A cryptocurrency analyst advised major fintech companies from invest a small part of their money supply in Bitcoin. This, according to the analyst, would avoid the potential losses that they may have to sustain due to the fermenting inflation. Indeed, the US economy could face a severe crisis as the dollar continues to weaken.
If the dollar goes down, where will the traditional economy go?
On Twitter, Vijay Boyapati explains that some of the world's most valuable fintech companies, including Google, Facebook, Microsoft and Apple, would have little or nothing to lose if they invested 1% of their reserves in Bitcoin. The tweet was obviously endorsed by many other Bitcoin "evangelists" and goes like this:
“Microsoft, Apple, Google and Facebook would be foolish not to put at least 1% of their hundreds of billions in treasury assets (mostly held in very low-yielding government bonds) in Bitcoin. Their treasures are like a giant block of ice subject to the inexorable inflation of US inflation ”.
Boyapati, who is a big bitcoin proponent, known for his widely known article "A bullish case for bitcoin", was a Google engineer 20 years ago.
He recently visited Google to talk about the global importance of Bitcoin as a valuable currency for world domination. The event proved to be a success as the attendees, Google Staffs, reached their limit of live attendees.
In his quest to educate as many people as possible about Bitcoin, Boyapati highlighted many of Bitcoin's strengths on Twitter. Recently, he spoke out against the Indian cryptocurrency ban on Twitter, explaining how closing to bitcoin could have a detrimental effect on the Indian economy.
India's ban could cause major problems for the country
"India's proposal to ban Bitcoin is doubly damaging to its citizenship, as Bitcoin is draining the monetary premium from gold, which Indians hold for billions of dollars." This is a key factor that the Indian government may need to think about before taking final steps to implement the ban.
Although the government has said that digital currencies could be a threat to the country's national currency, there is no data to show that Bitcoin and other independent digital currencies have contributed to its devaluation.
Even if a national digital currency is introduced, the demand for Bitcoin is unlikely to decline if the asset continues to grow in value. Potentially, Bitcoin could become the world's reserve currency. This is a sentiment shared by both Vijay and other Bitcoiners.
“No one would benefit more than the younger generation of Bitcoin, which would become the world's reserve currency. Do it for our children: buy Bitcoin. " he tweeted to conclude.
Have you already bought bitcoins for your children? One idea would be to open an electronic wallet and insert a small sum every month, a sort of piggy bank, to be transferred as an inheritance!