Can the best make money? How Are Anti-Bitcoin Countries Reacting to Expansion?

A backlash against the "Bitcoin Law" passed by El Salvador and its growing adoption was expected. Mainstream media are repeating the news about the alleged negative environmental impact of BTC, its use for illegal activities and others. However, Pieter Hasekamp, director of the Dutch Bureau of Economic Analysis, could rank second for the price of the week's most anti-Bitcoin article. His post titled “The Netherlands Should Ban Bitcoin” is a critic of BTC and a defense of fiat currencies. Hence, he calls cryptocurrency a bad form of money due to its “vague origins, uncertain valuation, shady trading practices.” He even goes on to say that cryptocurrencies are not used in regular payment transactions. His argument is based on Gresham's law, which was described in the sixteenth century and used to measure the properties of good and bad money. This economic law has a basic principle: bad money drives out the good. Hasekamp believes the argument in defense of Bitcoin is wrong. He claims that cryptocurrency has none of the three functions of money: unit of account, means of payment, and store of value. At the same time, he argued that fiat currencies "rated well" on these properties and were a good store of value. He said: There has been very little devaluation of the currency in recent years. Few people believe that we are back to the figures of the 1960s and 1970s, although inflation is now rising cautiously. A new form of electronic payment based on fiat currency has improved ease of use, the government official said. His conclusion is that the current financial system “works pretty well in practice.” Going forward, the central bank predicts that digital currencies (CBDCs) will further enhance it. He adds: Cryptocurrencies are therefore not suitable as a unit of account and a means of payment outside the criminal circuit (…). Gresham's law is replaced by Newton's law: what goes up must come down. ultimate collapse

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