Bitcoin – From Revolution to National Adoption
For those who dream of breaking free from the constraints of traditional finance, 2024 might be the year that dream becomes a reality. Imagine a currency not tied to bureaucratic decisions, immune to the cycles of money printing, and designed to serve people—not institutions. Bitcoin, once the domain of utopian idealists, is now becoming a critical part of global finance. With its value climbing to £51,877, Bitcoin is up nearly 50% this year. What started as a speculative asset is now transforming into a credible store of wealth, adopted by nations and corporations, offering hope for those tired of inflation and financial inequality.
In 2024, Bitcoin has reached a significant milestone—a journey that began in niche tech communities has brought it to the forefront of global finance, with nation-states, corporate giants, and asset managers all taking notice. The adoption of Bitcoin by countries and institutions has accelerated, driven by economic pressures and a desire for new growth opportunities. With its current value at £51,877, Bitcoin is proving to be a sound investment strategy for many.
Public companies such as MicroStrategy (MSTR) have been at the forefront of this movement. By leveraging low-interest debt, they have stockpiled Bitcoin, banking on its historical performance and the expectation of future growth. These companies are reshaping corporate treasury management, with Bitcoin not just as a hedge but as a primary store of value, outperforming traditional assets like gold and fiat currencies. This trend has set an example for others in the corporate world, demonstrating how Bitcoin can be used to navigate inflation and currency risks.
It’s not only companies buying in—geopolitical factors are also driving Bitcoin’s rise. In the U.S., political developments have created an open environment for crypto adoption, with Donald Trump proposing a national Bitcoin reserve. If the U.S. moves forward with such a plan, it could mark a major shift in global attitudes towards digital assets. The UK, which already holds 61,000 BTC according to BitcoinTreasuries.com source, could consider similar moves to strengthen its reserve status, potentially helping to address its deficit. Holding Bitcoin could act as a hedge against inflation and a store of value, offering an innovative approach to reduce the national debt. With Trump’s pro-crypto stance, we could even see an arms race of nations buying and mining Bitcoin.
Edinburgh’s financial thinkers are closely observing these developments. They see Bitcoin’s rise as a reflection of both technological progress and the changing dynamics of global finance. The traditional banking sector may remain sceptical, but for forward-thinkers in Scotland, there’s a growing belief that the financial playbook is being rewritten. Edinburgh has a history of financial innovation, and groups like Bitcoin Edinburgh, as well as other local crypto communities, embody the spirit of financial freedom and curiosity. There’s a whole community of enthusiasts—some silently investing, others openly promoting Bitcoin’s future—meeting regularly in the city, sharing their ideas and growing the local movement. The weekly Bitcoin meetups at Levels Cafe & Lounge every Thursday from 10 AM to 2 PM have become a cornerstone for this group, a place where the city’s thinkers come together to discuss and strategise about the future of finance.
Recent insights shared by The Independent highlight the role of the 2024 U.S. elections in Bitcoin’s current rally. Donald Trump’s pro-crypto stance and Kamala Harris’s openness to engage with the industry have fostered optimism for more favourable policies towards Bitcoin, supporting its price rise. Larry Fink’s comparison of Bitcoin’s evolution to the early mortgage and high-yield markets underscores the potential for digital assets to deeply integrate into the financial system.
Italy’s recent announcement of a 42% capital gains tax on Bitcoin adds another layer to the debate. This high tax rate could drive investors away from Italy to more crypto-friendly jurisdictions. In the UK, discussions about raising capital gains taxes are underway, which may affect broader Bitcoin adoption as investors assess the regulatory environment.
Bitcoin’s market cap now places it among the top 10 most valuable assets globally, and its role in shaping economic policy is expanding. Edinburgh’s financial experts agree that this marks a fundamental evolution in how value is stored and exchanged.
Bitcoin enthusiasts in Edinburgh can connect with like-minded individuals at the Bitcoin Works meetup, held every Thursday from 10 AM to 2 PM at Levels Cafe & Lounge. This meetup provides a chance to meet the founding members of Edinburgh’s Bitcoin community, network, and discuss the future of finance. Whether you’re a seasoned Bitcoiner or just curious, this welcoming environment is ideal for exploring the opportunities Bitcoin offers for both personal and community growth. Organised by Bitcoin Edinburgh, this gathering supports Bitcoin-friendly businesses, educates the public, and nurtures an active, informed community in the city.
Meeting tomorrow as usual for any #bitcoin-ers in #Edinburgh or #glasgow@BTCedinburgh @GlasgowBitcoin pic.twitter.com/iMUgh3VG73
— Robbie Maltby (@robbie_maltby) October 16, 2024
As the UK prepares for its 2025 Central Bank Digital Currency (CBDC) pilot, privacy concerns loom. Reports from Forbes suggest that while CBDCs could modernise finance, they come with potential trade-offs in privacy and civil liberties. Organisations like Big Brother Watch are pushing for transparency and safeguards to ensure that CBDCs do not erode financial freedoms. This development in digital finance highlights the broader conflict between state control and individual financial sovereignty—enhancing Bitcoin’s appeal as a decentralised, independent alternative in this evolving landscape.
Sources:
- The Independent: Bitcoin rally linked to US elections
- Forbes: UK CBDC and privacy concerns
- CoinMarketCap: Italy proposes 42% capital gains tax on Bitcoin
- BitcoinTreasuries.com: Bitcoin Holdings of Countries
