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Nigel Green Thumps Trump over Bitcoin Tirade
By Shane Addinall Jun 27, 2020 IndustryTrump’s tirade against Bitcoin and cryptocurrencies meets tough opposition by heavyweights in the financial industry, including from the CEO of deVere Group, Mr. Nigel Green, and Bitcoin Magazine.The President of the United States has not hidden his feelings about Bitcoin and other cryptocurrencies. Instead, his tone towards the ground-breaking technology has been negative, at best. Last June, Trump launched a Twitter at Bitcoin specifically, calling it a tool for crime. His tweet went on to say:
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity....”
This was just the start of his attempt to cripple the crypto markets. John Bolton, the former security advisor to the president, wrote in his book, “The Room Where It Happened”, that President Trump told him to “go after Bitcoin”. While what the President’s statement actually means is legally open to interpretation, the command shows disdain for Bitcoin and an intent to do it harm.
On the same Twitter stream, Trump goes on to say,
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
Given Trump's public comments on crypto-technology and the comment by Bolton, it is reasonable to assume Trump has a vendetta against cryptocurrencies, perhaps because so much of his own wealth depends upon fiat currencies.
Defenders of the Digital Evolution
It seems that the President may be missing the point of cryptocurrency. It is not here to take over from fiat money but to do what fiat currency cannot do.
In response to his tirade, Bitcoin Magazine responded saying:
“Untraceable, physical cash is the best tool for facilitating drug trades and unlawful activities, not a public ledger that records the history of every transaction ever made.”
Nigel Green, the CEO of deVere Group has seemingly jumped on the bandwagon in defiance of Trump’s allegation and attack on Bitcoin. He labelled the President as “backwards-looking and out-of-touch”.
He acknowledged that he believed that Trump did indeed launch an attack on Bitcoin. Green believes that cryptocurrencies are considered ‘future monies’ and as such threaten established elites who haven’t had to work for their fortune, as in Trump’s case. He went on to show that Bitcoin and other cryptocurrencies provide us with advantages when working across borders. Their borderless nature makes them “perfectly suited to the world of commerce, trade, and the movement of people,” he concluded.
Green’s analysis and views should not be dismissed, as he is a man deeply entrenched in the finance industry. The deVere Group is currently one of the world’s leading independent international financial consultancy companies, with well over 80,000 clients in more than 100 different countries.
Digital Defines the Future
The digital markets are the way of the future, as they drive innovation and technology. It is these markets that benefit the most from cryptocurrencies like Bitcoin and others.
Multi-billion Dollar markets, such as online gambling and other forms of digital entertainment have embraced the benefits of the crypto world. An attempt to dismantle such platforms could, therefore, have a massive and lasting effect on many high worth industries.
While checks and balances may be needed blockchain currencies to become mainstream currencies, the subject of shutting them down is not an option. The harder the old guard struggle against virtual currencies the more they will be deemed the coin of the people.
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