Venezuela just gave us another reminder why bitcoin matters.
If you have been following along with what has been taking place in Venezuela over the past couple years you would likely know about the currency issues they have been facing.
Something like millions of percentage points in inflation over the past several years alone.
Which has resulted in their fiat currency literally being worthless.
To the point where it takes wheelbarrows full of cash just to buy a loaf of bread.
Most people would say, this is why bitcoin matters...
However, this isn't the only reason why bitcoin matters...
In recent developments, the standing president Nicolas Maduro has been removed, or at least is in the process of being removed.
He has ruled Venezuela like a dictatorship and is at least partly responsible for the turmoil the country now finds itself in.
Currently, he is refusing to step down, which is made all the more complicated because he has the backing of the Venezuelan military.
More about what is going on can be found here:
This is where the real reason why bitcoin matter's comes in...
The Bank of England just denied him from withdrawing roughly $1.2 billion worth of gold reserves from their bank.
The bank has very good reasons for doing so, mainly that they think he will likely try to steal that money and keep it for himself now that he is being overthrown.
However, this is a great reminder why being your own custodian matters.
If you hold your wealth somewhere else, like a bank, that person or entity could in theory deny you access to your money.
If wealth is stored in bitcoin, there is no one to deny you access to your money, you are your own custodian, and that is one of the primary reasons why bitcoin matters.
The current chaos going in Venezuela is awful and very unfortunate but is also another great reminder of why bitcoin matters.
Stay informed my friends.
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