{"id":46096,"date":"2021-05-11T11:12:51","date_gmt":"2021-05-11T10:12:51","guid":{"rendered":"https:\/\/mktplace.org\/?p=46096"},"modified":"2021-05-11T11:18:51","modified_gmt":"2021-05-11T10:18:51","slug":"head-sanlam-uk-bitcoin-not-truly-currency-commodity","status":"publish","type":"post","link":"https:\/\/mktplace.org\/head-sanlam-uk-bitcoin-not-truly-currency-commodity\/","title":{"rendered":"Head of Sanlam UK: &#8216;It is not truly a currency but Bitcoin is a commodity&#8217;"},"content":{"rendered":"<p style=\"font-weight: 400;\">Mark Ward, head of trading at <a href=\"https:\/\/www.sanlam.co.uk\/about-us\/meet-the-teams\/securities\">Sanlam UK<\/a>, said: \u201cWhat a Bitcoin (and its rivals) is, can be thought of just as virtual money, used to buy and sell items, as you would in a shop with a five pound note \u2013 they are simply a means of exchange \u2013 it allows barter to occur online, in a virtually fraud-proof way. Whereas a central bank stands behind and stabilises traditional currencies (in the past one could exchange notes for gold should you ask the Bank of England, and UK bank notes still contain a \u201cpromise to pay the bearer\u201d from the UK government itself), there is no bank, corporation or government acting as a backbone to Bitcoin. This is why the value of cryptocurrencies are so volatile \u2013 its value derives from the confidence in the market that tomorrow, the Bitcoin will not be worthless, and it help us to understand why Bitcoin is a commodity.<\/p>\n<p style=\"font-weight: 400;\">\u201c<a href=\"https:\/\/mktplace.org\/bitcoin-safer-cash\/\">Bitcoin is not truly a currency<\/a>, at least not yet, and <strong>is best thought of perhaps as a commodity.<\/strong> The Dutch Tulip Mania in the 1600\u2019s saw the price of a special type of tulip bulb rise to more than the cost of a house with an acre of land in the Netherlands, yet the intrinsic value and usefulness remained essentially nothing. But, as with cryptocurrencies, if people decide something has value, then it has value, and only time will tell if Bitcoin is another tulip-mania in the digital world, or will deliver on its promise to displace central banks and hard cash as the primary means of exchange in the future.<\/p>\n<p style=\"font-weight: 400;\">\u201cOne question that we often get asked at Sanlam is \u2013 \u201cI don\u2019t know how to mine Bitcoin, I don\u2019t actually want to use it as currency, but I want exposure to it\u201d. The easiest way to gain exposure to Bitcoin would be via an Exchange Traded Fund (ETF). That said we do not recommend Bitcoin as part of an investment strategy, as it has many characteristics of a bubble and something that we view as purely speculative.<\/p>\n<p style=\"font-weight: 400;\">\u201cAs for the future of crypto-currency, it largely comes down to three factors: <strong>whether or not Central Banks and governments release their own versions and make them the only legal tender, on indeed <a href=\"https:\/\/mktplace.org\/el-salvador-is-the-first-country-to-adopt-bitcoin-as-its-official-currency\/\">officially endorse a crypto-currency like Bitcoin<\/strong>, whether or not transaction processing speeds up from the current average of four days, and if the price volatility can be stabilised<\/a>.<\/p>\n<p style=\"font-weight: 400;\">\u201cWhether Bitcoin falls to near-zero like the aforementioned tulip, continues to rise like diamonds have over the past century, or simply holds steady once the market finds the level it can tolerate, is anyone\u2019s guess at the moment, but it is certainly one to watch as it becomes better understood by the mainstream.\u201d That opinion show us that Bitcoin is a commodity<\/p>\n<div id=\"mouseposition-extension-element-full-container\" style=\"position: fixed; inset: 0px; pointer-events: none; z-index: 2147483647; font-weight: 400;\">\n<div id=\"mouseposition-extension-element-rect-display\" style=\"display: none; position: absolute; background: rgba(255, 255, 255, 0.7); outline: black solid 1px; font-size: 12px; z-index: 2147483647; justify-content: center; align-items: center; user-select: none; cursor: default; color: #000000; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; width: 0px; height: 0px;\">\n<pre style=\"flex: 1 1 0%; text-align: center; background-color: rgba(255, 255, 255, 0.7); color: #000000; min-width: 42px; min-height: 12px; transition: all 1s ease 0s;\"><\/pre>\n<\/div>\n<pre id=\"mouseposition-extension-element-coordinate-display\" style=\"position: absolute; display: none; background: #ffffff; font-size: 12px; line-height: 14px; border-radius: 3px; border-width: 1px; border-color: #222222 black #333333; border-style: solid; padding: 3px; z-index: 2147483647; color: #222222; user-select: none; cursor: default; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\"><\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mark Ward, head of trading at Sanlam UK, said: \u201cWhat a Bitcoin (and its rivals) is, can be thought of just as virtual money, used to buy and sell items, as you would in a shop with a five pound note \u2013 they are simply a means of exchange \u2013 it allows barter to occur [&hellip;]<\/p>\n","protected":false},"author":99,"featured_media":45418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"codedeyo_gutenberg_meta":"","footnotes":""},"categories":[9904,23],"tags":[44,292,28],"class_list":["post-46096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-market-view","tag-bitcoin","tag-commodity","tag-currency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Head of Sanlam UK: &#039;It is not truly a currency but Bitcoin is a commodity&#039; 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