As the cryptocurrency sector expands, institutions and governments around the world become more polarized regarding its assets, including Bitcoin (BTC), with one former politician heavily advocating for it.
Indeed, British broadcaster and former politician and once the leader of the UK Independence Party (UKIP), Nigel Farage, explained all the advantages that Bitcoin holds in his view at the Bitcoin Amsterdam conference in an interview streamed on October 13.
Economic insurgency met with strong opposition
During the interview, the former Member of the European Parliament (MEP) called crypto an “economic insurgency led by people who are worried about the sheer size of big government and they want to be free, independent, masters of their own destiny, so for me, it’s a perfectly natural place to be.”
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Comparing the idea of Bitcoin with Brexit in terms of opposition, Farage said that:
“Any new idea will automatically face the opposition of the entire establishment because they own the settled status quo, they’re very comfortable, they’re doing nicely, they don’t want anything to come along and disrupt.”
In his words, he is a fan of Bitcoin because:
“With Bitcoin, number one – the technology has been proved to work and it’s getting better. Number two – government cannot come near it, government cannot tell me what I can and cannot do with Bitcoin”
As he added, “in that sense, it is the ultimate freedom, and if we work cleverly with lawmakers (…) there is a chance we can actually get a sensible level of regulation.”
With this in mind, Farage stressed the importance of lobbying and education on crypto as many people, lawmakers included, still don’t know much about it other than they heard it might be a ‘Ponzi scheme,’ as “it’s painted out to be the Wild West, the haven of criminals – all these negatives.”
Denouncing Bitcoin as Ponzi scheme
On the other hand, the CEO of banking giant JPMorgan Chase (NYSE: JPM), Jamie Dimon, has recently blasted Bitcoin and cryptocurrencies, equating them to none other than a ‘Ponzi scheme,’ as Finbold reported.
His words echo those of a distinguished author, mathematical statistician, and the “The Black Swan” author Nassim Taleb and an associate member of the Faculty of History at the University of Oxford Robert McCauley, who both referred to Bitcoin as a Ponzi scheme.
Bitcoin price analysis
Meanwhile, Bitcoin is trading at $18,716, down 2.30% on the day, as well as 7.14% across the previous seven days.
As things stand, the flagship digital asset’s market capitalization is currently $358.77 billion, as per CoinMarketCap data retrieved on October 13.
