As central governments continue to print fiat currency, Revolut offers BTC to its UK users. This comes at a time when digital currency adoption continues to rise and Bitcoin continues to gain recognition.
The mobile-based app is not only offering crypto but gold as well. The move appears to counter the current money printing across the globe. At the same time, the crypto community has voiced their frustration since they do not have access to the Bitcoin supporting Revolut App.
Why Revolut offers BTC to its users
With growing mobile money across the globe, Revolut has joined the list of growing bank challengers in the UK. The platform is offering an alternative to the central government-controlled fiat currency. With a fixed supply, Bitcoin is seen as the alternative to the fiat especially at a time when governments are printing more money through the quantitative easing program.
The creation of cryptocurrencies was to offer an alternative to traditional money. The Revolut BTC offer is seen as acting as the quantitative easing like what happened during the money devaluation during the 2018 financial crisis.
Revolut offers BTC to counter devaluation
In an email to their users, the Head of Cryptocurrency at Revolut Edward Cooper writes:
“We are starting to see quantitative easing and currency devaluation happening again right now,”
Explaining the BTC offer timing, Cooper goes on to say the plan was to make the move towards the end of the year. However, with the “current events”, they decided to afford their users an opportunity to “explore better ways” of diversifying including the use of crypto.
The move will see all standard users on the Revolut App use its services to trade BTC and other cryptocurrencies. As long as they keep their crypto holdings on the platform, they will have unlimited access to the service. However, the gold feature will wait and standard users will be able to access before the close of the month of April.
As per a report by PYMNTS, the mobile App has over seven million users and still growing.