Friends And Foes Of Bitcoin
It is always important to acknowledge your friends also as foes in life. Likewise, bitcoin has its friends and enemies.
Speculators are the controversial participants within the crypto space. They will either influence the market positively or negatively. The credits for the volatility of the crypto market attend speculators. Therefore, speculators are the people that are often termed frenemies of bitcoin. They are doing cause harm to the market. Conversely, they carry in liquidity within the crypto market and make the much-needed hype and buzz required.
Bitcoin may be a digital asset that doesn't require any intermediary to trade it across the borders, unlike paper money. Paper money necessitates the necessity for banking services for transactions. Some banks are least suffering from cryptocurrency or don't acknowledge the existence in the least. Some are actively hostile towards cryptocurrency and transcend their thanks to bitcoin as a bubble or scam during a move to mislead people. The third category includes the banks that are crypto loving. They're able to extend their services to the crypto industry and openly claim that they support crypto.
Considering the very fact that bitcoin has the potential to disrupt the whole economic system globally, it's quite evident that banks would remain anxious or worried. Thus, banks are bitcoin's foes.
The respective government issues the fiat currency in circulation in every country. These currencies compete against each other while seeking dominance and relevance. Bitcoin can also be considered together of the coins seeking relevance, but it's not backed by any government or its designated bank.
Although different governments have a different stance on bitcoin yet most of the governments would like that their citizens use bank-issued notes. Despite exceptions, governments are bitcoin's foes generally.
Every crypto enthusiast must have a transparent picture of the buddies and foes of bitcoin to possess a broader insight into the stage.
CBW - External Analyst