What is the future of bitcoin in Monaco?
Bitcoin, the terrible child of finance, needs to make the headlines. What are its risks? And does it have a place in the Principality?
Brock Pierce, president of the Bitcoin Foundation, has big plans for the Principality. ” I think Monaco should adopt bitcoin like El Savaldor »He told us at the last Ritossa family office summit. On June 9, the Central American country adopted bitcoin as its main currency, sparking much criticism, especially from the IMF.
Pour moment bitcoin is a big digital casino.
But Brock Pierce asserts himself reasonable. He argues that adopting bitcoin would be a pragmatic decision for Monaco. ” Bitcoiners represent around 300 million people and around $ 2 trillion in wealth ” he recalls. “When bitcoin hits $ 100,000, most of the world’s billionaires will be bitcoiners. It is quite relevant. And if you’re Monaco, it’s probably a good choice that you’re plugged into it. ”
Bitcoin: A big digital casino?
However, the position of Monegasque banks is quite different. Interviewed by Monaco Tribune, Hervé Ordioni, Managing Director of Edmond de Rotschild Monaco, commented on Brock Pierce’s suggestion as being “ a decision (who) seems to me to go deeply against the interests of the Principality “.
” As the president of the bank Edmond de Rothschild, François Pauly said, for the moment bitcoin is a big digital casino. Personally, I am quite aligned with this thought ” he told us.
To criticize bitcoin is to look at things as they are, not the future.
Frédéric Geerts, Managing Director at Rothschild Monaco wants to be more diplomatic. If he admits that the ” finance is scalable “He also underlines that”neither Monaco, nor the family banks are going to be avant-garde in the matter. Monaco is a small nation with a cautious nature, which above all wants to protect its residents. ” In the Principality, a bitcoin revolution is therefore not present.
Bitcoin – an energy concern?
Beyond the instability of cryptocurrency, there is the question of the energy impact of bitcoin mining. According to Cambridge University Bitcoin Electricity Consumption Index, the use of bitcoin currently consumes around 80 terawatt hours of electricity per year, which is the annual energy consumption of Finland.
However, Brock Pierce claims that criticizing the energy use of bitcoin means ignoring the situation. ” We used to use whale fat for energy »He explains. “ If we had this method for the long haul, not only could we have whaled whales, but we could also have run out of energy quickly. ”
His thesis? The energy demands of bitcoin will push us to find new sources of energy. ” As we enter the computer age, our need for energy is going to be the main driver of the transition to renewable energies ” he claims. “To criticize bitcoin is to look at things as they are, not the future. ”
Blockchain, an advantageous technology
Despite his many criticisms, Hervé Ordioni admits that cryptocurrencies have their advantages. Among them ? The blockchain, a technology born thanks to Bitcoin which makes it possible to confirm financial transactions, as well as to make them more transparent. ” Ultimately, it is more that the states transform traditional currencies into crypto euros, crypto dollars etc … probable in official the blockchain technologies to the currency »Emphasizes Hervé Ordioni.
In the Principality, therefore, the possibility of installing cryptocurrency transaction platforms should not be ruled out, ” particularly for those who have already obtained supervisory authority accreditations from the countries in which they are already deployed, in particular in France, Switzerland and Luxembourg. ”
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