Debates are often going on regarding the role of bitcoin in the global financial world. While some consider it a store of value, the digital gold, others consider it to be a global currency. On the other spectrum, while proponents of this asset consider it to be the future of the financial world, its opponents certainly seem to think quite the opposite. It is just considered a wave that will settle down as time passes by.
The image of bitcoin in the mainstream media also pretty negative. This is largely due to the prevalence of illegal activities that have flooded the world of cryptocurrencies owing to the lack of concrete regulatory frameworks. Although the prospects put forward by the technology lying underneath of bitcoin, blockchain, seem to be revolutionary, there are still a lot of issues associated with the bitcoin world that needs to be solved. The presence of a global digital currency certainly seems to be interesting, but different people have different opinions regarding the asset.
Although some people question the role of bitcoin in the financial world, the Chief Executive Officer of ADVFN, a financial services company, has a very clear point of view regarding bitcoin. BlockPublisher recently got in touch with Clem Chambers, CEO ADVFN, as he shared his opinions regarding the digital asset. Here’s a short Q&A that depicts the opinions presented forward by Clem.
Clem: “Yes, and it already is as far as law and order is concerned. Government can add value by further regulation. It can of course destroy it too but that is the job of government: to find the best balance for its citizens.”
- Will bitcoin become the digital gold?
Clem: “Bitcoin is ‘digital gold’ already. Is it a replacement for gold? No, you can’t make jewellery, bullion coins, electronic connectors and teeth from Bitcoin, and gold has its place in the world and will always have a place in money. Will bitcoin take on a role similar to gold? Yes, it already has. Will it be used more for this purpose? Yes.”
- Can bitcoin become a global digital currency in the future?
Clem: “Bitcoin is already a global digital currency and yes it will be utilised more in the future.”
Although the volatility linked with bitcoin might not make it equivalent to gold according to some, Clem seemed to be of the view that it is already the digital gold as it has already taken a role similar to gold in the digital world.
It has only been just over a decade since bitcoin erupted out on the global scene. This is a very short period of time as compared to the age of the traditional financial frameworks. Although the initial use-case of bitcoin and cryptos was largely driven by illegal usage, people are now starting to realize how a global currency can revamp various marketplaces and financial workflows. Institutional interest is also beginning to develop as developments are being made in this nascent world.
With developments going on, it will be interesting to see how bitcoin evolves as we move forward in time.