Prescott Regency – Bitcoin, The New Crisis Currency 

Bitcoin is steadily rising to become the new crisis currency against speculations voiced by cryptocurrency sceptics. In war torn countries like Zimbabwe, more and more people are resorting to sending money through cryptocurrency rather than nationalized, government controlled banks. Citizens of countries with low GDP possess a cell phone and not bank accounts. For a Bitcoin transaction to take place, a cell phone is all that is needed. Bitcoin prices soared in Zimbabwe, immediately after the military takeover. Transaction of cryptocurrency is currently unavailable for transfer from industrialized to developing nations.

Bitcoin resistant to recession


Recession is largely scrutinized by the Government. In countries like Venezuela, where the value of the bolivar is spiraling, inflation can be induced by unchecked printing of currency by the Government. Bitcoins, however, can’t be printed or controlled by the government. There are no central regulating agencies, thus promoting free market control. Although, there are variations in the value of each BTC, the shifts aren’t as dramatic as hard currency.

High adoption rate and public acceptance of Bitcoin makes its infusion into primary economical channels, smooth. Political leaders heading countries with a crippling economy are now willingly passing policies to allow Bitcoin to flourish. Mining is also gaining traction in recession hit countries, with Bitcoin usage increasing significantly in Nigeria. Bitcoin is the greatest threat to countries with stable government controlled central banks. Contrary to the allegations on the instability of digital currency, Bitcoin is a stable investment.

Bitcoin, the safe haven for investors


The root of Bitcoins popularity is its anonymity. Investors in many countries are on the lookout for assets that are not vulnerable to bank fluctuations. Zimbabwe renounced its currency when Bitcoin was developed because of the over inflation triggered by printing 100 trillion local notes. The currencies in circulation are digital currency, US dollar, and South African rand. Transaction of Bitcoins is on peer-to-peer networks, not through banks.

Bitcoins global presence


In comparison to global currencies, our team at Prescott Regency have witnessed Bitcoin experience a steady rise. A relatively unknown digital currency is now one of the most recognized and accepted digital payment method. Bitcoin transactions are legal in most countries, except Bolivia, Ecuador, Iceland and Vietnam.

As with any market predictions, the closest estimate can only be made by professional investment advisers.

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