Bitcoin to become “reliable medium of exchange” in the EU: Bitcoin Amsterdam 2022
With inflation becoming a bigger problem over time, Bitcoin could become a better and more reliable medium of exchange in Europe, according to politician Nigel Farage.
At Bitcoin Amsterdam 2022, Cointelegraph reporters Gareth Jenkinson and Joseph Hall spoke to Nigel Farage, the former leader of the pro-Brexit United Kingdom Independence Party, and discussed how the politician first heard about Bitcoin (BTC), the cryptocurrency’s appeal as a hedge against inflation and how it can be adopted widely in Europe in the near future.
According to Farage, he first discovered Bitcoin 10 years ago while working in the financial markets industry and before he got involved in politics. “I’ve always had a very close ear to the ground when it comes to economic development. So I heard about it very, very early,” he said.
The former member of the European Parliament highlighted that at the time he was not sure about Bitcoin and did not “fall in love at first sight” with the new monetary concept. But as the years went by, the politician changed as inflation started to become more severe. He explained that:
“The money disease, inflation is now back in the system, as I remember from being a younger person, this story of inflation is once it sets in, it’s there longer than anyone could imagine.”
Then the politician examined Bitcoin’s technology and inherent functions. Eventually, Farage realized that Bitcoin’s appeal is linked to its fixed supply. “So the appeal of Bitcoin was pretty much like the gold standard. It’s a fixed number. It can’t be inflated,” he noted.
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Aside from his discovery of Bitcoin and its features, Farage also gave his opinions on how the future might play out in terms of Bitcoin adoption in Europe. According to Farage, events in the US are also influenced by what happens in Europe. He explained that:
“What happens in America first happens here too. There’s going to be a very, very big change here in the next two or three years, and that [Bitcoin] will become a reliable medium of exchange.”
In addition, the politician compared Bitcoin to bank transactions, which he described as inefficient, costly and very slow. Because of this, Farage believes that Bitcoin has become more attractive compared to this existing infrastructure.