Opinions

Bitcoin this Week, from Fiat Substitute to Most Searched

Fiat to Collapse for Crypto to Succeed

Thomas Power is a board member at Blockchain Industry Compliance and Regulation Association (BICRA). In the past, he predicted the fall of bitcoin and suggested that it was heading for $3000. Recently, Thomas highlighted the key factor for the success of cryptocurrencies. He stated that fiat crash is necessary and a prerequisite for the success of cryptocurrencies. Only in the scenario when fiat framework collapses, the need for a substitute will be looked upon and that’s when crypto can kick in and avail the chance. 

Bitcoin doesn’t Posses Currency Features

The treasurer of the Ohio State, Josh Mandel has shared a very different perspective regarding bitcoin. Recently, he explained that bitcoin lacks what it takes to be a currency and therefore, it is not suitable to be used as a normal currency in a country. Joseph Young, analyst and investor, responded to the claims made by Josh. He stated that Josh’s latest thoughts contradicted with the recent developments. Joseph explained that, in very recent, Ohio state started accepting tax payments in the form of bitcoin under the supervision of Josh who is the treasurer of the state. He clarified his point by stating that the very Josh Mandel who undermines bitcoin now allowed the payment of taxes in his state in the form of bitcoin.

Bitcoin’s Price and Search have Something in Common

James Williams, the founder of Morgan Creek Digital and a crypto analyst, deciphered the relation between the value of bitcoin and google searches regarding bitcoin. James stated that bitcoin’s fame has outclassed and in the future, it can be expected that fame will increase even more. With increasing fame, the number of google searches for bitcoin has also seen an increase. James believes that as Google searches have increased, the price of bitcoin and the overall crypto market will also rise. James was bullish on the future of the crypto market and claimed that after quite a time, we will be able to see the rise of the crypto market.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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