The hyperinflation experienced in some countries recently has aided their citizen’s adoption of cryptocurrency and national adoption recently. However, this is yet to impact the universal usage of cryptocurrency, as the significant fiat currency of the world for foreign exchange still strives.
Bitcoin Adoption With No Value On The World Traded Volume
The use of cryptocurrency has become a savior for the citizens of Zimbabwe, Iran, Venezuela, Turkey among others, from the hard grinning economic situation of their countries.
This trending growth of cryptocurrency adoption does not have an impact on the value, the traded volume of cryptocurrency, nor does the size of cryptocurrencies traded in such countries surpass that of countries without difficult economic situation.
Though there has been a constant growth in the adoption of cryptocurrency by these countries, their economic status, and segregated nature from the international political system has made the growth to have a significant effect on the cryptocurrency community.
Venezuela, the first country in the world to introduce a national cryptocurrency, Petro has been talking about cryptocurrency adoption since 2014. At the time inflation started tolling effect on its economy and US dollar was made difficult to get on the foreign exchange, its citizens began broad adoption of cryptocurrency.
Even with the adoption of Petro in the country, it has received less attention as its citizens have patronized the significant share of the Petro cryptocurrencies though the figure isn’t known at the moment. However, this has little to no impact on the universal volume of cryptocurrencies traded.
Similarly, the sour economic situation of Iran from economic sanction has made the citizen’s adoption of cryptocurrency to increase. Even though the country stance on the relationship of banks and cryptocurrency is not favorable, the country announced in July of its interest in adopting a national cryptocurrency. Countries like Thailand with lower inflation still has a larger cryptocurrency trading volume than Iran.
Turkey and Argentina are not out of this similar condition as their citizens are adopting cryptocurrency, but with a little rate in volume in comparison with countries that are not in hyperinflation.
The Wide Adoption Of People’s Money
The opinion of Robert Kiyosaki, the Billionaire, famous for the best selling book Rich Dad Poor Dad come to play in the future of cryptocurrency. He stated that the rise of Bitcoin value would lead to the crushing of the inflated U.S. dollar.
The access of US dollar for foreign exchange and store of value has made the full adoption of cryptocurrency difficult.
Despite increasing interest in cryptocurrency by some countries due to their economic situation, the size of their economy is not influential enough to affect the worldwide trading volume.
Hyperbitcoinization is a subject for the dump in the value of US dollar, Euro, among others for storage of value, to aid the growth of cryptocurrencies. As predicted by Kiyosaki and Warren Buffet, an acute economic meltdown to the world economy that would take place soon will support this.