The sting in the Bitcoin wasp’s nest: Raoul Pal doesn’t think KYC is that bad

Raoul Pal is actually a bitcoin bull. With theses on the necessary crypto regulation, he is now turning privacy-oriented Bitcoiners against himself on Twitter.

The opinion ECHO

For once he didn’t make any friends there. Raoul Pal is actually known for his support from the traditional financial sector. The former hedge fund manager and CEO of the financial medium Real Vision is regarded as an outright Bitcoin Trader bull and brings the value proposition closer to a less crypto-savvy audience in weekly updates.

Pal recently even founded its own division with Real Vision Crypto , which is solely dedicated to the weal and woe of BTC and Co. The entrepreneur caused a stir with a tweet that the Bitcoin community didn’t like.

If you believe that government secrecy and not KYC is the future of bitcoins, then you don’t understand what the spread looks like. Bitcoin will be regulated. You will have to do KYC and that is fine. That doesn’t take away from Bitcoin its value proposition, it just reinforces it.

Raoul Pal via Twitter

KYC (know your customer) is an unpopular term in Bitcoin circles. Behind this is the practice of assigning Exchange accounts to a real name, which in case of doubt provides information about the crypto activities of the respective person. This is common practice when opening bank accounts in the traditional financial sector.

Bitcoin wants to be an alternative to the traditional financial sector – from the point of view of the community, KYC undermines Bitcoin’s resistance to censorship and thus a fundamental feature that makes Bitcoin what it is. The resistance on Twitter was correspondingly high.

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