Bitcoin (BTC) provides “Absolute Freedom,” Nigel Farage: Regulators Need More Education

Asian Trade TVOctober 15, 2022

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Nigel Farage, a former Member of the European Parliament, recently made public pronouncements endorsing Bitcoin. Farage said at a Bitcoin Amsterdam panel discussion on October 14 that Bitcoin gives “total freedom” and may help people take control of their finances.

Farage joined the conversation after another panelist, Peter McCormack, asked the British politician why he was at a Bitcoin conference.

The seasoned politician claimed that Bitcoin offers complete freedom because, in certain ways, the government couldn’t restrict what he could do with it.

Legislators need background information.

Farage urged supporters of Bitcoin to educate lawmakers about the currency. He contends that improved legislative outcomes would result from lawmakers’ knowledge of the most valuable digital asset. Farage elaborated on this viewpoint by saying:

“Those who will be regulating [Bitcoin] have a very, very poor degree of awareness. Legislators require actual education, which is a difficult task. The former member of the European Parliament claims that it is crucial for lawmakers to be aware of Bitcoin; however, he acknowledged that such a project would be difficult to implement.

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The politician used his past experience as a lawmaker to talk about how often people in charge of making important decisions talked about things they knew little or nothing about. This made it clearer how quickly Farage thinks regulators need to know about Bitcoin.

Views of Farage on CBDCs and the Need for Cooperation with Regulators

The British television panellist continued by saying that, in his opinion, the creation of a central bank digital currency (CBDC) is unnecessary and that the main cause of this is regulators’ “lack of appropriate knowledge” of Bitcoin.

Farage was worried about the creation of CBDCs because he thought it would give governments a way to limit people’s economic freedom.

Even though Farage was worried, he soon told Bitcoin supporters to stay positive by quoting a famous passage from the Indian anti-colonialist Mahatma Gandhi:

“First they make fun of you, then they attack you, and then you prevail. When they start acting really viciously, you know you are winning. Farage also discussed how cooperating with lawmakers rather than opposing them could have a positive impact on the regulatory climate for cryptocurrencies in the United States, South America, and the United Kingdom. Farage’s comments were in line with the growing belief in the cryptocurrency industry that working closely with regulators could lead to better rules for the industry.

According to Nigel Farage, Bitcoin could undoubtedly realise its full potential with carefully thought-out laws.

On the other hand,

The intrinsic value of a cryptocurrency like Bitcoin, which is distinct from its fundamental worth to investors at any particular time, is still difficult to ascertain. Because of this, holders are often exposed to big changes in price, which greatly increases the risk.

Why It’s Important

Many believe that Bitcoin is the currency of the future because it enables quick transactions without the use of middlemen. Legislators must therefore carefully examine the developing industry.