Bitcoin May Be Possible Reserve Currency, Says Former Canadian PM 0 40

As the cryptocurrency industry continues to grow in Canada, several influential/credible personalities from the country have started sharing their thoughts on Bitcoin (BTC). One of the recent personalities who commented on the performance and potential of Bitcoin (BTC) was the former PM of Canada, Stephen Harper.

Stephen Harper was the 22nd Prime Minister of Canada who had served the country as the Prime Minister for nine years. Harper has turned out to be one of the proponents of the cryptocurrency industry. He expressed his views around the adoption of the cryptocurrencies and introduction of the CBDC in the country.

He stated that the central bank digital currencies and the Bitcoin (BTC) have the potential to become the currency reserve in near future. If the CBDC and the Bitcoin (BTC) keep gaining adoption and recognition around the world, soon they will manage to beat the dollar in the currency reserve supremacy.

The former Prime Minister shared his views and observation around the reserve currency supremacy during an interview. The interview was conducted at the Vancouver Resource Investment Conference on January 18, 2021. The interview was conducted by Jay Martin who is part of the Cambridge House, which is an investment service.

During the interview, Harper stated that the USD has no potential threat from currencies such as GBP, CAD, or any other but two in particular. There are possibilities that in near future, the dollar’s supremacy may get overtaken by the digital yuan or digital euro.

However, he did share his doubts about the longevity of both the currencies if they are able to overtake the United States dollar. He stated that the Chinese yuan may lose its value due to the arbitrary measures that the Government of China is currently taking.

As far as the euro is concerned, there are already many uncertainties around the value of the European currency. Therefore, there are chances that both of the currencies may not turn out to be viable alternatives for the US dollar.

Harper did say that while there are many uncertainties around yuan and euro, there are two particular assets that may have a role to play. He stated that gold and Bitcoin (BTC) both have the ability to achieve supremacy against the US dollar.

He stated that gold is the only commodity that has managed to stay around for millennia and has never lost its value and demand. On the other hand, Bitcoin (BTC) just got introduced back in 2009, and no matter what the world has to say, it has managed to prove its worth on many platforms.

It is the only asset that has even started competing with gold and has resulted in the recent devaluation of gold. Bitcoin (BTC) has already earned a lot of reputation among the public and enterprise sectors. Now it is on the track of gaining retail adoption and once that happens, there are possibilities of it taking over the dollar.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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