Bitcoin was named the best way to save money

Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, explained in his For the War essay how BTC can protect financial savings. According to him, governments may prohibit citizens from investing in cryptocurrencies. In this regard, Hayes suggests paying attention to decentralized assets. They cannot be completely banned because the value of assets does not depend on the state banking system. «Any digital asset held in banks, regardless of currency, can be confiscated. You have to get out of the system completely,» he said.

Hayes noted that the authorities could potentially ban the conversion of fiat into bitcoin, but it would not be easy to confiscate cryptocurrency from its owners. Cryptocurrencies have no physical embodiment, which allows them to be converted and used unnoticed. «I can just memorize a seed phrase and spend money whenever I want, and no one will know about it. There are no externally visible signs of how many bitcoins I have,» explained the former BitMEX CEO.

Hayes emphasized that the state will not be able to fully take control of bitcoins without the consent of the cryptocurrency owner, even when pressure is put on the person. The top manager is confident that now is the best time to buy the flagship cryptocurrency. «Bitcoin is the best way for ordinary people to protect their wealth,» he summarized.

Back in July, the former CEO of BitMEX said that the BTC would fall and recover. As you can see, the cryptocurrency expert’s predictions have come true: Bitcoin recently set an anti-record for the first time since December 2020. The value of the flagship cryptocurrency fell by 5.5% - in just 24 hours, bitcoin dropped below $ 19,000. However, almost half of its holders still managed to make money on the cryptocurrency.