Re: Bitcoin demand in economically volatile countries surges
I don't know whether to be happy with this sudden adoption of bitcoin in other countries or not because they're experiencing a crisis... But one thing for sure is that bitcoin is helping them to survive their everyday living which their local currency cannot support. The only concern here is the volatility of bitcoin as well. Their currency is already not stable yet they're investing on something volatile as well. The con is when the price is low, it'll be hard for them as well
At least Bitcoin is volatile in 2 ways, up and down
Most of these countries have a very high inflation national currency so holding that doesn't make any sense. They flee to bitcoin because it is easy to buy, transact and use even though it is still volatile. A currency that can go up or down is more preferable than a currency that can only go down, so it makes sense that people are buying bitcoin there. I'm glad cryptocurrency can finally be used for some real life purpose and can actually help people be safe from their governments.