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RE: If You Wanna See What Real Crypto Adoption Looks Like In A Developing Country Checkout This Map.
That is really interesting. I would have never guessed Venezuela would be that far ahead with crypto adaption. Makes me wonder whats the deal with the US. Why are we so far behind. Great post.
It's a combination of factors in Venezuela. The most important is they have hyper inflating monetary system. The last numbers I checked were around 4000% from last year. The money is losing value so fast that it's basically worthless if you don't spend it immediately. Because of the money devaluing so fast no one will accept paper money either. Venezuela is the absolute perfect storm for Crypto currency to thrive in. The Government has also started endorsing Crypto. Maybe you remember when Japan last year officially came out and announced Bitcoin and Crypto currencies are indeed currencies just like any other currency. That's very important b/c of taxes reasons. Around that same time was when the markets really took off last Spring. While many people are worried about hostile actions of Governments around the against Crypto, there's much more positive Government approvals than trying to ban. I have no doubt Crypto will first take off in a developing country that has a very unstable economic system than the US where dollar is decreasing in value over time but at slow and steady rate. USD is the most stable currency in the world although its still lost 95% of its value over the last 80 years ;-) Not a good store of value like Gold or Crypto to say the least ;-)
That makes a lot of sense. It is so sad that our USD is the most stable and it has lost so much of its value. Silver Gold and Crypto that's what I am betting on. Thanks for the reply. Have a great evening!
Yep. It makes not any sense to save in USD with interest below 5% annually. Even with rates rising a lot since last year having a longterm Government bond still only pays 3%. The annual cost of living increases are more than that. Fiat printed money not backed by hard metals and Crypto is probably going down in society as the biggest scam of history. The Central Bankers print off trillions paper stubs devaluing our money ever year. Rather or not society recognizes it's the biggest scam of all time today questionable but in the future looking back once we get a blockchain world the majority will realize it was indeed just like stealing trillions from hard working Americans.