With the global economy in crisis, bitcoin should be in a position to prove itself as an asset immune to political effects. Michael Casey explores how the currency war might affect it in his latest article for CoinDesk.
Something may or may not come out of Trump’s decision to label China a “currency manipulator,” but it’s simply a background of what’s to come. “The problem is the global political economic environment doesn’t build confidence that politicians will act rationally. Facts and multilateral institutions’ views carry less weight in an era when major Western nations are retreating from the neo-liberal norms of the nineties and aughts. So, don’t be surprised if we see even more extreme market turmoil over currency war risk in the near future,” Michael Casey warns.
With digital properties that resemble those of gold, bitcoin could be an alternative to the centralized control of banks and the effects of political turmoil. “Regardless of your own beliefs, a sufficiently large number of […] people now believe bitcoin to be the best way to hedge against political-economic turmoil in the global financial system.”
You can read the full article here.
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