bitcoinBTC/USD
$ 20,003.00
ethereumETH/USD
$ 1,128.77
tetherUSDT/USD
$ 0.999909
cardanoADA/USD
$ 0.456899
xrpXRP/USD
$ 0.323634
usd-coinUSDC/USD
$ 1.00

Prior to the Upcoming Market Correction, Germany’s New Chancellor Issued a Stern Warning about BTC and Crypto

Chancellor Schulz warned against the potential tulip inflation of cryptocurrencies and crypto mining as an obstacle to green economy.

Bitcoin (BTC) and other cryptocurrency prices have soared in the previous year, causing an increase in popularity in the crypto industry, triggering investors to rush in on all the rage.

Bitcoin (BTC) has had a transformative year, trending now at just below $60k compared to $20k from the year before. While the market has taken a breather for now, the majority of investors being bullish expect the price of Bitcoin (BTC) and other digital currencies to soar yet again. 

However, before the upcoming price increase is to officially commence, which will further increase the $3 trillion market cap of the crypto market from merely $150 billion last year, Olaf Scholz, the new German Chancellor cautioned about the “tulip” bubble emerging in the cryptocurrency market and the state must have control of the currency monopoly to keep it from happening.

According to Reuters, Chancellor Scholz argued in 2018 that “I would doubt whether [bitcoin and cryptocurrencies have] any prospects as a currency model.” Scholz alluded to the speculated tulip bubble that started in Amsterdam in the 17th century when he said that the risks of the tulip inflation of cryptocurrencies are quite significant. 

The new Chancellor also warned against Bitcoin (BTC) mining and the large energy consumption amounts to sustain its network due to his plans to accelerate the green economy transition in Germany.

According to the University of Cambridge Bitcoin Electricity Consumption Index, the Bitcoin (BTC) network consumes almost 200 terawatt-hours of electrical energy per year, which is equivalent to Thailand’s energy usage. Just in the beginning of November, the European Union was called by Swedish regulators to prohibit the mining of Bitcoin (BTC) and other cryptocurrencies. 

Facebook’s decision to introduce a new cryptocurrency based on Bitcoin (BTC) has been slammed by Scholz by referring to “cosmetic” attempts of social media to comply with regulatory measures in regulating the cryptocurrency industry. 

In expressing his strict disapproval of private cryptocurrencies, Scholz stated this time last year that “we must do everything possible to make sure the currency monopoly remains in the hands of states.” 

Scholz is not the only world leader that has expressed concern over the crypto industry. Former US secretary of state Hillary Clinton said in a panel discussion in Singapore during the Bloomberg New Economy Forum a week ago that the status of the US dollar reserve currency could be compromised due to the rise of cryptocurrencies.

“What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger” argued Clinton, pointing out that more nation-states would also keep a closer eye on the recent developments in the crypto industry. 

Also read: Adidas Partners With Coinbase

Also read:

Related News

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »
The price may perhaps clear the $1,200 obstacle above the next significant resistance, which is located close to the $1,180 zone.

New Surge in Sight As Ethereum (ETH) Gathers Momentum

Following a period of stability at $1,000 versus the US Dollar, Ethereum (ETH) enters a new uptrend. Above the $1,150 barrier level, Ethereum (ETH) can move much higher. Near the $1,070 region, the pricing was able to overcome a few significant obstacles. Even the 61.8 percent Fib retracement level of the significant decline from the swing high of $1,235 to the low of $997 was tested by the price. The

Read More »
In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »

My Coins

bitcoinBitcoin
$ 20,003.001.68%
ethereumEthereum
$ 1,128.773.13%
cardanoCardano
$ 0.4568992.46%
tetherTether
$ 0.9999090.19%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org