Bitcoin is a Boon to People with Online Access: UBS Chief Economist
As you know, UBS remains the largest bank in Europe, particularly in Switzerland. Its chief has some interesting things to share about the popular digital currency called Bitcoin. He claims that it can have a few risks, but people knowing about it can avert it easily. While dealing with the questions talking about digital currency, he seems to defy all the logic being presented by the detractors. The only thing he says is that people who tend to remain in the minority without access to the internet are going to lag behind it. For such people, he sees a couple of problems. Paul Donovan, who remains the Chief Economist of the bank, is seen coming up with his report that deals with Bitcoin on the company’s website this Friday. While enlisting a few problems, he said it would apply not just to Bitcoin but with digital currency in general.
Since he comes from a big bank in Switzerland, he feels this issue is something awkward for the people who fail to access it. He said that people might face the spirit of the age issue with bitcoin, which can be found with other digital currencies as well. At times, we see bitcoin remain very much safe when we talk in terms of runaway inflation. However, by managing the supply, you may not assure value, and bitcoin seems to have the issue of value fluctuation, making it extremely volatile. He feels one may find some issues with the environmental credit, which may tend to hamper sustainability issues that can prove damaging for such people more than for the people who have access to the online world. However, he feels that there are efforts to reduce the global focus when it comes to reducing inequality. This is primarily due to the fact that bitcoin is known to have different ownership for different people.
In a sense, this has made the holdings be a focussed issue when it comes to checking out with a number of people that remain in the governance, making it a simple solution through democratize way, claimed the economists. He said only the higher class people have access to Bitcoin, including politicians and economists, as it is denied to a larger group who are not in touch with the internet. He said as far as Zeitgeist is concerned, he ended up saying that the modern trend has remained at the centre stage, thus catching up with the power of narrative; the modern trend that appears in the digital currency market has been slashed down to accessing the web. He said that with possession of Bitcoin, one could feel the power with it. He concluded by saying that Bitcoin is just going the opposite of modern day’s Zeitgeist.
A number of bitcoin enthusiasts are seen coming on social media when it comes to countering the argument of Donovan. Max Keiser, who is one of the Bitcoin proponents, was seen tweeting about the same wherein he said UBS might fail to understand the real meaning of being Zeitgeist. As it is seen, it remains blabs boomer claptrap that comes along with the geriatric constituency of the bank; many are seen hoping to stave off extinction. It is not going to work, while in one of the tweets, one can see the users concurring on it. He said that he is very much sure about the fact that people still do not know what Zeitgeist is all about, or else they end up making bitcoin to be its integral part of the same.
Now talking about the claim of Donovan about bitcoin and the reduced level of access for a number of minority groups, a number of people are seen pointing out the issue of dual standards. This is proved by another comment on the microblogging site wherein he says a UBS bank account is readily available when it comes to minority groups when it comes to a bitcoin wallet that comes free of cost for inexpensive Android-based phones. There are several flaws that are seen in the claims of Donovan, which include UBS needing the right kind of balance found in 10K of Swiss Francs. He is seen coming along with something interesting when it values and puts the power. Get real on Bitcoin by exploring more on this subject by visiting the portal BitBolt.