Yesterday, the president of the European Central Bank, Christine Lagarde, called for regulating the bitcoin market. Do you want to see the interview then click here The banker's arguments for the global call for the crusade is drawn from this segment:
[Bitcoin] is a highly speculative asset, which has done some curious business and interesting and totally reprehensible money laundering activity.
I share the opinion of some analysts on the covert manipulation of statements: paving the way to empower future digital currencies from central banks. Let's think about the logic of the arguments for a moment. They are the same used for years against traditional financial systems in money laundering when they are violated by criminal organizations.
In this sense, Lagarde tells us nothing new. On the contrary, she underpins the deplorable fact that the system she represents is vulnerable. And the other argument of the speculative also falls by itself, all assets are by nature volatile and manipulable by the interests of those who manage the systems. I'm not saying that the crypto market is not, but the advancement in technology aims to minimize the current risk, by living in an era of transition.
For ordinary citizens, the dilemma of centralization and decentralization arises. It is not about bankarization, but about unbanking people so that they have greater freedom and security within the economy through a disruptive technology that minimizes the dominance of powerful actors.
So I understand the position of international banks to defend the spaces of power built over centuries. Now, will they be successful?
In the short term, the probability seems low if we stick to the current geopolitical dynamics, but after Covid19 and the spectacle of the North American elections, anything is possible. The first effect that I envision is the entry of large investors that will push the price of bitcoin to new historical highs, but at the same time, I believe that technological development in the crypto world will be temporarily slowed. Obviously intentional, as they attempt to finish their own centralized digital money technology, probably based on gold.
Post by @janaveda
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