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Topic: Several currencies collapsing and BTC price stagnant, why? (Read 1617 times)

legendary
Activity: 1512
Merit: 1012
There are several currencies collapsing, such as:

- Venezuela Bolivar
- Argentina Peso
- Belarus Ruble
- Russian Rubble
- Nigeria

Because you look on the USD ... for this currency.
Use Japan or China or Europe and compare.
legendary
Activity: 1090
Merit: 1000
why should people in troubled countries buy into btc? Only to loose more money?



Best post!
full member
Activity: 210
Merit: 100
Invest & Earn: https://cloudthink.io
There are several currencies collapsing, such as:

- Venezuela Bolivar
- Argentina Peso
- Belarus Ruble
- Russian Rubble
- Nigeria

Why is the BTC price not increasing fast?

There are always prices of some currencies decreasing. They did last year and will next year. Bitcoin price was also one of the ones that decreased this year. Lets hope for the best next year.
legendary
Activity: 1050
Merit: 1000
Because people of these countries are buying swiss francs and not bitcoin  Grin

Really? I thought inspite of all the doom and gloom prediction, USD is still the currency of choice to flee into.
Currently Bitcoin doesn't really come across as a good place to store, considering it has been going down over the year.
legendary
Activity: 1232
Merit: 1000
why should people in troubled countries buy into btc? Only to loose more money?

Yup, they would rather buy stable stores of value like the USD.
legendary
Activity: 1218
Merit: 1003
Even if the people of these debt stricken countries were buying up BTC (which I would consider a smart investment) it may be that they are poor and buying fractions of a BTC. Maybe the average poor household can only afford to save 0.1 to 0.2 BTC and need the rest of their money for food/rent.

I think it's the whales that move the market. And also mass adoption by those of us fortunate enough to live in a fully developed country: USA/UK/France/Germany etc.
It won't be the masses that start buying 0.2 bitcoins each, it will be the big money men who try to diversify I keep their money safe. They should buy gold, USD, ¥, bitcoin and shares.
hero member
Activity: 686
Merit: 500
There are several currencies collapsing, such as:

- Venezuela Bolivar
- Argentina Peso
- Belarus Ruble
- Russian Rubble
- Nigeria

Why is the BTC price not increasing fast?

How many people in these countries will be able to buy bitcoins? You need sellers willing to take these collapsing currencies.
With the exception of the Argentina Peso all of these currencies can be easily converted into dollars (or other more stable stores of value).

The likely reason we are not seeing inflows of bitcoin from these countries is probably because these countries have generally less access to technology and internet then the rest of the west/modern world
member
Activity: 84
Merit: 11
why should people in troubled countries buy into btc? Only to loose more money?

legendary
Activity: 961
Merit: 1000
...
How many people in these countries will be able to buy bitcoins? You need sellers willing to take these collapsing currencies.
Indeed, that is a problem. I dont know what methods you would have to exchange your currency in that situation. I guess you could always find speculators that will buy you some for USD.

Why not just hold USD, which is not tanking like BTC at the moment?

And as USD continues to strengthen, EM currencies, commodities & bitcoin deflate or stagnate.

sr. member
Activity: 378
Merit: 254
...
How many people in these countries will be able to buy bitcoins? You need sellers willing to take these collapsing currencies.
Indeed, that is a problem. I dont know what methods you would have to exchange your currency in that situation. I guess you could always find speculators that will buy you some for USD.

Why not just hold USD, which is not tanking like BTC at the moment?
legendary
Activity: 1358
Merit: 1014
There are several currencies collapsing, such as:

- Venezuela Bolivar
- Argentina Peso
- Belarus Ruble
- Russian Rubble
- Nigeria

Why is the BTC price not increasing fast?

How many people in these countries will be able to buy bitcoins? You need sellers willing to take these collapsing currencies.
Indeed, that is a problem. I dont know what methods you would have to exchange your currency in that situation. I guess you could always find speculators that will buy you some for USD.
legendary
Activity: 1582
Merit: 1064
There are several currencies collapsing, such as:

- Venezuela Bolivar
- Argentina Peso
- Belarus Ruble
- Russian Rubble
- Nigeria

Why is the BTC price not increasing fast?

How many people in these countries will be able to buy bitcoins? You need sellers willing to take these collapsing currencies.
Q7
sr. member
Activity: 448
Merit: 250
Because everytime there is crisis in some part of the world, people post here expecting that people affected by this crisis will begin buying bitcoins.

If you are talking about gold, yes people are doing that. Bitcoin still needs to work out on the exposure part, meaning more people need to realize and see bitcoin also as a storage of their wealth where it will still maintain its value and appeal regardless of economic condition. Until we move to that stage, btc price won't change much even if all the fiat collapse
sr. member
Activity: 378
Merit: 254
Well.. the price stays stable at $300 - $330, nothing seems to be driving down the price of bitcoins recently. Maybe all the bears have left and all thats left is the people who either "bought at the bottom" or are invested longterm

How many BTC are mined per day again?  I keep forgetting Sad
sr. member
Activity: 364
Merit: 256
Well.. the price stays stable at $300 - $330, nothing seems to be driving down the price of bitcoins recently. Maybe all the bears have left and all thats left is the people who either "bought at the bottom" or are invested longterm
hero member
Activity: 686
Merit: 500
Because contrary to bitcoin-er logic, people of Russia and other countries experiencing any type of currency crisis will NOT be putting their savings into bitcoin. They are much more likely to buy US dollar or Euros, or even precious metals before they touch an unregulated digital currency fraught with crime and thefts that has fallen drastically in value all year.
When greece was having a banking crisis people were putting massive amounts of money into bitcoin and when cyprus was having a similar crisis we saw a bitcoin bubble that was fueled by people in europe buying up bitcoin

The reason it probably hasn't happened this time around is because there is little fear that the crisis going to spread throughout the rest of the world.
hero member
Activity: 876
Merit: 568
( ͡⊙ ͜ʖ ͡⊙)
Because people of these countries are buying swiss francs and not bitcoin  Grin
full member
Activity: 126
Merit: 100
collapses just strengthen bitcoin... When all the paper money is gone, this digital "currency" will still be here
sr. member
Activity: 294
Merit: 250
Even if the people of these debt stricken countries were buying up BTC (which I would consider a smart investment) it may be that they are poor and buying fractions of a BTC. Maybe the average poor household can only afford to save 0.1 to 0.2 BTC and need the rest of their money for food/rent.

I think it's the whales that move the market. And also mass adoption by those of us fortunate enough to live in a fully developed country: USA/UK/France/Germany etc.
full member
Activity: 336
Merit: 100
Because contrary to bitcoin-er logic, people of Russia and other countries experiencing any type of currency crisis will NOT be putting their savings into bitcoin. They are much more likely to buy US dollar or Euros, or even precious metals before they touch an unregulated digital currency fraught with crime and thefts that has fallen drastically in value all year.
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