Quote from: CroverNo01 on September 11, 2024, 11:37:34 PM

Quote from: bananahunter67 on September 11, 2024, 01:11:19 PM

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

We should be able to comprehend the visionary of the top whales in Venezuela, we're talking about country with massive adoption ratio of bitcoin. The country, Venezuela is purely an example of cryptocurrency massive adoption during the period of economic crisis, the economic sector of Venezuela is transforming to be a phase that deals with hyperinflation. We've watched and observed the economic system of bitcoin, we've gathered enough evidence to lay our high hopes on bitcoin. It's saved most of the outstanding traders and investors anticipating in cryptocurrency, I know it's been really a long run for these category of people.

Venzuala suffered from devastating inflation in 2019 that led to severe currency devaluation. This harsh economic condition made many citizens use Bitcoin as a hedge against inflation. The country also suffers from diverse sanctions from the West which could hinder economic activities. I also suspect that Bitcoin and other crypto were used to bypass sanctions from the US. These two challenges led to massive Bitcoin adoption in Venezuela. But I doubt if Bitcoin contributed massively to the economic recovery of the country.

Quote from: Iranus on September 12, 2024, 09:05:16 AM

I have seen many people make similar statements as you but I have yet to see anyone come up with a detailed plan, most just speak their mind but they don't know what they are talking about.

Some people want to relate the benefit of Bitcoin to an individual to an entire country. But fail to understand that a nation's economy is bigger and more complex. Bitcoin can only contribute slightly to the growth of the economy of the nation if the government invest massively in it as we are seeing in El Salvador. The country bought Bitcoin at a cheaper rate and is now in profit. El Salvador's friendly policies have also attracted crypto investors and tourists.