Since the end of 2017, Bitcoin has gone from being one of the hottest and most talked about investment opportunities around the world, to a risky alternative to fiat currency. While the rest of the world may be cautious about accepting cryptocurrencies as a legitimate form of payment, Berlin have been paving the way, earning the title “Bitcoin Capital of Europe”.
The German capital earned this title back in 2013 and since then, the adoption of cryptocurrency has only increased. Today, the digital currency can be used to buy apartments, book holidays and even pay for higher education.
Germany have seen the value in Bitcoin and back in March, even the National Tourism Board announced that they would be accepting it for their services. Due to their goal to become a global innovation leader in the tourism industry, they have also mentioned that will be trying to implement Blockchain into their business, which operates in over 32 countries across the world.
Another reason that Bitcoin has continued to thrive throughout Germany is thanks to the strong tech culture that has been built in Berlin.
Matias Kauppinen, Java/Data Specialist at Eurostaff commented on how Germany’s adoption of Bitcoin marks a shift in culture:
“The vibrant technology community in Berlin has had a large focus on cryptocurrency and this led to the wide spread usage of Bitcoin across the country. Typically, Germany has a more cash-reliant culture than other EU countries like Sweden, but both Deutsche Bank AG and Bertelsmann SE are looking to integrate the blockchain technology behind the likes of Bitcoin into their operations”
However, much to the ire of investors across the world, Germany and other governments are looking to develop new regulations to crackdown on Bitcoin and other altcoins. The threat of further regulation has been one of the reasons it has dropped from its highest value at the end of 2017 just below £15,000 to just over £5,600 by mid-April.
Among these countries are France and Germany whose economy chiefs and senior bankers have collectively called for tighter regulations on cryptocurrencies as prices become more and more turbulent. This is leading to cryptocurrencies becoming a big topic at the latest G20 meeting in Argentina. The discussion will focus on preventing cryptocurrency from becoming a tool used for money laundering and the financing of terrorism.
However, with many countries not seeing cryptocurrency regulation as a priority, it’s unlikely that many rules will be created in the immediate future. This means that the tech sector that has been built inside Germany and has thrived through the implementation of Bitcoin can continue to grow.
Back in 2015, Germany had the fastest growing start-up ecosystem in the world. The current widespread adoption of Bitcoin throughout the country shows just how dedicated they are to continuing to build a strong tech scene.
As Germany continue to compete to become one of Europe’s biggest tech hub, more and more opportunities will continue to bring talent towards the country. At Eurostaff we have a vast knowledge of the German tech sector and can help you find exciting roles in Berlin and beyond.
Regardless of whether you’re looking for a new career or you need to recruit new talent, we can provide both. Get in touch with our Berlin office today on +49 (0)30 300 140 6 or fill out our enquiry form.