Imagine a world where wealth isn’t tied to central bank decisions or endless money printing, where inflation and economic instability don’t erode your savings. This is the promise of Bitcoin, and in 2024, it’s moving from the fringe into mainstream finance. It’s no longer just for tech enthusiasts—Bitcoin is becoming a crucial financial asset, reshaping economies from Wall Street to Manchester.
This year, the global financial landscape is changing rapidly, with Bitcoin emerging as a key player. Amid market volatility and inflationary pressures, Bitcoin is attracting attention from nation-states, asset managers, and corporations. Public companies like MicroStrategy have made headlines by leveraging debt to buy Bitcoin, banking on its historical returns and outperforming traditional assets like gold.
The numbers are impressive: Bitcoin, valued at over £51,877, has gained nearly 50% this year alone. Such growth is pushing investors and governments to consider it a viable reserve asset. MicroStrategy’s strategy of issuing bonds to buy Bitcoin has inspired other companies, demonstrating how digital assets can become an integral part of corporate treasury management. This trend is setting a precedent, positioning Bitcoin as a hedge against inflation and currency devaluation.
Politically, Bitcoin’s acceptance is growing too. In the U.S., Donald Trump has proposed a national Bitcoin reserve, a move that could spark a race among nations to accumulate and mine Bitcoin. The UK, already holding 61,000 BTC according to BitcoinTreasuries.com source, might consider expanding its holdings as a strategic asset to address national deficits. Holding Bitcoin could provide a unique way for the UK to navigate its economic challenges, particularly with rising concerns over inflation and capital gains taxes.
Globally, other nations are also making significant moves. Italy recently announced a proposal to raise the capital gains tax on Bitcoin to 42%, one of the highest rates in Europe. Such policies could lead to capital flight, driving investors to more crypto-friendly environments. In the UK, similar discussions are underway about raising capital gains tax, which might impact Bitcoin’s adoption as investors evaluate the risks and rewards of digital asset investment.
In Manchester, Bitcoin’s impact is increasingly visible. The city has become a hub for Bitcoin enthusiasts, with local meetups offering a space for discussion and community building. Bitcoin Manchester holds monthly gatherings at Joshua Brooks, bringing together everyone interested in Bitcoin—from new investors to seasoned experts. The community, organised by Max and others, is not just about learning how to invest; it’s about exploring how Bitcoin can reshape our financial system.
The interest in Bitcoin in Manchester is not limited to these meetups. Many in the city are quietly investing through dollar-cost averaging, buying Bitcoin steadily over time, regardless of market fluctuations. This growing adoption is helping Bitcoin become a mainstream financial asset in the region, with more people turning to it as a hedge against economic uncertainties. Manchester’s embrace of Bitcoin reflects the city’s innovative spirit, as it becomes a part of this financial revolution.
As other countries explore Central Bank Digital Currencies (CBDCs), the UK is also planning a CBDC pilot in 2025. However, privacy concerns are a major point of contention. Reports from Forbes suggest that while CBDCs could modernise the financial system, they come with risks to privacy and civil liberties. Organisations like Big Brother Watch are pushing for transparency to ensure these digital currencies do not infringe on individuals’ rights. This concern about privacy highlights the broader attraction of Bitcoin, a decentralised currency that provides an alternative to state-controlled digital money.
Manchester’s active Bitcoin scene isn’t just about speculation—it’s about rethinking the financial system, by exploring alternative methods of wealth preservation and challenging traditional banking models, all while fostering a more decentralised, open financial future. From monthly meetups to the growing number of local investors quietly accumulating Bitcoin, the city is playing a significant role in the larger movement toward a more open and resilient financial future. With Bitcoin now ranking among the top 10 most valuable assets worldwide, the discussions happening in Manchester are part of a much broader story—one that could reshape the way we think about money and wealth.
Sources:
- The Independent: Bitcoin rally linked to US elections
- Forbes: UK CBDC and privacy concerns
- CoinMarketCap: Italy proposes 42% capital gains tax on Bitcoin
- BitcoinTreasuries.com: Bitcoin Holdings of Countries
- Meetup: Bitcoin Manchester Meetups
