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Scots Want to Abandon The Pound – Will They Choose Bitcoin?

The decentralisation theme is big in both crypto and politics. The United Kingdom wants to free itself of EU oversight and in a move that will give joy to fractal lovers everywhere, many in Scotland want to dissolve the Union.

An Englishman’s Guide to Scotland

For those whose knowledge of Scotland goes no further than kilts and whisky I should say that the Kingdom of Scotland has been part of the United Kingdom (i.e English Empire) since 1707. The Scots were never terribly keen on the idea but were driven to it after the country was bankrupted by an unsuccessful attempt to colonise Panama. Once in, they found it very useful, as Samuel Johnson said,

“The noblest prospect which a Scotchman ever sees, is the high road that leads him to England!”

and much of the British Empire was founded by Scots.  Scots, like many migrants today,  contributed greatly to the the success of their new homeland.

Scotland has a population of 5m people and which enough to sustain its own newspapers, football teams, and political elite.  The dominant party at present is the Scottish National Party (SNP) who seek full independence from the United Kingdom. They keep losing referendums on this because unfortunately for the SNP the Scottish people are quite happy for the English to continue paying their pensions.

SNP Want Their Own Currency

The BBC has reported that the SNP has voted to

 to replace the pound with a separate Scottish currency “as soon as practicable” [after independence].

Will the SNP Choose Bitcoin?

Scotland will  have the opportunity to be the first developed nation to choose Bitcoin as its national currency. Bitcoin is a deflationary currency that is free from Government interference which ensures that the savers funds are safe. Scots could be taught how to manage their private keys and would not have to rely on banks.

No,

The SNP will never choose Bitcoin because they are a left wing nationalist party. The reason they want their own currency is so that they can print money to pay for public services and transfer wealth from savers to their voters.

Will the Scottish People Choose Bitcoin?

Scotland has sophisticated business community, well educated citizens and excellent legal system. If the Government was to impose a new unwanted currency on them they could move to using to using Bitcoin. Taxes would have to be paid in Scottish Pounds but its value would be falling due to inflation. Businesses which traded using Bitcoin could find their tax bills falling each year.

For the first time in the history we are seeing the potential for the currency of a government of a “first world” nation being in competition with a cryptocurrency.

The world is changing.

What Next?

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2 Comments
  1. “…which ensures that the savers funds are safe.” A fan of crypto, but you do know how much money people have lost with Bitcoin, right? With the bubble burst and high volatility, it can hardly be touted as a safe haven for savers. A highly speculative investment? Yes. A novel medium of exchange? Yes. But a secure piggy-bank, or a stable investment, it is not.

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