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How Latin America turns to BTC during times of economic disaster

How Latin America turns to BTC during times of economic disaster
  • As an asset that has a store of value, bitcoin is attracting more and more interest from institutional and traditional players on a daily basis. 
  • Over the past 10 years, the leading crypto coin has been able to test its strengths and weaknesses and only now does it seem to be paying off.

As an asset that has a store of value, bitcoin is attracting more and more interest from institutional and traditional players on a daily basis. Over the past 10 years, the leading crypto coin has been able to test its strengths and weaknesses and only now does it seem to be paying off. Aside from the traders that are cashing in on the growth of bitcoin, there are many people you may not expect to be finding profit when it comes to the ecosystem of BTC.

A well-known bitcoin bull, Andreas Antonopoulos, has recently taken part in a question and answer session where he discussed how many people are dealing with the effects of a poor financial and infrastructure are looking towards crypto and BTC in order to keep their wealth safeguarded.

People living in countries in Latin America such as Columbia and Venezuela, relied on the United States dollar to store the savings. But with the government, many have had to migrate to cryptocurrency thanks to self sovereignty and privacy. Andreas highlighted:

“The primary use case today for Bitcoin in those areas is the preservation of wealth and that means investing in Bitcoin, as the means of saving. Just like in the past, they would have all of their savings in dollars.”

There are more people than you think living economies such as these. With censorship and seizure of bank accounts being a very much real reality, crypto is a good Safe Haven.

“In many of these countries, dollar-based accounts are either impossible to open or worse the government has demonstrated more than once that they’re quite willing to go in and confiscate the dollar-based accounts by converting them. Choose a local currency forcibly add ludicrous exchange rates that doesn’t match the actual value, thereby confiscating the savings of the people who held those accounts.”

For more news on this, the BTC price and other crypto updates, keep it with CryptoDaily!

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