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Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks

Christian Encila
Christian Encila
7 months ago
3 mins read
Bitcoin

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Bitcoin, the world’s top cryptocurrency, is designed to act as a money or payment option outside anyone’s control. Using the crypto, which is decentralized and peer-to-peer, removes the involvement of third parties, like central banks. This Bitcoin promise has redefined the financial landscape, helped the unbanked, and empowered those who want independence. However, the ecosystem has its share of critics, including central banks.

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Central banks’ role shrinks as the Bitcoin ecosystem grows and its use cases expand. This prevailing belief is validated by a growing amount of research from financial institutions and central banks that assess Bitcoin’s disruptive nature. The ever-increasing narrative focuses on Bitcoin’s role in promoting inequality and its potential to disrupt central banks’ policies.

The Role Of Bitcoin In Distributing Wealth

One subject of central banks’ studies highlights Bitcoin’s role in wealth distribution. To help us understand Bitcoin’s role, we look at two papers published by the European Central Bank. The first paper, published after the FTX fiasco in 2022, is titled “Bitcoin’s Last Stand,” which sees the top crypto as a failed monetary project nearing its end.

BTC is currently trading at $68,805. Chart: TradingView

But in 2024, when Bitcoin hit an all-time high, the same researchers filed another study, painting Bitcoin positively. The paper argued that crypto can impact wealth distribution, but only the early holders get richer. Since Bitcoin or crypto use doesn’t produce a product or service, the increased wealth of early adopters comes from the reduced consumption of all other members of society.

Does BTC Disrupt Monetary Policies?

Other finance-related researches look at Bitcoin’s impact on monetary policies. For example, the Minneapolis Federal Reserve argues that when people can hold and use Bitcoin, it is difficult for the state to run budget deficits regularly.

Traditionally, the government can just offer bonds in case there’s a deficit in revenue collection. But governments may only spend what they usually collect if there’s Bitcoin. The study suggests two options: one, to ban Bitcoin’s adoption, and two, to tax this asset.

In addition to the Minneapolis paper, an IMF policy paper in 2023 highlighted Bitcoin’s effect on monetary policy. The paper argues that Bitcoin impacts a state’s policy, and emerging markets are most vulnerable. As a solution, the researchers recommend strengthening their monetary policies first before banning Bitcoin.

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Central Banks, Financial Institutions Now Take Bitcoin Seriously

Recent studies and research from central banks indicate that Bitcoin is redefining finance. While these papers don’t mirror the ideas and thinking of policymakers at these institutions, they give us insight into how the industry sees Bitcoin. Some recent policies, including the IMF 2022 Argentina bailout recommendations, include a few anti-cryptocurrency provisions.

Bitcoin’s continued popularity is now becoming an obstacle for many central banks in their efforts to create monetary policies. One of the main aims of Bitcoin’s supporters is to offer the public an alternative financing landscape free from the direction, if not, clutches of banks.

Featured image from Dall-E, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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