Former MEP Nigel Farage calls Bitcoin the “ultimate freedom” as the government cannot get close to it

As the cryptocurrency sector expands, institutions and governments around the world are becoming more polarized about their assets, including Bitcoin (BTC), and one former politician is strongly defending it.

In fact, British broadcaster and former politician and sometime leader of the UK Independence Party (UKIP), Nigel Farage, explained all the advantages that Bitcoin has in his opinion in the bitcoin amsterdam conference in an interview broadcast on October 13.

The economic insurgency was met with strong opposition.

During the interview, Farage called crypto an “economic insurgency led by people who are concerned about the sheer size of big government and want to be free, independent, masters of their own destiny, so to me, it’s a perfectly natural place to be”. .”

Comparing the idea of ​​Bitcoin to Brexit in terms of opposition, Farage said that:

“Any new idea will automatically meet with opposition from the entire establishment because they own the established status quo, they’re very comfortable, they’re doing well, they don’t want anything to come along and interrupt them.”

In his words, he is a fan of Bitcoin because:

“With Bitcoin, number one: the technology has been proven to work and is getting better. Number two: the government can’t get close to him, the government can’t tell me what I can and can’t do with Bitcoin.”

As he added, “in that sense, it is the ultimate freedom, and if we work skillfully with legislators (…) there is a chance that we can achieve a reasonable level of regulation.”

With this in mind, Farage emphasized the importance of crypto lobbying and education, as many people, including lawmakers, still don’t know much about it, aside from hearing that it could be a ‘Ponzi scheme’, as “it’s painted to be the Wild West, the criminal paradise, all these negative aspects.

Denouncing Bitcoin as a Ponzi Scheme

On the other hand, the CEO of banking giant JPMorgan Chase (NYSE: JPM), Jamie Dimon, recently criticized Bitcoin and cryptocurrencies, equating them with nothing less than a ‘Ponzi scheme,’ as Finbold reported.

His words echo those of a distinguished author, mathematical statistician and the author of “The Black Swan”, Nassim Taleb, and an Associate Fellow of the Oxford University Faculty of History, Robert McCauley, who both referred to Bitcoin as a Ponzi scheme.

Bitcoin Price Analysis

Meanwhile, Bitcoin is trading at $18,716, down 2.30% on the day as well as down 7.14% in the previous seven days.

Bitcoin price chart of 7 days. Source: CoinMarketCap

As it stands, the market capitalization of the flagship digital asset is currently $358.77 billion, according to CoinMarketCap data retrieved Oct. 13.

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