Corrupt Currency: Will Digital Currency Shake the World of Politics, Economics and Finance?
New York University economist Nouriel Rubini recently commented on the world's largest digital currency, the bitcoin, calling it a "very bad coin."
Warren Buffett, one of the richest men in the world, said in an analysis that "cryptocurrency is one of the worst temporary trends ever."
Bank of England Governor Andrew Bailey warned a few weeks ago that "if you are ready to lose all your money, buy it (cryptocurrency)."
Nobel laureates in economics Joseph Stiglitz, Paul Krugman and Robert Schiller are also among the critics of cryptocurrencies, but they do not predict that these currencies will suddenly disappear one day.
In the last one year, the market value of the cryptocurrency has reached almost two trillion US dollars and the cryptocurrency market is expanding despite all restrictions and surveillance.
Corrupt currency is not controlled by any country, company or central bank. Following the principle of decentralization, buying and selling in cryptocurrency does not require a broker and is not verified by any institution.
The security of money transfer information is secretly monitored by a large network of computers, whose nodes are spread all over the world.
Millions of dollars are circulating in this system and it is almost impossible for governments, central banks and regulators to monitor this process.
Contrary to many critics, there are a number of people who are trying to promote a corrupt currency and are convinced that their movement will not end.
They see the cryptocurrency not only as an opportunity for long-term profitable investment but also as a major change in the international financial system.
He believes that this market will shake the world of politics, economics and finance.
"We are at a crossroads at the moment," said Shawyer Pastor, commercial director of the trading platform But to Me, speaking to BBC Mando.
"Cryptocurrencies are about to change the world, just as the Internet did," he said, adding that "we are entering a new phase in the history of the evolution of wealth."
"The innumerable notes that are being printed by the central banks will become worthless in a few years," he said. It will be the death of the old ways with the advent of new technology.
One of the most popular proponents of bitcoin and cryptocurrencies is Jack Dorsey, CEO of Twitter and Square.
"Bitcoin is going to change everything and it will be for our good," he wrote in a tweet. Û” '
Dorsey is so convinced of the cryptocurrency that in 2018 he predicted that his bitcoin would be the only currency in the world for the next 10 years.
And when in January this year the Financial Crime Control Network (Fincan) proposed a law that would require companies to disclose the names and addresses of individuals who have laundered more than 3,000. In a letter, Dorsey objected to the proposal.
Shengping is the CEO of Cinziao, the world's largest cryptocurrency trading platform by volume. He warned a few days ago that no institution is capable of destroying the bitcoin and its core technology, the "blockchain".
"I don't think anyone can stop it now," he argued at the Queen's Desk Consensus 2021 virtual conference. This technology, this concept, is imprinted on the minds of 50 million people. "
Xiao added that governments and regulators should adopt blockchain technology and cryptocurrencies, and fighting them would be tantamount to rejecting Amazon's business model in the early 1990s.
Corrupt currencies are not meant to eliminate traditional finance or government-sponsored currencies, but more for "financial freedom."
"They can be a threat to any country's financial sovereignty."