According to Nigel Farage, Bitcoin could become a more reliable and trusted method of exchanging money in Europe as inflation becomes more severe.
Cointelegraph reporter Gareth Jenkinson met with Nigel Farage (ex-head of the proBrexit United Kingdom Independence Party) at the Bitcoin Amsterdam 2022. They discussed how Farage first heard of Bitcoin (BTC), how the cryptocurrency can be used as a hedge against inflation, and how Europe may adopt it broadly in the near future.
Farage claims that he discovered Bitcoin 10 years before he became involved in politics. Farage said, “I was always very attentive to financial development.” He said that he heard about it early.
Former member of the European parliament highlighted that he was not sure about Bitcoin back then and didn’t “fall in love with it at first sight”. As inflation became more severe, however, the politician began to change his mind. He explained:
“The disease that is money, inflation, is now back in our system. This is something I recall from my younger years, this history of inflation shows once it sets in it lasts longer than anyone could have imagined.”
The politician began to investigate Bitcoin’s technology and its inherent features. Farage eventually realized that Bitcoin’s appeal was tied to its fixed supply. So, Bitcoin’s appeal was a lot like the gold standard appeal. There is a fixed number. He noted that it cannot be exaggerated.”
Related: Bitcoin price could get $19K support before the’most hyped CPI print
Farage shared his thoughts on the future of Bitcoin adoption in Europe, in addition to his discovery of Bitcoin’s features. Farage said that events in America are also affected by European events. He explained:
“What happens in America first happens there, too.” Over the next two to three years there will be a huge change in this country and Bitcoin [Bitcoin] is going to become a trusted exchange currency.”
The politician also compared Bitcoin transactions to bank transactions, which he called inefficient, expensive, and slow. Farage believes Bitcoin is more appealing than the existing infrastructure because of this.
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