Now it's China, next will be India and Arab countries

[freebird]

For those who worry that bitcoin is in a "bubble" because most of the price increase is currently being driven by China, think about this:

• Bitcoin has yet to catch on in India, which has the second largest population in the world and an important developing economy. Many people in India are big into gold as a store of value. Eventually they will realize that bitcoin is even better for that purpose.
• Bitcoin has yet to catch on in the Arab world. There are a lot of VERY wealthy people in countries like Saudi Arabia and the UAE, looking for good investments. Some of the rich in the Middle East throw money around so wildly and for such visionary ideas that they build man-made islands in the ocean, covered in luxury hotels and mansions, like this:

Just imagine how high bitcoin will go if wealthy people in these countries decide to invest in it, like the Chinese are doing right now. I bet it's only a matter of time.

Remember this whenever you're tempted to sell your coins. There is a HUGE amount of wealth in the world, that wealthy people don't even know what to do with. Many of them buy pathetic low-return investments such as U.S. treasury bonds. If even a tiny percentage of this wealth moves into bitcoin, the price will go up by orders of magnitude.

[antimattercrusader]

Don't forget Africa.

As I've been preaching, Africa is ripe for BTC adoption. They don't have well established (stable) fiat currencies, a traditional banking infrastructure to resist, and are already familiar with digital and mobile payments. They're no stranger to hyper inflation, they would benefit greatly from longer term bitcoin adoption, bitocin which cannot be manipulated by petty corrupt officials, warlords, and such. It would also bring them into the global business world - with bitcoin you could buy a carving directly from a African artist, or a ship load of raw coffee beans - no need for merchant accounts, paypal, risky wires, etc. It would really open the doors to progress there.

Certainly, I'd love the see the UAE or India get into the bitcoin world - their inflow of wealth would push the price higher indeed. And they might get in on it - but they're already stable and semi-happy with their current monetary system, I feel the real adoption we seek as bitcoin for a payment method is going to come from somewhere that doesn't already have an entrenched banking system. So, I'd like to see a push for bitcoin adoption where it's needed most, and that is Africa.

[BittBurger]

I have a female friend who is drop dead gorgeous, currently being wined and dined by a Dubai billionaire. He flew her out there last month. I have sent her some messages this evening to tell him to look into Bitcoin, and spread the word. Maybe this will help. Fingers crossed.