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Britcoin set to make Bitcoin skyrocket

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Virtual Bitcoin cryptocurrency financial market graph

Cash in people’s pockets would be superseded by a new ‘Britcoin’ digital currency in a plan being pushed by Chancellor Rishi Sunak

Britcoin, the Bank of England’s reported digital currency, rather than overtake Bitcoin, will push the cryptocurrency’s price higher, affirms the CEO of one of the world’s largest independent financial advisory, asset manager and fintech organsitions.

The comments from Nigel Green, CEO and founder of deVere Group, come after it was reported that the UK central bank is planning to launch a direct digital equivalent – dubbed ‘Britcoin’ – to physical money.

Mr Green says: “Revealing just how worried they are about the ongoing epic rise and influence of Bitcoin, and other cryptocurrencies, the Bank of England is reportedly set to establish its own digital currency – which they have previously routinely dismissed.

“If the Bank and government officials believe Britcoin will supersede Bitcoin, they are mistaken.  In fact, it will have the opposite effect.”

He continues: “It can be expected that Britcoin will push Bitcoin prices higher for three key reasons.

“First, in what will be a masterclass in the law of unintended consequences, by jumping on the bandwagon, central banks are validating the concept of Bitcoin and its inherent values of being digital, global, borderless, quicker and more cost-effective than traditional money.

“By adding further legitimacy to the market, it’s likely that innovation and development will increase, the crypto ecosystem will become even more robust, and the pace of mass adoption will be accelerated.

“Second, whilst Britcoin will have many of the plusses of Bitcoin, it will still be controlled and manipulated by the Bank of England, meaning they can adjust supply and therefore its value. With Bitcoin, there is no single authority and a progressively limited supply.

“Furthermore, in the increasingly digitalised and globalised economy, why would businesses, such as Amazon for example, in the longer-term favour a currency that is digital but not borderless in the same way as cryptocurrencies are?”

“Third, there’s a growing mistrust of the traditional bank system by the younger, ‘digital-native’ generations who are becoming the beneficiaries of the largest transfer of wealth in history as baby boomers pass on their assets.

“They’ve been influenced by the enormous surge in tech as they came into adulthood – which came around the same time as the global financial crash that hit in 2008.

“Britcoin will be controlled by a handful of people from the Bank who have conversations and make decisions behind closed doors.

“Bitcoin is controlled by no one and discussions are held out in the open and decisions are transparent and community-based. Which one do you think is the future of money?”

The UK is not the only country said to be working on plans for digital currencies. China hopes to become the first major central bank to issue a Central Bank Digital Currency (CBDC). The European Central Bank is exploring the launch within the next five years of a digital euro. The U.S. Federal Reserve has said it will not rush any digital dollar. This year will, however, be critical in getting the ball rolling, its chairman Jerome Powell has recently said.

The deVere CEO concludes: “The Bank of England’s reported move to set-up Britcoin highlights that digital currencies are the inevitable future of money.”

Crypto

Mass protests in El Salvador as thousands protest against Bitcoin

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El Salvador President Nayib Bukele remains hopeful that Bitcoin will help the people of his nation that are currently working abroad, transfer money back home.

Protesters however feel the cryptocurrency will bring instability and inflation to the Latin American nation.

During the protests on Thursday demonstrators could be seen setting fire to a brand-new Bitcoin machine, while others spray painted some shop windows.

As of last week, El Salvador officially became the first country to allow the digital currency to be used as legal tender, alongside the US dollar.

Protesters are against Bitcoin becoming legal tender / Image: The Gaurdian

The demonstrators, gathered in the capital San Salvador on the 200th anniversary of the country’s independence, brandishing placards reading “No to Bitcoin” and “Respect the Constitution”.

Protesters have accused President Bukele of abusing his authoritative power by allowing Bitcoin to become the country’s legal tender.

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How a fake Walmart news post boosted cryptocurrencies

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A fake Walmart news release claiming the retail giant would soon accept cryptocurrency has send the digital coin sector into a frenzy

Cryptocurrency Litecoin saw a sudden surge on Monday over the press release, which turned out to be fake.

The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all of the company’s digital stores.

Walmart Store / Image: File

Walmart later told US media outlets the announcement was “inauthentic”

By the time Walmart confirmed that the news release was fake, several major news websites and press agencies had spread the supposed news.

The announcement made it on to Globe Newswire, a service widely used to distribute press material from companies.

The faked release has since been deleted, and did not appear on Walmart’s own website.

A tweet from a verified Litecoin Twitter account linking to the release has also been deleted.

Hours later, the Litecoin Foundation tweeted to confirm that the organisation had no such partnership:

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Bitcoin-drop: El Salvador falters in legal tender rollout

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Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador’s crypto rollout got off to a rocky start

The largest cryptocurrency fell as low as $43,050 in New York on Tuesday, plunging more than 10 per cent over an hour, before recovering about half the losses.

The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent at one point. 

El Salvador has become the first country to accept Bitcoin everywhere

The drop comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt it as legal tender

You can now pay for a burger using bitcoin, as businesses across the nation are advised to accept the digital coins as payment 

The Central American nation’s president, Nayib Bukele, said on Twitter that the digital wallet being used in the project can now be downloaded after it was shut down earlier because of technical glitches.  

The wallet, known as Chivo, comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number

Millions of people are expected to download the government’s new digital wallet app.

More than 200 new cash machines are being installed across the country to enable dollars to be converted into Bitcoin.

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