1 thought on “Cryptocurrencies collapse, Latin America dreams are shattered”
Joy
A small group of Bitcoin enthusiasts gathered in Ecuadorko in early 2014 did not appear out of thin air. Not long ago, the country faced 40% of the inflation, high default rate, stagnation of growth, and the pain of government frozen bank accounts for decades. In 2000, Ecuador gave up his currency Socley, and instead supported the stability of the US dollar and his commitment. In all of this, people are full of debt, lose wealth, and fall into despair. Some commit suicide. Therefore, as the world began to realize digital currency, the people of the country decided to try Bitcoin. "I think Ecuador is the perfect breeding place of Bitcoin because it does not have its own currency," said Paul Batink, who lived in Ecuador in Ecudu Dost Eight Better eight years ago. Local economists and entrepreneurs actively participated. It a similar story in Latin America. In Ecuador, Argentina, Colombia, and Salvador, Bitcoin represents some people's potentially departure with the country's support for currencies and its complexity. For these supporters, Bitcoin is a reasonable hedge of malignant inflation, US dollar out of control and heavy international loans. Over the years, their exercise looks very promising. Fall out of the market. The collapse of cryptocurrencies this year weakened the hope of Bitcoin and similar cryptocurrencies to realize their dreams. Bitcoin lost 56% of the value in 2022, and Ethereum lost 71%, and other projects such as Terra have collapsed. In order to prove that you are a legal alternative currency, cryptocurrencies must be a bit stable. But they repeatedly repeatedly. "If you get used to your money depreciation, and then you decide to deposit your money into Bitcoin, you will see it evaporated, which is terrible," Buitink said. "So I think we need to carefully use Bitcoin as the complete and mature competitors of the legal currency, because it may cause people to lose their savings." After buying misleading hype, people have lost their people. Sales. In Argentina, which has a inflation rate of 61% this year, some people want to protect their funds by depositing funds into Terrausd linked to the US dollar. Then, when Terra entered the death spiral last month, they lost almost all of them. "I invested in a stable currency worth $ 0.08 today," a lady of Buenos Aires told other parts of the world. "I feel nauseous and helpless." Bitcoin and similar digital currencies can still play a role in Latin America and elsewhere around the world. If the conditions are appropriate, they can help reduce remittance costs, provide more people with opportunities for investment assets, and hedge the country's downlink risk of supporting currency. But now, these appropriate conditions, as well as the hope of dreamers in Latin America, seem to be far realized.
A small group of Bitcoin enthusiasts gathered in Ecuadorko in early 2014 did not appear out of thin air. Not long ago, the country faced 40% of the inflation, high default rate, stagnation of growth, and the pain of government frozen bank accounts for decades. In 2000, Ecuador gave up his currency Socley, and instead supported the stability of the US dollar and his commitment. In all of this, people are full of debt, lose wealth, and fall into despair. Some commit suicide.
Therefore, as the world began to realize digital currency, the people of the country decided to try Bitcoin. "I think Ecuador is the perfect breeding place of Bitcoin because it does not have its own currency," said Paul Batink, who lived in Ecuador in Ecudu Dost Eight Better eight years ago. Local economists and entrepreneurs actively participated.
It a similar story in Latin America. In Ecuador, Argentina, Colombia, and Salvador, Bitcoin represents some people's potentially departure with the country's support for currencies and its complexity. For these supporters, Bitcoin is a reasonable hedge of malignant inflation, US dollar out of control and heavy international loans. Over the years, their exercise looks very promising. Fall out of the market.
The collapse of cryptocurrencies this year weakened the hope of Bitcoin and similar cryptocurrencies to realize their dreams. Bitcoin lost 56% of the value in 2022, and Ethereum lost 71%, and other projects such as Terra have collapsed. In order to prove that you are a legal alternative currency, cryptocurrencies must be a bit stable. But they repeatedly repeatedly.
"If you get used to your money depreciation, and then you decide to deposit your money into Bitcoin, you will see it evaporated, which is terrible," Buitink said. "So I think we need to carefully use Bitcoin as the complete and mature competitors of the legal currency, because it may cause people to lose their savings."
After buying misleading hype, people have lost their people. Sales. In Argentina, which has a inflation rate of 61% this year, some people want to protect their funds by depositing funds into Terrausd linked to the US dollar. Then, when Terra entered the death spiral last month, they lost almost all of them. "I invested in a stable currency worth $ 0.08 today," a lady of Buenos Aires told other parts of the world. "I feel nauseous and helpless."
Bitcoin and similar digital currencies can still play a role in Latin America and elsewhere around the world. If the conditions are appropriate, they can help reduce remittance costs, provide more people with opportunities for investment assets, and hedge the country's downlink risk of supporting currency. But now, these appropriate conditions, as well as the hope of dreamers in Latin America, seem to be far realized.