With inflation becoming a bigger problem over time, bitcoin could become a better and more reliable medium of exchange in Europe, according to politician Nigel Farage.
At Bitcoin Amsterdam 2022, Cointelegraph reporter Gareth Jenkinson caught up with Nigel Farage, the former head of the pro-Brexit UK Independence Party, and discussed how the politician first heard about Bitcoin (BTC), the appeal of the cryptocurrency as a hedge against inflation and how it could be widely adopted in Europe in the future. near.
According to Farage, he discovered Bitcoin 10 years ago while working in the financial markets industry and before getting involved in politics. “I’ve always had a very close ear when it comes to financial development. So I heard about it very early on.”
The former member of the European Parliament highlighted that at the time he was not sure about Bitcoin and did not “fall in love at first sight” with the new monetary concept. However, as the years passed, the politician changed his mind as inflation began to intensify. He explained that:
“The disease of money, of inflation, is back in the system, which I remember being much younger, and that story of inflation once it came up, has been there longer than anyone can imagine.”
Until then, the politician investigated the technology and features inherent in Bitcoin. Eventually, Farage realized that Bitcoin’s appeal was related to its stable supply. “So the allure of bitcoin was similar to the allure of the gold standard. There is a set number. It cannot be exaggerated,” he noted.
In addition to his discovery of Bitcoin and its features, Farage also gave his thoughts on how the future might play out regarding Bitcoin adoption in Europe. According to Farage, events in the United States are also influenced by things that happen in Europe. He explained that:
“What happens first in America also happens here. There will be a really big change here in the next two or three years, and [o Bitcoin] It will become a reliable medium of exchange.”
Moreover, 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 existing infrastructure.