Now you know why the price of bitcoin is constantly on the rise.
Four Countries Priming Bitcoin Demand Worldwide
The global economy is currently facing an enormous shift as many countries are burdened with massive debt, resource shortages, and failing fiat currencies. A lot of banks worldwide are folding while the central banks try to fix markets by printing vast sums of money and lowering interest rates. However, more and more global citizens are finding a hedge from this turbulent economy within bitcoin. Here is a list of four countries to watch as any one of them could spark a significant rush towards the decentralized cryptocurrency.
Four Countries That Could Incite Significant Demand for Bitcoin
Zimbabwe
The African country of Zimbabwe is suffering from economic hardships as leaders continue to fumble around with worthless ideas. Following the year 2000, Zimbabwe’s economy dropped like a rock as the citizens experienced widespread turmoil. From 2003 to 2009 the country experienced hyperinflation as the Zimbabwe dollar became worthless. Since then the country’s citizens use multiple types of national fiat currencies such as the yuan and U.S. dollar.
More recently the Zimbabwe banking system has created new bond notes which local businesses and the general public distrust. The new bond notes which have just recently begun circulating are said to be “incentive” a local told Bitcoin.com. Taedzwa Chikono explained the situation to our publication stating:
The whole nation has been duped again! They say Bond is not money but an incentive awarded to exporters, but it’s funny how the currency introduced primarily to be a means to pay out export incentives hasn’t reached the hands of the exporters and is already being issued to the general populace who aren’t exporters by any measure. The bond is being dispersed from ATMs machines nationwide! A currency is built on confidence and trust not the lies and deception behind this bond note!
Furthermore Bitcoin.com this past month reported on Phillip Haslam, an economist from the region who believes Bitcoin would help the Zimbabwean economy. “We are very excited about bitcoin as a stable currency alternative, explained Haslam. “The thing about bitcoin is once you import it into the country, you don’t have the problem of the currency eroding and perishing like you have with notes. It’s a system that allows for privatized banking. Effectively……
Read More : News.Bitcoin.com, Jamie Redman, Four Countries Priming Bitcoin Demand Worldwide