It might be a scenario over the spike. But can not be in the undeniable investors and new people prefer Bitcoin because it is safer than the currency in their country.
Their currencies are not as stable as they should and think people are more confident in the cryptocurrency and move on, so the volume that happens is enormous.
Topic: Bitcoin demand in economically volatile countries surges - page 6. (Read 825 times)
It is a logical way to do in a crisis. You have to store your wealth that cannot be affected by the melting economy of your country. And there are very few options. One is real estate but that would require large amounts and tedious to process. Another is gold, but just like what above me said, it is hard to secure. The most convenient is bitcoin and other cyptocurrencies. Easy to acquire, does not require large amount and can be secured easily.
But this is just three countries. How about other countries that are volatile?
For example, Ukraine Parliament is planing to introduce for consideration a bill of the legalization of operations with cryptocurrency. Many deputies in their declarations indicated the crypto assets. During the global crises, many people purchased real estate. But local wars in some countries showed the inefficiency of such preservation the assets. Now the cryptocurrency allows the citizens of poor countries with a destroyed economy to survive today. But this is just three countries. How about other countries that are volatile?
Unfortunate they are to totally accept bitcoin specially Venezuela 'cause they have no option to fight their economic recession. In crypto currency side is that, it is overwhelming to know that the demand for Bitcoin would go higher since there were a countless of people are now using Bitcoin but on their ends is that they are pitiful because their currency value are now close to zero. And what if there were no crypto at all? They might be drowning to a lot of debt though.
Well, people see this as a way out and that is kinda the point of bitcoin anyway. When did bitcoin was first created?
After the 2008 crisis, why was it created? Because, satoshi realized 2008 was a big crisis that was saved by the government to protect the rich and screw the poor so satoshi wanted to make a currency that couldn't be toy for the rich and could help the poor as well.
Yes, right now there are tons of whales who play with bitcoin like it is a toy but at the end of the day poor people could hold it as long as they need and if rich want to keep making money from it they would eventually make some poor people rich as well. That is just the way bitcoin is, it helps the poorer people more in the sense that small gets bigger, big just gets bigger as well.
After the 2008 crisis, why was it created? Because, satoshi realized 2008 was a big crisis that was saved by the government to protect the rich and screw the poor so satoshi wanted to make a currency that couldn't be toy for the rich and could help the poor as well.
Yes, right now there are tons of whales who play with bitcoin like it is a toy but at the end of the day poor people could hold it as long as they need and if rich want to keep making money from it they would eventually make some poor people rich as well. That is just the way bitcoin is, it helps the poorer people more in the sense that small gets bigger, big just gets bigger as well.
For example, with Venezuela it has been used as a replacement for their peso currency for years now,
Really? I could swear that most Venezuelans have been using stable currencies like the USD rather than bitcoin, but I could be wrong. That amount of LBC exchanges in Venezuela is incredible for one year--I had no idea it was that high, especially given that the other two countries pale in comparison.Let's hope for their sakes that bitcoin at least holds its value, because if it were to crash those people would be even more screwed. It's far from a safe-haven asset, what with all the volatility it's notorious for. They probably would be better off holding USD instead, at least for purchases, though I'm happy that these countries have such an interest in bitcoin. I think it's great, actually.
A lot of people in Venezuela might really have genuine interest in Bitcoin but I am almost sure that the figures and the interest are somehow bloated to an exaggerated extent by the news. They are somehow thickly sugar coated to make it appear as if Bitcoin is serving as the silver bullet or a sort of a blanket solution to their problems there. I have to agree that Bitcoin is going to be a difficult solution to a people who have experienced the worst turbulence in a fiat's value. They are most probably tired of an unstable currency. Bitcoin is such.
its not just the countries experiencing crisis are buying BTC. venezuelans sees BTC or the real cryptocurrencies to be more of a solution to save their wealth while they are in the unstable solution. some of them may even be buying USDT just to have that money being safe but while they are at it, might as well just invest to BTC while the price is low and that they can gain whenever price rockets.
For example, with Venezuela it has been used as a replacement for their peso currency for years now,
Really? I could swear that most Venezuelans have been using stable currencies like the USD rather than bitcoin, but I could be wrong. That amount of LBC exchanges in Venezuela is incredible for one year--I had no idea it was that high, especially given that the other two countries pale in comparison.Let's hope for their sakes that bitcoin at least holds its value, because if it were to crash those people would be even more screwed. It's far from a safe-haven asset, what with all the volatility it's notorious for. They probably would be better off holding USD instead, at least for purchases, though I'm happy that these countries have such an interest in bitcoin. I think it's great, actually.
A lot of people in Venezuela might really have genuine interest in Bitcoin but I am almost sure that the figures and the interest are somehow bloated to an exaggerated extent by the news. They are somehow thickly sugar coated to make it appear as if Bitcoin is serving as the silver bullet or a sort of a blanket solution to their problems there. I have to agree that Bitcoin is going to be a difficult solution to a people who have experienced the worst turbulence in a fiat's value. They are most probably tired of an unstable currency. Bitcoin is such.
For example, with Venezuela it has been used as a replacement for their peso currency for years now,
Really? I could swear that most Venezuelans have been using stable currencies like the USD rather than bitcoin, but I could be wrong. That amount of LBC exchanges in Venezuela is incredible for one year--I had no idea it was that high, especially given that the other two countries pale in comparison.Let's hope for their sakes that bitcoin at least holds its value, because if it were to crash those people would be even more screwed. It's far from a safe-haven asset, what with all the volatility it's notorious for. They probably would be better off holding USD instead, at least for purchases, though I'm happy that these countries have such an interest in bitcoin. I think it's great, actually.
Just like in Venezuela since they're having an economic crisis, probably they are looking for an alternative way since their main currency isn't stable nor in a good condition. They might trying bitcoin if it'll work for them just to survive because of the crisis.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
In my opinion, gold is not a good idea
An average person don't know to to buy and sell gold, the government will know if you are buying gold and it's very dangerous to keep gold at you house and if youleave in your bank, the government can take, we are talking about country in a moment of crysis
With BTC you can buy online, have your private key and it's more secure, if the person needs to leave the country, it can be recovered in another country without any problem
It is a logical way to do in a crisis. You have to store your wealth that cannot be affected by the melting economy of your country. And there are very few options. One is real estate but that would require large amounts and tedious to process. Another is gold, but just like what above me said, it is hard to secure. The most convenient is bitcoin and other cyptocurrencies. Easy to acquire, does not require large amount and can be secured easily.
But this is just three countries. How about other countries that are volatile?
But this is just three countries. How about other countries that are volatile?
Just like in Venezuela since they're having an economic crisis, probably they are looking for an alternative way since their main currency isn't stable nor in a good condition. They might trying bitcoin if it'll work for them just to survive because of the crisis.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
I agree with your opinion economic crisis there is a threat to citizens so that the transfer of funds into crypto and others ,right steps to invest in crypto and the results for the long term will feel more profitable than having to be developed into gold or other property Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
Just like in Venezuela since they're having an economic crisis, probably they are looking for an alternative way since their main currency isn't stable nor in a good condition. They might trying bitcoin if it'll work for them just to survive because of the crisis.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
In my opinion, gold is not a good idea
An average person don't know to to buy and sell gold, the government will know if you are buying gold and it's very dangerous to keep gold at you house and if youleave in your bank, the government can take, we are talking about country in a moment of crysis
With BTC you can buy online, have your private key and it's more secure, if the person needs to leave the country, it can be recovered in another country without any problem
Have a look at the following graphic:
The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
I am glad that people are understanding the importance of decentralized currency. The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
Quote
Demand for #Bitcoin in economically volatile regions reached record highs in 2019.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
This trend is gaining pace lately. Any country with political or economical unrest is shifting towards crypto as a safe haven. The thing here to note is that when people lose hope from their national currency, they are considering crypto as a viable alternative. Though the volume isn't that high for obvious reasons. But the shift is expected to gain pace in coming years.
Just like in Venezuela since they're having an economic crisis, probably they are looking for an alternative way since their main currency isn't stable nor in a good condition. They might trying bitcoin if it'll work for them just to survive because of the crisis.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
Since they cannot rely on their fiat already, another possible way they can do is to go to the traditional one and use gold, or buy foreign currency, or just adopt bitcoin and cryptocurrency. It's actually an obvious move.
More economic issues/insane inflation rates/unstable economics/government's fighting will mean people will take their hard-earned cash away from the banks and dump it into another investment option.
Previously, 10 or 20 years ago this would be in another nation's currency, or even precious metals like gold or silver. Nowadays, it's a lot easier and possibly safer to just throw your money into bitcoin and keep it there for a bit, even if prices are unstable unfortunately.
Previously, 10 or 20 years ago this would be in another nation's currency, or even precious metals like gold or silver. Nowadays, it's a lot easier and possibly safer to just throw your money into bitcoin and keep it there for a bit, even if prices are unstable unfortunately.
Probably economic situation drives Bitcoin demand in those countries. We don’t wish more countries will suffer economic crisis like that but ironically its another factor that will contribute Bitcoin’s price high.
Have a look at the following graphic:
The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
This actually is obvious. It's not because these people have suddenly started loving Bitcoin. It's because of the need of the hour. Fiat is purely based on trust in central government while the recent incidents that have happened in these countries have made people realize that they cannot trust the government anymore and neither they can trust the currency issued by this government which is why they have decided to shift on bitcoin. But once the economic situation would settle they would once again be moving onto Fiat. The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
Quote
Demand for #Bitcoin in economically volatile regions reached record highs in 2019.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
This is no surprise at all since this scenario is all part of an ever growing Bitcoin and crypto adoption worldwide that is taking its natural course and I assume we would expect an even more vibrant Bitcoin and crypto industry in the coming years to come. 
Yes this is something which is happening from long time and moreover there are some more good news on the way because China might loosen it's restrictions on bitcoin and we are getting predictions that bitcoin will prosper further in Asian countries due to Japanese influence.
I would not be surprised if people were getting into Bitcoin so that they can buy USDT in those countries. Especially Hong Kong in this case. At least USDT doesn't really lose its value in comparison to Hong Kong Dollars. Bitcoin, however, may.
The Hong Kong dollar is pegged to the US dollar - so the people of Hong Kong have no use for tether.
Could be a probable entry for the upcoming halving this 2020? A lot of countries have understood the possibilities of BTC, and they have for sure researched about past jumps and charts of BTC price. They should most likely be aware of what a halving could do to the economy of BTC and they should probably be preparing for it. These are just my speculations though. It is good news though since a lot of people have now been pulled in by the allure of BTC and hopefully, these people could contribute to its development.
I would not be surprised if people were getting into Bitcoin so that they can buy USDT in those countries. Especially Hong Kong in this case. At least USDT doesn't really lose its value in comparison to Hong Kong Dollars. Bitcoin, however, may.
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