Greece must not take on bitcoin as national currency

Talk of Greece leaving the euro zone suggested it should switch from the euro currency to bitcoin. Introduction of bitcoin may seem like a solution, but it the long run if euro is the problem, adopting the bitcoin would fuel more trouble.

The predicament is the fact that Greece is no longer able to print more of the euro, as only the European Central Bank is authorized to do so. However, if Greece takes on the bitcoin, it will be able to decide how much bitcoin could be issued, without seeking permission from anyone.

It is a known fact that supply of bitcoin is fixed and limited. It is estimated that there will be 20,343,750 bitcoins as of 2025, and the maximum amount of bitcoins circulating cannot exceed 21,000,000.

The Greek Finance Minister, Yanis Varoufakis, stated bitcoin is a defective currency and would have a negative impact on Greece due to its deflationary nature. Bitcoin is considered a global currency for the masses and not as a currency to be used by a government.

Adopting bitcoin while giving up their national currency is unacceptable for Greece as the effects of that would be such of switching to gold and abandoning monetary policy.

Bitcoin will act as an alternative to be held as a safe-haven when a currency is losing its value. The message Greeks send its government about bitcoin will be: "Let's have our own currency, but manage it responsibly, because now we have a choice."

Even if bitcoin is victorious, it cannot take the places of a national currency. Bitcoin is meant to be a digital currency to be used by the people and is not a potential national currency for any nation to pursue.