Cryptocurrencies Are ‘Fool’s Gold’ Says Brazilian Political Party

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  • Brazil’s far-left political party Partido da Causa Operaria warned that cryptocurrency is “fool’s gold”
  • The group called bitcoin a source of financial manipulation for the country’s poor and working class.

Brazil’s far-left party Partido da Causa Operaria (PCO) issued a warning that cryptocurrencies are “fool’s gold” for the country’s poor population.

According to a report by Portal do Bitcoin, the PCO released a publication on Monday warning users to avoid cryptocurrencies and calling bitcoin a type of financial scam. The publication claims bitcoin was invented to manipulate workers and deliver gains to capitalists.

The publication reads :It is just another trick to maneuver the poor population. It is one more way to get money out of the people and throw it straight into the pockets of big capitalists.

The PCO compared the role of cryptocurrencies in the international financial market to that of the impact of COVID-19. The paper continued: In times of a health and economic crisis, fool’s gold makes it clear that it is one more way to contain the crisis and maintain the gain only for the portion of the powerful capitalists.

The PCO accused Wall Street and London of dominating global markets, referring to these entities as “foxes” n a “chicken coop. “

By: Michael LaVere

Featured Image Credit: Photo via Pixabay.com

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Bitcoin’s year-to-date performance compared to the Brazilian Real coupled with the country’s financial woes may help drive demand towards the cryptocurrency. According to a new report released May 11 by Delphi Digital titled “The State of Bitcoin”, Brazil’s central bank lowering its interest rates to 3% and the fact the Real had lost 30% of its value relative to the U. S. dollar could drive away investors “who find the risk-reward tradeoff no longer attractive” in certain local markets. Delphi Digital speculated that this potential exodus could lead to a greater push towards Bitcoin ( BTC ) in Brazil:“This is not to say that capital flooding out of emerging markets will flow right into bitcoin… but the sheer size of this potential move could serve as another demand source for BTC, especially if tighter capital controls become more commonplace.”BTC had the best YTD performance compared to the Real — 74% — far exceeding that of the U. S. dollar, coming at at 21.9%. Source: Delphi Digital’s “The State of Bitcoin (2020)”Though the country’s Bitcoin market might be getting riper for investors, cryptocurrencies in Brazil have had their share of regulatory challenges and influential critics. Four companies focused on Bitcoin trading have closed since 2019. Even the President of the Brazilian Banking Federation has argued that cryptocurrencies are not really currencies at all. All data is taken from the source: https://cointelegraph.com/ Article Link: https://cointelegraph.com/news/post-h… #bitcoin #jpmorgancryptocurrency #btctousdcalculator #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange Post-Halving Report Brazil Could be New ‘Demand Source’ for Bitcoin: https://www.youtube.com/watch?v=Ir9My…

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