- Over the past month or so, many Fiat currencies have spiralled out of control leading to a massive drop in the value.
- A good example of this is the Lebanese pound and the Argentine peso.
Over the past month or so, many Fiat currencies have spiralled out of control leading to a massive drop in the value. A good example of this is the Lebanese pound and the Argentine peso.
Of course, the situation in Argentina was dire before the pandemic of COVID-19 became a serious issue worldwide but now, the future is even more uncertain than before. The South American country had been in a three-year recession before coronavirus became a thing raising more questions now than ever before.
Now, Lebanon's national currency lost more than 50% of its value resulting in one more country in dire straits.
But with all this going on, there has been a significant increase in the acquisition of cryptocurrency by the people of these countries. In Argentina, it is still unclear as to how many citizens have adopted crypto as an alternative to its Fiat currency. But even so, it is highly likely that people of Argentina will increase the use of crypto as the economy continues to bleed red.
As these countries and more start to spiral out of control, will more countries tend to crypto and bitcoin? We don’t know for certain but if the situation continues to worsen on a global scale, it could end up being the only option left before complete anarchy.