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Bitcoin a coinmarketcapBitcoin Could Be Latin America’s Ladder Out of COVID Chaos - CoinMarketCap Blog
Adjust accordingly. That was part of the pump to keep the little guys on board while the big guys dumped.
Bitcoin made a new high, but instead of new money rushing in, old money cashed out. Subscribe here! It might be a little too early to crack open the champagne — for several reasons. All of this is relevant when we take a look at Nov. Bitcoin came pretty close to an all-time high 2. At least it managed to set a new record for the highest-ever monthly close 3. Reaction to the rollercoaster ride on Crypto Twitter has been… well… mixed.
Today, we have ten countries in the region with active Bitcoin communities and meetups. A survey last year by Statista showed that, of the top seven countries to adopt cryptocurrencies, five are in Latin America. Cryptocurrencies level the financial playing field. Anyone with a smartphone can start using cryptocurrencies within seconds, meaning it holds vast potential as an enabler of financial inclusion.
As the economic crisis bites on Latin America, Bitcoin has the potential to do the same. Unlike M-Pesa, which relies on national currencies, Bitcoin holds another attraction for the people in Latin America. With such a low level of confidence in national currencies and purchasing power loss that make Bitcoin volatility irrelevant, people prefer to convert their funds to crypto.
When the Argentinian government clamped down on crypto last year, the people simply started using LocalBitcoins and other peer to peer means of exchange. Stablecoins are more available than ever before and backed by a wide range of more stable currencies, including the U. These foreign currencies would have been entirely inaccessible to many citizens of Latin America a few years ago.
Decentralized finance is taking off in a big way, and opening up even more opportunities for financial inclusion for people in Latin America. Stablecoins pegged to the U. If someone does have a store of wealth in crypto, they can stake it and earn interest from those wishing to borrow.
Blockchain is also becoming more interoperable. Therefore, it seems reasonable to expect that within a few years, decentralized finance applications running on Bitcoin and other platforms will run together seamlessly, allowing a lender on one platform to loan funds to a borrower on another.
Tokenizing traditional assets, such as commodities or even real estate, could finally bring true democratic access to the broader financial markets. Due to the continuing challenge of the pandemic, things seem bleak right now. However, those of us in the crypto space have an opportunity and a responsibility to use our knowledge, expertise and influence to help use digital finance as a way of alleviating the situation for the benefit of young and future generations.
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