Davos panelists do not believe in Bitcoin

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Moris Beracha.- 


The cryptocurrency and its rise are one of the topics discussed by politicians, economists and businessmen at Davos, after it dropped 30% of its value.
The Prime Minister of the United Kingdom, Theresa May, and the Secretary of the Treasury of the United States Steve Mnuchin were the first to criticize the digital currency. Also, funds were blocked by the main exchange in Japan.
Coincheck kept his clients informed of the situation through its blog. First, it restricted the purchase and sale of NEM, the cryptocurrency of the New Economic Movement. Then, any currency withdrawal was blocked from its platform, including the Japanese Yen, according to news reported by La República, in Colombia.
"My No. 1 focus in cryptocurrencies, whether digital currencies or bitcoin or other things, is that we want to make sure they’re not used for illicit activities," Mnuchin said in Davos. British president Theresa May agrees with Mnuchin and called to look at this technology because of the way it can be used "particularly by criminals". Security is still the main concern around Bitcoin.
Experts warned about the volatility of Bitcoin. One of them is American tycoon George Soros, who said that "Bitcoin is not a currency because a currency is supposed to be a stable store of value. And a currency that can fluctuate 25% in a day can’t be, for instance, to pay wages because wages could drop by 25% in a day. It's a speculation based on misunderstanding."

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