pasted all the world's major currencies on the parameters, and among the main reasons for the rapid growth of its price he calls the events in two most populous countries – China and India.

In India, as you know, the two largest banknotes were withdrawn from circulation, as well as cash withdrawals from ATMs was restricted, while the Political Bureau of Beijing by all means is trying to stop the outflow of capital from the country.

The loss of faith in the national currencies observed not only in developing but also in industrialized countries, such as Italy, where at the moment the banking crisis is raging. So, in the night of Friday, the Italian Government decided to send substantial funding for the prevention of bankruptcy and the guarantee depositors' funds of Italian banks suffering from the credit crunch. The total volume of non-performing loans reaches EUR 360 billion, which is roughly comparable to a quarter of Italy's GDP.

Against the background of becoming increasingly apparent geopolitical risks digital currency has a number of advantages, in the first place, says Holger Zschäpitz, it is lack of control by central banks.

German analyst Statements were made shortly after Nicolas Dhuicq, the representative of the center-right party "Republicans", which claims to be the leading political force in France, called cryptocurrency "a threat to the economies of developed countries."

Source: forklog

  • December 28, 2016 5:17 PM MSK
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