Bitcoin prices (BTC) $6478.76 with vicious volatility has made an outcast amongst most of the Germans. The mad dash investments in 2017 bull have alarmed regulators around the world. But Berlin remains immune to such stage. It’s young Tech-savvy Entrepreneurs aren’t the least bothered by the Bitcoin’s series short-term price drop.
Against the Storm
While Germany’s Finance Minister, Olaf Scholz, believes that the digital currencies will never be able to dominate the traditional fiat currencies, Berlin remains unaffected with such opinions. As a matter of fact, the crypto Enthusiasts of Berin seem to meet at Room 77 once a month, the group called Crypto-Zealots for communal meals involving beers, burgers and Bitcoin banter. Room 77 has been accepting Bitcoin and has become the first bar to accept payments in cryptocurrency since 2011.
Jeff Gallas, The founder of German Bitcoin foundation explains that, “We’re social gathering, so there is no agenda, no talks, we just hang out and talk about Bitcoin.”
According to Jeff Gallas, the magic of bitcoin allows people to avoid the traditional financial dinosaurs or relying on them, while essentially becoming their own bank.
The peer to peer concept of the cryptocurrency is what drives many of the Bitcoin’s loyalists. The excitement and optimism of the people of German Bitcoin Foundation will remain firm and strong. The members are highly focused on how Bitcoin and other Cryptocurrencies will shake up the Global Finance System.
Crypto and Anarchy: A match made in heaven
Joe Charlsworth, another crypto-zealot is highly attracted towards the anarchist culture of Berlin as he describes, “Kind of Anarchist Culture that fits very well with the earlier version of Crypto”. Charlesworth specifically came from UK to Germany and founded a firm PredictionVC, a firms that seeks to help the crypto-investors to take wiser decisions.
The notion of open-marketplace, owning your bank or being your own bank is very well explained with the practice of “No tax with Bitcoin payment”. Yes, there is no tax upon paying in cryptocurrency in Berlin. While this is probably not encouraging Berlin’s holders to part ways with their coins, it does add some value to the notion of currency functioning along side traditional currencies.
Inspite of the trends of Bitcoin in 2018 – inspite of its volatility – Berlin’s Bitcoin supporters tend to believe that the future will be dominated and driven by the Digital Currencies.
In fact, Brian Crain, a podcaster for Epicenter Bitcoin and co-founder of a Berlin-based crypto startup called Chorus One, is one of many who adamantly proclaim that “the price volatility doesn’t bother me too much.”
Brain upon experiencing, as he mentions, the crashing from $1300 to $200, he perceives this is an experience which hardened him will believing in the fact that the cryptocurrencies will
“[…] go many orders of magnitude larger and. 10 years from now, there will be billions of cryptocurrency users. ”
What more positivity so German financial regulators need for the adoption? Its still a topic of discussion.
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