Bitcoin Evangelist: Killer Application For Crypto Is For Fiat Currency Crises

Bitcoin Evangelist: Killer Application For Crypto Is For Fiat Currency Crises

02/27/19 12:57 AM 2019-03-20 09:47:07
Humans are predictable. Time and time again, over recent centuries, mediums of values backed by governments have fallen victim to shortcomings. The German Papiermark was crucified by hyperinflation in

Humans are predictable. Time and time again, over recent centuries, mediums of values backed by governments have fallen victim to shortcomings. The German Papiermark was crucified by hyperinflation in the early 20th century. And just shy of a century later, Venezuela, along with a number of other developing nations, have fallen victim to a similar issue, as some fiat currencies have basically dissolved into the ether. With this narrative expected to continue for the impending decades, especially as global debt continues to mount, some have exclaimed that Bitcoin (BTC) and other crypto assets are the answer.

Crypto In Shaky Emerging Markets

In an interview with American magazine Slate, Andreas Antonopoulos, the world-renowned, Greek-British Bitcoin diehard, educator, and researcher, claimed that crypto had a substantial impact on shaky emerging markets throughout 2018. The educator, who has racked up over 450,000 followers on Twitter, explained that in nations like Venezuela, Argentina, Brazil, and Turkey — all nations with heavy-handed capital controls and currency crises — crypto can bring about positive change.

Case in point, while trading volumes declined across the globe, in the four aforementioned countries, volumes more than quadrupled as locals found value in decentralized currencies that were borderless, secure, and not subject to the whims of the centralized establishment. In other words, Antonopoulos explained that in this industry’s current stage of development, a “key use case” for cryptocurrencies is as a way to protect capital during a currency collapse.

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