{"id":151380,"date":"2019-07-12T10:15:37","date_gmt":"2019-07-12T14:15:37","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151380"},"modified":"2019-07-12T07:33:32","modified_gmt":"2019-07-12T11:33:32","slug":"trump-is-wrong-on-bitcoin-and-is-placing-himself-on-the-wrong-side-of-history","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/trump-is-wrong-on-bitcoin-and-is-placing-himself-on-the-wrong-side-of-history\/","title":{"rendered":"Trump is wrong on Bitcoin and is placing himself on the wrong side of history"},"content":{"rendered":"
July 12, 2019<\/div>
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By George Prior<\/strong><\/p>\n

U.S. President Trump is wrong and is placing himself on the wrong side of history on Bitcoin \u2013 but cryptocurrencies should be regulated, says the boss of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

Nigel Green, the founder and CEO of deVere Group, is speaking out after Donald Trump took to Twitter to say: \u201cI am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.<\/p>\n

\u201cIf Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,\u201d he added.<\/p>\n

The President\u2019s tweets follow last month\u2019s announcement by Facebook that it is to launch its own new digital currency to be called Libra. It is designed to be a low-volatility currency that will let its users buy things or send money to people with very low fees.<\/p>\n

It will be backed by reserves managed by an independent organisation, called the Libra Association, made up of several leading tech firms and non-profits that give the token real-world value.<\/p>

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Nigel Green affirms: \u201cPresident Trump is wrong and is placing himself on the wrong side of history on Bitcoin and other cryptocurrencies.<\/p>\n

\u201cThe blistering pace of the digitalisation of economies and our lives underscores that there will be a growing demand for digital, global, borderless money.<\/p>\n

\u201cIndeed, it is now almost universally regarded as the future of money.<\/p>\n

\u201cThis is why most major financial institutions globally already have or are preparing to establish crypto desks. It is why more and more retail and institutional investors are piling into the market. And it is why tech giants, like Facebook, are getting involved. And you can bet that where Facebook follows, other tech companies will do the same.<\/p>\n

\u201cWhen everything from voting to music to books is already digital, dismissing digital currencies in a digital era is, frankly, bizarre and looks depressingly archaic.<\/p>\n

\u201cDoes the President seriously think that traditional, fiat currencies are the way forward?\u201d<\/p>\n

Mr Green continues: \u201cHowever, I agree with Mr Trump that Facebook\u2019s new Libra project should be scrutinised.<\/p>\n

\u201cBut, being the social media monolith that it is, it is surely expecting this level of scrutiny.\u00a0 I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger.\u201d<\/p>\n

He goes on to add: \u201cThe wider point here is regulation. Cryptocurrencies are already becoming mainstream. As such they should adhere to the same standards as the rest of the financial system.<\/p>\n

\u201cRegulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.<\/p>\n

\u201cAnd it is surely on its way, judging by the activities of regulators around the world.\u201d<\/p>\n

The deVere Group CEO concludes: \u201cStanding on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world\u2019s largest economy to take.\u201d<\/p>\n

About:<\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior U.S. President Trump is wrong and is placing himself on the wrong side of history on Bitcoin \u2013 but cryptocurrencies should be regulated, says the boss of one of the world\u2019s largest independent financial advisory organizations. Nigel Green, the founder and CEO of deVere Group, is speaking out after Donald Trump took […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-151380","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=151380"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151380\/revisions"}],"predecessor-version":[{"id":151381,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151380\/revisions\/151381"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=151380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=151380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=151380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}