Since the inception of bitcoin, there has always been opposition to the idea of what “freedom” of money stands for.
However, at the same time, there have always been people who see its potential and its usefulness in creating a truly free and decentralized cross-border payment system.
One of the latter kinds of people is Nigel Farage, a former member of the European Parliament.
In a talk with the host at Bitcoin Amsterdam, Farage stated why Bitcoin might be the future of money.
Farage’s Comments on Bitcoin
In Farage’s talk with the panel at Bitcoin Amsterdam, the former parliament member drew parallels between BTC and his experience pushing the idea of the United Kingdom’s exit from the European Union (Brexit).
According to Farage, he was at the forefront of Brexit, a movement he calls a “political insurgency”. He adds that there are similarities between the insurgency of Brexit and the insurgency of bitcoin. Farage calls this “bitcoin insurgency “an “economic” driven by people who worry about the problems a massive government can cause.
Farage’s comments came as an answer to a question “what bitcoin did” podcast host Peter McCormack asked during the session: “What are you doing here at a bitcoin conference?”.
The veteran politician added to his initial comments, stating that unlike fiat or even gold, the government can’t control what a person does with bitcoin. And as a result, bitcoin represents “total freedom.”
Farage put out a call to action for BTC enthusiasts to help lawmakers understand exactly what bitcoin is. He adds that politicians and relevant lawmakers understanding the leading digital asset would help usher in favorable restrictions.
The politician detailed his argument, stating that, at present, the level of knowledge of those regulating BTC is shallow. As a result, there is a need for orientation among parliamentarians regarding cryptocurrency. However, Farage also acknowledged that doing this would be very hard.
Bitcoin Price Analysis
BTC continues to push up against the upper trendline of the descending channel it has been in since November 2021.
From the chart illustrated above, there is an observed spike in trading volumes from May 2022 till date. This could mean that despite the lack of institutional investors to drive powerful trends, there is an inflow of retail investors trading the short-term ranges between bitcoin’s swing highs and lows.
From this perspective, if the bulls break through this upper resistance, we may see an upward rally to the $22,000 zone. Conversely, if the bulls cannot break this level, we may see a downtrend to below $15,000.
Medium Term Perspective
From a medium/short-term perspective, as illustrated in the chart above, BTC appears to be trading in a range between the $20,400 resistance and the $18,300 support.
BTC may move in either direction very soon, in continuation of its year-long price action or a breakout from the descending channel.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)