OctaFX Examines the Battle for Monetary Supremacy: Blockchain vs Legacy Finance

OctaFX, a global broker, published an expert piece examining if peaceful coexistence is a viable choice

There aren‘t many people who haven’t heard of the bitcoin bull market. This remarkable race was made more interesting by a few but significant corrections. Blockchain technology isnt going away anytime soon. The future of finance will be determined by how legacy institutions and governments respond. OctaFX, a global broker, published an expert piece examining if peaceful coexistence is a viable choice.

The U.S. and bitcoin: teasing as a sign of affection

Corporate America is slowly but surely approving bitcoin as a credible long-term investment and even payment method. Elon Musks electric vehicle manufacturer Tesla temporarily granted selling its cars for bitcoin. Elon Musk is known for his advocacy for new technologies and his interest in blockchain. Popular online payment service PayPal started offering cryptocurrencies to get into this emerging market. Social media platform Twitter recently launched tipping in bitcoin for followers to support their influencers financially. It is worth keeping in mind that even Goldman Sachs, which until very recently underestimated bitcoin publicly and showed expert distaste for the opinion that cryptocurrency would be a powerful investment, changed its position.

The influential multinational investment bank, having close ties to the most powerful governments in the world, announced in March 2021 a ‘full-spectrum’ cryptocurrency investment offer, including bitcoin, for its private clients.

Although, the narrative from U.S. governmental institutions suggests a different approach.

U.S. Treasury Secretary Janet Yellen said she is eager to crush the influence of cryptocurrencies by pushing International Monetary Fund (IMF) capacities further. Many financial experts consider the IMF to be the future issuer of a new worldwide digital currency-centralised, of course.