If EU Collapses, May Bitcoin Become Europe’s Common Currency?

By June 30, 2016Bitcoin Business

Earlier this month, a majority of citizens in the United Kingdom voted to exit the European Union. This departure, known as “Brexit,” caused a temporary global market collapse , and prompted US billionaire George Soros to warn that a collapse of the European Union is “practically irreversible” at this point.

During the polling leading up to the Brexit vote, gold and Bitcoin both tracked polling to leave the EU. Luca Dordolo, Italian BTM operator, sees Bitcoin as becoming considered, like gold, a hedge against weak markets. “What’s happening to gold rates in these Brexit days, stock markets disrupted and gold rises, the same happens to Bitcoin. So in the public imagination, Bitcoin is considered as gold, a good where we find refuge when markets fall down. This is only a prologue in respect to what could happen.” Could Bitcoin replace the euro short-term?

Julio Alejandro, founder and CEO of the Humanitarian Blockchain, does not think that the short-term prospect of Bitcoin replacing the euro is viable. “[It] is an “irrational utopia” to suggest that Bitcoin, or any of the 646 altcoins, tokens, or alternative methods of payments in the cryptocurrency market, would be massively adopted by the everyday European user if an –unlikely– European Union project or common currency (euro) would collapse within the next few months or years.” Robert Genito, CEO of Wall of Coins, sees Bitcoin as having the potential to replace the euro in the event of an EU collapse, but that it lacks the necessary infrastructure and adoption to do so, and likely will for another few years. “The reality is that Bitcoin is already a currency for any country or region. As for a general currency substitute to replace the euro, the Bitcoin ecosystem has at least another 3 to 4 years of maturing before […]

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