US sanctions push countries away from dollar

countryfree

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Quote from: Jet Cash on February 18, 2016, 02:30:44 AM

Do you think this will create some additional growth for Bitcoin?

Not so sure. The € is growing in international trade, and so is the Chinese currency which is pushed by its government all over Africa, but BTC isn't at that level. There are still few businesses which request to be paid with BTC, and none which deals with governments.

Mr. Big

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Quote from: Superways on April 08, 2016, 12:29:42 AM

But Sanctions are better than war and attack on them
They are imposing sanctions because these sanctions are alternate of attack on them, they do not impose sanctions for their own purpose but they want to maintain peace.

War and attacking other countries would just be a waste of money and resources, that is not practical...But anyway, I don't think that economic sanction on certain countries would favor the growth of bitcoin...There are still other currencies specially when we are talking about import and export..

pooya87

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i don't think US sanctions have that big a effect on bitcoin because as you mentioned yourself these countries will seek another currency like Euro as a replacement for USD and it is unlikely that they want to choose bitcoin that they have little control over.

but on the other hand bitcoin becomes the best option for the people living in these countries since because of the sanctions banks and services like PayPal has banned these countries, people can easily use bitcoin instead with a middle finger to Paypal,...

Superways

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But Sanctions are better than war and attack on them
They are imposing sanctions because these sanctions are alternate of attack on them, they do not impose sanctions for their own purpose but they want to maintain peace.

iram66680

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USA is always pushing something towards other countries so this is not new. What they want is everybody to use their currency to make the most powerful fiat in the world. It was at one time but now it has lost it's momentum due to bad deals and stock market crash for them. Lets see in the new election year what comes of them and their currency.

HeroCat

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Just think in which country is largest Forex companies - in USA, so all deals are going in USD. Wink

Slark

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Quote from: Jet Cash on February 18, 2016, 02:30:44 AM

-snip-
Do you think this will create some additional growth for Bitcoin?

No. Not right now. Maybe in the future, someday. Bitcoin is so off the picture when we are talking about global trading.
Bitcoin is an asset that is not regarded when you want to sign trade agreement for one billion US dollars, too volatile, too independent, too risky.

1Referee

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High level investors that are in the US Dollar for investment purposes or just as store of value will not switch to Bitcoin. These people are simply too old fashion. Bitcoin in their eyes is very risky and probably something that will fade away at some point in the future. If these investors were much younger and tech minded, then yes, it could definitely bring some decent growth to Bitcoin.

Barnabe

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Quote from: Dekker3D on February 18, 2016, 05:04:41 AM

But the problem is the price volatility history of bitcoin. They might not want to have a value 10% lower than it was hours ago. If bitcoin price becomes stable, they might consider it in the future.

If they just use it to transfer money there is not much risk and it would still be cheaper than international bank wires.

Dekker3D

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But the problem is the price volatility history of bitcoin. They might not want to have a value 10% lower than it was hours ago. If bitcoin price becomes stable, they might consider it in the future.

SFR10

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As much as I would like this to have good effect on BTCitcoin in general, it won't have any. Most trades Iran is doing now, is by Euro but with some countries like Russia, their building a way to directly trades using local currencies of both countries and that will most likely to be the end result in case they don't use Euro with other countries. Their still far away for using BTCitcoin on their trades (specially Iran) and I can't see them doing it as well as one thing I learned from living here (Iran) is they want to have full power and that can't be said if they use BTCitcoin.

Barnabe

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IMO heterogeneity is good for bitcoin because it means than people/businesses will have to use more means to transfer or exchange money.
Bitcoin is a good way to transfer/wire and also cheaper than conventional means.

But all of this will remain marginal, most of these macro-economical decisions only affect big groups and corporations and they tend to stay traditional in their way to do business.

Jet Cash

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The US sancions seem to be harming the US more than other countries. I gather 20 countries responsible for around 60% of world trade no longer use the dollar for international settlement. The latest seems to be the switch to the Euro for trade between Iran and Brazil. In fact the lucrative emerging Iranian trade with other countries is now based on the Euro. This follows the strengthening of the Russian banking system, and the increased availability of internal Russian finance following US sanctions and the withdrawal of the dollar back to Russia, and the creation of the AIIB following US IMF policies against China.

Do you think this will create some additional growth for Bitcoin?

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