Will The EU Ban Bitcoin?
We may be coiling up for an aggressive move for bitcoin, but in what direction do we envision it swaying? With crypto bills such as MiCA heading for negotiations, fear has arisen over the potential for the EU to vote on banning bitcoin. We discuss all you need to know about the regulations and price movement, but also reminisce over the worst crypto’s we have ever held, and what we learnt from this!
Bitcoin Price Action
As we continue to gravitate towards the 39K point, both bears and bulls are out in equal force with buyers and sellers becoming evenly matched. Continually we are moving sideways, but in which direction will the big move take place over the next coming days?
The Worst Crypto’s We Have Ever Held!
Back in 2017, Patientory (PTOY) token hit the market. Solving a multi billion dollar problem in the US, and with an intelligent founder behind it, this seemed like a good idea. However, as soon as Ben bought this token it dropped drastically, within just 8 weeks.
Next up is Bitcoin Private (BTCP), which Kevin still holds today! Picked up on Twitter after some hype, Kevin & Ben attended events and even met Didi Taihuttu here, a previous guest on our podcast.
So, what was learnt from these experiences? Well, something may have a good idea and team behind it, but this doesn’t always mean it will be successful! Once the hype is gone, many projects find it very difficult to level up to that initial engagement they had received again. People generally move on to the next big thing!
EU Vote On The MiCA Bill
The MiCA legislation aims to provide a regulatory framework for digital assets for member states in the EU by 2025. On Monday, the European Parliament voted not to ban proof-of-work-based digital currencies. Proof of work is a decentralized consensus that requires members of a network to solve a complex mathematical puzzle. This means that networks are secure and reliable, and the power is very decentralized and difficult to hack: One of the main reasons why the EU is focusing on it as an issue.
Bitcoin’s Energy Output
With the media using Bitcoin’s energy consumption as the hot topic across many outlets, what are our thoughts on weighing up the benefits and solutions available?
Not having bitcoin at all may be a greater disaster. It has been essential for people frozen outside of economics; with examples including Ukraine, Canada, and countries where fiat currencies are devalued: For many, bitcoin is a safe haven.
“ The utility of the exchanges made possible by bitcoin will far exceed the cost of electricity used. Therefore, not having bitcoin would be a net waste.”
What we cover in this episode
– Bitcoin price action
– The worst crypto’s we have ever held!
– The EU MiCA Bill
– Bitcoin’s energy output
Ways to connect with Cryptopulse
Ways to connect with Kevin and Ben
Kevin Twitter: https://twitter.com/KevinBasham
Ben Twitter: https://twitter.com/bdrsquared
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