According to politician Nigel Farage, as inflation becomes an issue over time, bitcoin could become a better and more reliable medium of trading in Europe.

At Bitcoin Amsterdam 2022, Cointelegraph Reporter Gareth Jenkinson spoke with Nigel Farage, the former leader of the pro-Brexit UK Independence Party, and discussed how the politician first heard about Bitcoin (

19,117 dollars

), the appeal of cryptocurrencies as a hedge against inflation, and how they could become prevalent in Europe in the near future.

Farage says he first discovered Bitcoin 10 years ago while working in the financial market industry and before entering politics. “I have always listened very attentively to the situation when it comes to economic development. So I heard about it very early on,” he said.

The former MEP confirmed that at the time he was unsure about bitcoin and did not “fall in love at first sight” with the new monetary concept. But over time, the policy changed as inflation became more severe. He explained that:

“Money sickness, inflation is now back in the system, so far as I can remember from my youth, this story of inflation, once it started, has been around for longer than anyone could have imagined.”
Then the politician studied Bitcoin technology and its inherent functions. Ultimately, Farage realized that Bitcoin’s allure comes from its fixed supply. Therefore, the attractiveness of Bitcoin is in many ways similar to the gold standard. This is a fixed number. can not be blown up.

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Aside from his discovery of Bitcoin and its properties, Farage also gave his opinion on how the future might play out in terms of Bitcoin adoption in Europe. According to Farage, events in the United States are also affected by what is happening in Europe. He explained that:

“What happens in America happens first here. In the next two to three years, there will be very big changes here, and [Bitcoin] will become a reliable medium of exchange.”
In addition, the politician compared bitcoin to banking transactions, which he described as inefficient, expensive and extremely slow. For this reason, Farage believes that Bitcoin is becoming more attractive compared to the current infrastructure.

Source: CoinTelegraph