Most institutional investors are now aware that cryptocurrencies are an integral part of the future of finance and other future technologies. This was the comment made by the CEO of deVere, Nigel Green.
Green made the assertion after the IMF announced that it wants El Salvador to drop its stance on Bitcoin. The Central American country adopted Bitcoin as a legal tender despite wanting to take a loan from the IMF.
Green added that the increasing exposure that Wall Street giants are giving to their portfolios is indicative of the fact that big financial institutional players are now aware that cryptocurrencies are part of the future of finance.
He said that this is the reason why some of the largest corporations are investing in cryptocurrencies as well as the renewed interest to see that the crypto industry actually grows.
“They understand and value the key characteristics of Bitcoin and cryptocurrencies are designed for this century and, therefore, are growing in appeal,” Green said.
He said that some of the features that make digital currencies fascinating is that it is border-less and digital. These features make them perfect for global commerce and trade considering that the global economy is increasingly moving towards digitization.
He said that the fact that the younger generation are favorably aligned towards cryptocurrencies makes its future adoption assured. This, he said, would work in the favor of cryptocurrencies.
IMF Wrong The Demand On El Salvador
Green said that the IMF shouldn’t have insisted that El Salvador rescind its decision of Bitcoin before approving a $1.3 billion loan that the country has requested. He added that the agency is putting itself on the wrong side of history.
This is considering the fact that Bitcoin is actually a decentralized currency that the global agency wants to put behind a national currency such as USD in its policy. He added that USD is still another country’s currency unlike BTC that belongs to no particular country.
He added that El Salvador’s adoption of Bitcoin would give the country a better leverage in its quest to get off financial instability by taking advantage of a “future-focused financial policy” instead of over-reliance on the US dollar.
He said that the Washington-based IMF has shown that it is “scared of the future of finance.”
Why is IMF Not Seeing The Value of Bitcoin?
The benefits of crypto as a tool for financial inclusion is clear enough. Even the IMF is aware of this fact as seen from its deliberations with El Salvador officials.
“Why do they continue to want to pile on debts to poorer countries that they know are unlikely to be able to repay using traditional currencies? Is the IMF worried about the domino effect of nation-state adoption that might weaken their dominant global influence?” he wondered.
He noted that the IMF should welcome strategies that could help countries, especially poor ones, to get out of debt instead of insisting on past methods that he said have not been successful.
Green said that the new Bitcoin policy of El Salvador serves as a template that if successful, other countries would copy.
