Bitcoin in countries with broken FIAT
Obviously everyone in Venezuela is happy to get bitcoin to escape the huge inflation of the worthless government bills. But with the amazing recovery we have seen in the past months, bitcoin made some new records in countries that are significantly more stable than Venezuela.
Bitcoin one year high versus the Turkish Lira
Bitcoin all time high versus the Argentine Peso
This means that whenever you bought bitcoin using pesos, you always made a good deal, even when buying in December 2017.
Of course, bitcoin should be much more stable than the currencies of countries with deep economic problems. But bitcoin is still small and came crashing down from the 20,000$ bubble. While people buying at the top did suffer a lot, everyone in Argentina lost the same by just using government money!
Bitcoin offers a much needed borderless and permission-less payment system. Authoritarian regimes can still play around with their own currency, but for the people that had enough there is an exit. And that exist is working even in a dollar bear market for bitcoin.
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Yet adoption in Buenos Aires is almost null. Everywhere I go I try to visit every venue listed in coinmap (using a custom filter in OsmAnd I can access this information locally on my phone). Almost every shop listed no longer accepts bitcoin as a payment method or the shop does not exist at all anymore.
Hyperinflation seems like the perfect storm for crypto adoption yet it's main use case is pure speculation. It's unbeliveable that people still trust in banks given what happened in 2001
@frdem3dot0 Thank you for not using bidbots on this post and also using the #nobidbot tag!