Bitcoin, according to Coinme’s CEO, is the best store of value with the potential to revolutionize the global financial system.
As inflation and economic uncertainty continue to rise, Neil Bergquist claims that Bitcoin is emerging as a serious contender to more conventional assets like gold. A major factor that has contributed to the dramatic rise in the price of Bitcoin over the last decade is the confluence of rising demand and a finite supply of coins. According to the businessman, investors in the first cryptocurrency can rest easier during economic downturns because Bitcoin is immune to the vagaries of central banks’ monetary policies.
Envision a sudden and dramatic increase of one hundred percent in the money supply. The value of every dollar in circulation was eventually eroded by rampant inflation. Alternatively, think about a world where the supply of Bitcoin doubles and an extra 21 million coins are created. Last but not least, it’s not possible! The Bitcoin blockchain contains this rule in its hard code and cannot be changed. The CEO of Coinme was furious that the US Federal Reserve could control interest rates and affect the economy through fiat currency manipulation.
The chief executive officer of Coinme is of the opinion that institutional investors will eventually buy Bitcoin, which will raise its value. In what Bergquist terms a Bitcoin IPO, major corporations have been able to utilize Bitcoin as a store of value thanks to Bitcoin ETFs introduced by Fidelity and BlackRock.
Bitcoin (BTC) continues to battle, according to the CEO of Coinme, the false beliefs that it is vulnerable to cyber assaults and fraud and that it has no real-world applications. In order to resolve these issues and guarantee transparency when dealing with cryptocurrencies, Bergkvist stressed the importance of communicating with regulatory authorities.
After accusing Coinme of misleading investors in its UpToken initial token offering (ITSO), the US Securities and Exchange Commission (SEC) fined the company last year. Bergquist gave the government agency $150,000 out of his own pocket.