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Bebe22
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Take Venezuela for example, a country that suffered from one of the worst economic crises in modern times. Their political instability and distorted monetary policies caused extreme hyperinflation and have diminished the value of their fiat currencies to practically nothing. Inflation in Venezuela was 1,700,000% in 2018.
Many people have no other option to retain their wealth and many have resorted to using bitcoin as a store of value to hedge against their eroding local currency. Adoption has soared in Venezuela, ranking 3rd on Chainalysis’s Global.
Bitcoin has served as alternative to fiat money, and also reduced the stress and cost of passing money through financial institutions.
In my opinion, it has also reduced inflation in many countries, cause the more you exchange your fiat money for Bitcoins and store them, the less the supply of money in the economy.
Other benefits include: Job Creation, Technological Innovation, teaching investments and how to monitor the market.....and many others.
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Safe Haven for Troubled Nations Troubled countries such as Venezuela, Zimbabwe and Argentina are suffering from one of the worst economic crises in modern times. Their political instability and distorted monetary policies caused extreme hyperinflation and have diminished the value of their fiat currencies to practically nothing. For example, inflation in Venezuela was 1,700,000% in 2018.
Many people have no other option to retain their wealth and many have resorted to using bitcoin as a store of value to hedge against their eroding local currency.
How to Bitcoin adoption has soared in Venezuela, ranking 3rd on Chainalysis’s Global Crypto Adoption Index in 2020.23