Increased Economic Protectionism: Threat or Opportunity for Bitcoin?
The slowdown in the global economy has resulted in many governments imposing protectionist measures in their countries. Could this pose a threat to Bitcoin? Slowdown in World Trade Growth. Globalization and the corresponding increase in world trade has driven global GDP growth for the last couple of decades. Countries have found their niche areas in the global economy and have flourished – China in manufacturing, India in software, Philippines in Business Process Outsourcing, etc. However, the rapid growth in global trade seems to be plateauing. According to a recent World Trade....
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The cypherpunks of the past along with whistleblowers and abolitionists have increased freedom drastically in the last 20 years with technology. The introduction of computer networking, the Internet, computational cryptography, and cryptocurrency have ushered in a new era of thought. One where the very concepts of governance, borders, laws, and sovereign....
Big four' auditing firm KPMG has published a report identifying bitcoin as both a threat and an opportunity to the banking sector. The report, titled The Changing World of Money, outlines the factors threatening established retail banks, whilst discussing the potential of cryptocurrencies as viable payment solutions. It states: "New challenger organisations, from banks to peer-to-peer lenders to PayPal and bitcoin are smaller, more agile and quicker to respond to changing trends." The document goes on to explain that these emerging forms of payments have "greater responsiveness to customer....
According to a new document, Bitcoin has been named a talking point by the Federal Advisory Council. The Federal Advisory Council consists of 12 representatives of the banking industry and advise the Board of Governors of the Federal Reserve System. The question "Does Bitcoin pose a threat to the banking system, economic activity, or financial stability?" was asked and the main concerns were mainly about banking, economic activity and the financial stability of Bitcoin. The notes go over how the Council doesn't believe Bitcoin is a threat to the banking system; however, it is a threat to....
Upon realization of Bitcoin’s true value, one must reconcile their economic opportunity cost with their new reality.
The Federal Advisory Council (FAC), a group that consults with the Federal Reserve on all matters under the US central bank's jurisdiction, and the Federal Reserve Board of Governors recently discussed bitcoin and its potential benefits at a quarterly meeting. Held on 9th May, the FAC and the Board of Governors debated whether bitcoin posed a threat to the traditional banking system, economic activity or financial stability, ultimately issuing a surprisingly positive two-and-a-half-page assessment of the technology. Perhaps most notably, the meeting focused on how bitcoin could empower a....