Debates regarding the credibility, nature, and worthiness of bitcoin (BTC) are always floating around in the crypto space. While some say it is the digital gold, others are of the view that it is a global digital currency. Its role in the financial world has not been concretely defined as of yet.
BlockPublisher recently got in touch with the founder of Korporatio, Stefano Covolan, as he expressed his opinions regarding this nascent world of bitcoin. In reply to the question regarding bitcoin’s potential to become a global digital currency, Stefano said:
We are not there, yet. And till the law around BTC will be so different, i.e. In China you cannot buy and hold BTC, it will be quite difficult to have it totally global. But, step by step, we will seeing more and more countries agreeing on BTC as a real currency and starting using that in the same way the Euro is used in EU.
It has just been over a decade since bitcoin erupted out on the global financial scene. Since the market is pretty nascent, regulatory and official frameworks are not present as of yet. Governments across the world are not willing to accept this digital asset owing to the issues that are associated with it. Owing to the lack of regulations, a lot of illegal and negative frameworks have seeped into this world. Criminals are using bitcoins and cryptocurrencies to carry out scams and illegal activities because the governmental hold in this space is pretty low.
But now, as cryptocurrencies are gaining more and more attention from the financial world, the need for regulatory frameworks and official acceptance is growing. Demands are being made for platforms like the crypto-linked exchange-traded funds (ETF) and concrete regulatory frameworks. Institutions are getting more and more interested in this space. Owing to the lack of regulations and a wild west ride, the role of bitcoin in the financial world isn’t clearly defined. But as we move forward, it is expected that things will get clear as developments are made from the official ends. Whether it is the digital gold or a digital currency, or nothing. Things will get clear.