Sunday, December 10

Kim Kataguiri thinks countries adopt Bitcoin risky

For the federal deputy in Brazil, Kim Kataguiri, it is risky for countries to adopt Bitcoin as their national currency.

This Bitcoin-related debate gained steam in 2021, with El Salvador being the first country to adopt digital currency as a forced course. Since the measure came into effect, the country has bought BTC as a store of value and the currency has only appreciated in the market.

Anyway, the question for many people who imagine a world with Bitcoin as currency in countries is about its relationship with fiat currencies, which is still volatile. Although Bitcoin trades higher in the long-term trend, there are market movements that put it at a disadvantage against the Dollar in short periods of time.

“I think it’s risky for countries to adopt Bitcoin as their currency,” says Kim Kataguiri

After opening his box on Twitter in recent months, Kim Kataguiri responded to his followers last Sunday (26), in a video posted on his Instagram.

At one point, one of the questions he had to clarify his opinion on was Bitcoin, in an issue about what his opinion would be about big countries joining the digital currency, and whether that would be crazy.

In his response, Kim Kataguiri said he does not consider it crazy, but rather a risky move. In his response, he argued that he no longer trusts fiat currencies such as Dollars, Reals, among others, due to the large money printing made in recent years.

“I am very skeptical in relation to the national currency, forced currency, I think that basically the central banks lost track, the Central Bank of the United States, of Brazil. They lost track, lost the currency’s backing and this generates a loss of confidence, of purchasing power. But, at the same time, I don’t know if adopting Bitcoin is the best way out, the best alternative.”

Deputy has already said that he supports Bitcoin and invests in it

Congressman Kim Kataguiri is one of those who has publicly spoken of being a Bitcoin investor in the past, demonstrating that he has studied and believed in digital currency. At the time, he also said that he did this because he no longer believed in state currencies, backed by confidence in the central bank system.

When there was a debate on the regulation of Bitcoin in Brazil, the deputy even said he preferred that the digital currency remain deregulated, which did not happen with the advancement of a bill in the Chamber of Deputies and should be approved by March 2022, according to also deputy Aureo Ribeiro.