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Bitcoin Gains Mainstream Attraction in Switzerland Amid Price Rally

Last Updated March 4, 2021 4:53 PM
Joseph Young
Last Updated March 4, 2021 4:53 PM

Swiss mainstream media outlets have provided extensive coverage on bitcoin over the past week, amid strong price rally of the digital currency. Both newspaper and online readers of the largest Swiss financial media network Handelszeitung expressed their optimism towards bitcoin’s rising mainstream attraction in Switzerland.

Around 50 percent of the front page of the Handelszeitung newspaper and its website was composed of bitcoin price coverage and regulatory issues, which most of the readers enjoyed. As bitcoin’s price rapidly climbed to US$950 in the past week, the Swiss news network continued to offer extensive coverage on bitcoin for investors and traders.

Unbiased Coverage on Bitcoin

A substantially large number of readers also expressed their gratitude towards Handelszeitung for coverage of bitcoin regulatory issues, which mostly revolved around the EU and the European Commission’s plans to tighten controls, regulations and policies on bitcoin trading in 2017.

The newspaper read: 

The European Council wants new regulations to make money laundering and terrorist financing more difficult. Affected by this were also sharing networks for virtual currencies like Bitcoin or Ethereum, to be covered by the EU directive on money laundering in the future.

Readers of the online portal of the Swiss news network stated that the coverage on bitcoin regulation was well balanced, as the EU is primarily targeting cash and prestigious metals such as gold. In fact, earlier this week, the European Commission permitted border patrols and local authorities to seize cash or gold from any potential suspects of terrorism, based on their independent judgement.

The Swiss media firm emphasized in its coverage of EU’s increasing regulation on bitcoin that the European Commission is yet to provide details into the criminal usage of bitcoin and that cash has fueled significantly larger number of criminal and fraud cases over the past decade.

A specific category for bitcoin news coverage was also introduced  by Handelszeitung entitled “Bitcoin: A currency divides the financial world,” stating that the digital currency is bringing a new era of money.

Positive Outlook on Bitcoin

The general Swiss population has a positive outlook on bitcoin amid recent events that have unravelled corruption in major banking groups including Credit Suisse.

Credit Suisse Group, a Swiss multinational financial services holding company, agreed to a multi-billion dollar settlement over allegations on mortgage loan and securities fraud. Unlike Deutsche bank, which also settled a US$7.2 billion settlement earlier this month, Credit Suisse was placed in a more complex and difficult position.

“For Deutsche it was certainly quite positive” because the hit to capital is “modest,” said  Kyle Kloc, a portfolio manager at Fisch Asset Management. “With Credit Suisse it is more complicated. Yes, it reduces uncertainty but it is toward the high end of what people expected.”

Thus, with Swiss banking groups and financial service providers being fined and penalized for unlawful and illicit activities, the rising price of bitcoin and the extensive coverage from mainstream media is allowing the general population to develop an awareness on bitcoin.

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