The time since Bitcoins, commonly known as “Cryptocurrencies”, exploded in the world of the transaction; it has become a trending topic for the worldwide discussion. On Wednesday, 18 July 2018, CNBC reported that Barry Silbert, the CEO and Chief Executive Officer of equity capital Digital Group mentioned that he is dynamic on Bitcoin as an asset. During the conference in New York on Wednesday, Silbert stated that he actually set some amount into Bitcoin last week only and now he has fallen through for the year. Further, he mentioned that as far as Bitcoin is considered an asset, it is going to stay here in the market and he is 100% confident about this non-fiat and decentralized money to capture the financial market.
The conference was put forward by Jeremy Allaire from a cryptocurrency startup background endorsed by Goldman Sachs and Baidu. He addressed the audience by mentioning that the blockchain is going to set a ground for the new upcoming technological innovations. During the conference, his words were:
“This is a new infrastructure layer of the internet. It is going to replace what operating systems do. It is the future of the internet … This just isn’t about digital gold.”
In the conference, the end-most proposal that came out by the dignitaries was that the youthful generation of ours should innovate something more gratifying than just investing in Bitcoins.
The same day, on 18th of July, 2018, the US Congressional Subcommittee summoned for the hearing on the Monetary Policy and Trade-related issues entitled “The Future Money: Digital Currency.” The main agenda of this meeting was to confer about whether the Central Back should announce a Central Bank Digital Currency for the general transaction.
The panel consisted of Rodney Garratt (a professor of economics at the University of California, Santa Barbara), Alex Pollock (senior fellow at the R Street Institute), Andy Barr (subcommittee chairman), Roger Williams (Subcommittee vice chairman), Norbert Michel (director for the Center for Data Analysis at the Heritage Foundation) and many more dignitaries.
Arguments made during the hearing were quite conflicting as some people were in the favor of the Bitcoin while some were against the usage of it. During the hearing, Rodney Garratt claimed that the decision of selecting cryptocurrencies as the digital currencies is purely dependent on the banks while Alex Pollock mentioned that adopting central bank digital currency is one of the worst financial ideas of recent times. He added that “I think we can safely predict that its credit allocation would unavoidably be highly politicized and the taxpayers would be on the hook for its credit losses. The risk would be directly in the central bank.”
All the members of the panel presented their views regarding the Bitcoin. But all were agreeing to the point that the volatility of Bitcoins in recent times will surely result as the worst option of digital currency.