Why should Companies now hire a Chief Bitcoin Officer?

Bitcoin has the capacity of attracting many people ever since it has hit the market. The detractors call the coin an online scam or fake money; others love it and want to enjoy investing in it. The coin came on the market in 2009 by the mystery man known as Satoshi Nakamoto. And unlike any fiat currency, it works independently using the technology – Blockchain. This coin’s value has come up with zero, and it first came the said year with a meagre value. By 2010 and 2011, it was not more than 1 USD. Today the same coin is around 55K USD. Bitcoin has gone up, and we see many more people knowing about the coin. It is defined as a digital coin like a virtual currency, and others can store the value. It will now depend upon the location you can see while shopping and accepting the digital coins in the market. You can explore more about the coin when you visit Bitcoin Prime site, while here, we get the gist of the topic.

The rise of Institutional Bitcoin Adaptation

We now see a sudden surge in companies coming forward to invest in Bitcoin. The payment platform giant PayPal also permits the customers to buy and sell BTC, which can further help open up the application of its usage. Of course, PayPal s not going to trade in the company like any other digital coin firm, but it is competing now in a big way. More than six big-time companies are investing hugely in Bitcoin and other digital coins. The first one is MicroStrategy, Square Inc, Tesla Inc, Marathon Digital Holdings, and Galaxy Digital Holdings. All these are seen adding up the coin’s total value reaching the next level. At the same time, you can find too many private companies now taking a plunge in Bitcoin profiles as well. These include Tezos Foundation, CoinShare, GreyScale Bitcoin Trust and so on. These companies are different, and they are leading things with an example.

Regulatory Risks

There is no blanket approach for BTC for different governments and nations. Government understand the coin, but they fail to accept it. Bitcoin is seen as an enemy of fiat currencies. Developing central bank based coins is one of the best ways to keep track of the money flow and allow the coin flow to move ahead. For instance, we can find the US-based taxpayers to come up with the currency of good affordability, and it is seen giving with 10K USD while going ahead with the requirements that can help in working with FBAR. The said rule can help change the practical rules that remain the critical legal concern for everyone. Many more governments are now going to start regulating and then ban the coins. Hence it would help if you had professionals like CBO or chief BTC officer.

Security Risks

The said professional would take care of many things, like checking the security risks. Some hackers are seen targeting BTC wallets and exchanges. As we know, BTC transactions remain permanent, along with an irrepressible option to play like a third-party group that can further retrieve the lost coins. Also, when you put Bitcoin with the help of centralized exchanges in the form of keeping the money in your bank, you need to keep in mind the growing number of cases as seen in the exchange that remains hacked for millions of dollars that become wiped out in no time. We see the exchanges are now constantly moving up and growing with the security measures. At the same time, they remain safe and secured for the coins that can remain in one basket. Several examples are found with the exchange arresting many people with the help of police and withdrawals.

Market Risks

The next big thing that the CBO will check is the market risks. We know Bitcoin to remain volatile. The coin price keeps going up and down at different points in time. The unseen changes in the market emotions can raise the price movement in a big way t also going to add high volume and selling of the exchanges as seen with the movement of Bitcoin whales. The CBO will understand this issue and thus will help the company act the way they want.

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