Matthew Hancock, a British politician who is also a Member of Parliament (West Suffolk) Conservative, recently revealed that he “would consider” investing in Bitcoin, given the asset’s potential to help the economy.
The MP for West Suffolk has previously spoken in Parliament about the growth new innovations like fintech and cryptocurrency will bring to the British economy, especially after the departure of the UK from the European Union.
When queried by Express.co.uk if he had any prior investment in Bitcoin, Hancock said: “I haven’t yet but I’d consider it.”
Revealing the reason behind his decision to contemplate investing in Bitcoin, the British politician said,
“Clearly cryptocurrencies are an investment for some, and the underlying technology has lots of potentials, for example in helping make payments and in smart contracts that have transparency built-in.”
Hancock once served as Secretary of State for Health and Social Care for a period of 3 years. He was also the Secretary of State for Digital, Culture, Media, and Sport in 2018 where his tenure lasted for six months.
Cons of Crypto – A Setback?
With concerns such as Bitcoin’s volatility, environmental impact, and limited regulatory policy guiding the asset class, some are hesitant to join the crypto space.
For instance, one of the largest banks in Europe, HSBC Holdings PLC, announced that it would never offer cryptocurrency services to its clients because of its “extreme volatility and lack of transparency.”
Not allowing the cons of crypto investment to cause a hindrance, Hancock noted that if the UK was to get into the crypto space, a regulatory approach would be considered to ensure that people freely buy and sell crypto assets without fear of scams from crypto exchanges or crypto adverts.
Citing further benefits of investing in crypto apart from its elimination of the middleman in a payment system, Hancock said that blockchain, the backbone of cryptocurrencies, has a wide range of use cases such as smart contracts and improving transparancy.
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