Former CTO of Coinbase, Balaji S. Srinivasan, has said Bitcoin has successfully done what election failed to do in just 10 years.
Bitcoin, the largest digital currency by market capitalization, is quite gaining vast popularity on daily basis. The growth is not really the most surprising, but the interval it took BTC to accumulate a number of successes amidst stern criticisms keep its lovers in awe.
Coinbase Former CTO: Bitcoin is Insurmountable
Reacting to an article published on Bloomberg Crypto, former CTO of Coinbase, Balaji S. Srinivasan averred that Bitcoin is achieving its mission to change the global financial and payment system, as it has since changed what election could not in just 10 years of its emergence.
He said “Bitcoin changed the world in just ten years. A reform that could not have been accomplished with any election …”
He also pointed to the qualities embedded in Bitcoin, such as decentralization. Using the measures they take to choose the “chair” of the Federal Reserve, which is not likely by election, he said cryptocurrency enthusiasts and holders can indirectly vote for the digital currency through their wallets.
“…Because when did you last vote for the chair of the Federal Reserve? But you can vote with your wallet for Bitcoin.” Balaji S concluded.
Recap of Bloomberg Crypto Article
An article written by Craig Torres on Bloomberg Crypto prompted Balaji’s response. The thought is all about the quest of digital money in challenging the central banks.
The article stressed on the reiteration of International Monetary Fund (IMF), hinting the United States and other countries across the globe about the “massive disruption” that the emergence of digital system would stamp on traditional payment system at no distant time.
FED Suggests Bitcoin Rather than Upcoming Libra
Bitcoin that was widely criticized by the United States FED is beginning to receive much needed backings. This came about when the notion behind the growing proposal to create Libracoin was discussed in the US Congress.
Warren Davidson, a member of the US Congress and a Bitcoin maximalist who had earlier spoken good of the digital currency before his colleagues, recently suggested that Facebook should adopt and leverage on the use cases of Bitcoin, instead of creating its own digital currency.
Bitcoin Price Lingers but Hope is Alive
Bitcoin has been somewhat moribund for about 2 months now with no signal for what the next move could be like. BTC unpredictable price trend makes lots of analysts rest in between two opinions each time they air their views.
Some hours ago, Plan B, a crypto trader and analyst illustrated on how Bitcoin do see a price upsurge every 6 months to halving. He rests his claim on the history of the two previously conducted halving.
At the time of writing, BTC is trading at $8,094.07, with no notable price uptrend or downtrend in the last 24 hours.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.