Llew Claasen Warns People to Make Educated Investments

Currently, Bitcoin is doing much better than anyone could have predicted and for the first time in a long time the CEO of the Bitcoin Foundation, Llew Claasen has spoken about the latest trend and what the investments in this business can bring for the investors. Considering that this is still a very unregulated aspect of the financial market and that most of the business seems to be speculative, many people have already expressed their worries what can happen if people are not careful with their investments.

The latest person who did that was no other than Llew Claasen who currently runs Bitcoin Foundation. He was recently a speaker at the TEDGlobal conference that was being held in Tanzania not that long ago and he talked about the Bitcoin and its initial days, predictions for the future as well as the potentially dangerous situations in these kinds of business.

In his speech, Claasen said that there is a huge number of people in the world who do not have the access to the formal banking system but that huge percentage of those people are aware of the digital currencies such as Bitcoin which has made the situation much easier for those people. He also mentioned that recently, several African countries including Kenya, Nigeria, and South Africa have recognized and legitimized Bitcoin as a digital currency.

One of the reasons for such growing popularity of Bitcoin in the world, according to his words, is the fact that people see an opportunity to protect their savings from the government and the taxation that might be applied to their savings. In Zimbabwe, for example, more and more people are involved in the Bitcoin business which came as an alternative for the corrupt financial system in their country.

Even though his speech was full of positive insights and bright predictions for the future, Llew Claasen has also urged people to be careful when they invest in this business. He said that it is not smart for anyone to invest more than they can afford and he said that people need to be clever about it. He also said that in the current form, Bitcoin is not a good type of cash but he also indicated that it will be changing in the future.

Bitcoin is preparing an update of the system that will be applied in the next six to twelve months and that update will make Bitcoin a much better replacement for cash and it will provide infrastructure for this digital currency to become even the official currency in some parts of the world.

In the final part of his speech, Claasen spoke about the criticism of this digital currency and the fact that provides almost anonymous transactions. Because of that, many have been saying that Bitcoin might be used for all sorts of illegal actives but Claasen said that it was relatively easy for a government official to trace back the transaction and to find out the identity of the person who made that transaction. With the new update, this issue will also be dealt with but so far it is not familiar what kind of update this will be.

Written by Vedran Ostojic