Currency crises have gripped a good part of the world.
And as that happens, we believe cryptocurrency could take center stage
For example, Argentina’s peso is down more than 50% versus the dollar. It’s part of the reason it sought help from the International Monetary Fund.
In addition, Turkey has attracted plenty of attention amid weakness for the lira, which is down 40% this year. The Sri Lankan rupee is tumbling. The South African Rand is falling. The Egyptian pound has seen better days. Even Pakistan and the Ukraine are having a tough time, for example.
As that unfolds, we expect more attention to shift to the decentralized currencies
Argentina’s peso, Turkey’s lira, and Indonesia’s rupiah have all hit new lows. And as they have, interest in cryptocurrencies have flourished.
Many are turning to cryptocurrencies as a way to store value as the bolívar’s exchange rate spirals far out of control. The most recent devaluation of the country’s currency is only likely to increase its adoption of Dash by a higher margin.
Argentina for example is struggling, as investors fear Latin America’s third-largest economy will default on debt.
With the Turkish lira under pressure, trading volume on Turkey’s cryptocurrency exchanged surged. That’s happening as many turn to cryptocurrencies because of the lira’s weakness, and because of political and financial turmoil.
South Africa is seeing issues
South Africa’s GDP sank for the second straight quarter, raising fears of a recession. As a result, interest in Bitcoin is growing thanks to economic woes. Even the country’s president Cyril Ramaphosa has argued for a single, digital currency for Africa.
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