Bitcoin demand in economically volatile countries surges

[wxa7115]

I think when you do not know what your countries money will be worth in the next year, you tend to look for other stuff. For example in my country the value of our currency dropped significantly compared to other countries which resulted with a high inflation and that is why many people moved to dollar. I can understand why they moved to dollar, it is not really a bad idea because compared to many currencies dollar is stronger.

Still, I am not one of those people because I feel like bitcoin is a better store of value currency and yes I know that bitcoin has been doing recently but in the long term bitcoin is better compared to dollar. Maybe I am wrong, maybe they feel like gold/dollar is more guaranteed and they are right but I feel like in 10 years I will be doing much better.

And that is the thing, all of those that complain that the short term movements of bitcoin means that it is not a good store of value forget that those that are looking for that characteristic are not really thinking on keeping their coins just for a few weeks they are thinking in the long term they want to keep their coins for years and in extreme cases for decades similar to what many people already do with gold.

And when you do that it is very easy to see that bitcoin is by far the best store of value available but obviously those that criticize bitcoin do not really want people to know this small fact.

[SquallLeonhart]

It is also highly important to point out that Hong Kong had a huge surge in crypto exchanges. Not just volume and all, but also the companies as in exchanges, so that means there was so much interest that people started to build local exchanges there in rapid pace as well and there was a huge volume uptick as we all know.

This shows clearly that when you are not happy with your government, you tend to find other methods to put your money, and when you find something that allows you to both keep your money away from the government AND spend it at the same time as well that is the best clear choice you could ever have. Unfortunately there are too many old people that can't really comprehend how it all works but we could manage to help them as well we might see a huge increase.

[X-ray]

People who see the news as the increase/decrease in prices of BTC and alt may say so.
Actually the news just utilized to manipulate the price.
The last news that I heard yesterday was the Gopax exchange in a hack worth 51.2 million $, should it be bad news, but the market shows the opposite reaction.

It shows that the people in the cryptocurreny community is now getting smarter than before. Before, people used to react so fast with the news online whether it is fake or not because they are driven by their emotions but now we matured enough to just focus on the technical side of the market rather than fundamentals.

Crypto traders are becoming mature too on trading. That's why even a piece of big negative news like the Upbit, Gopax, etc hacking incident, it barely affects the price. Crypto Traders are becoming wiser too and with experiences from previous years plus losses    they become more cautious.

I can't be sure that is true or not but somehow the price is indeed pumped instead of being dumped after the news regarding the hacking appear. It's like the whole market dont even care if there's any hacking happening but well, if it pumped then it's pumped.
Also we need to point out that the recent hacking could be a warning to the exchange that lacks the security and hopefully they will improve so that any exchange will become safer even though I'm not sure to those second rated exchange.

[wxa7115]

It is also highly important to point out that Hong Kong had a huge surge in crypto exchanges. Not just volume and all, but also the companies as in exchanges, so that means there was so much interest that people started to build local exchanges there in rapid pace as well and there was a huge volume uptick as we all know.

This shows clearly that when you are not happy with your government, you tend to find other methods to put your money, and when you find something that allows you to both keep your money away from the government AND spend it at the same time as well that is the best clear choice you could ever have. Unfortunately there are too many old people that can't really comprehend how it all works but we could manage to help them as well we might see a huge increase.

When the trust in the government fades then it is completely natural for people to lose their confidence in their fiat currency and try to find alternative methods to keep their wealth, historically governments have always tried to find ways to seize the wealth of their citizens and as you may guess their citizens have always found ways to try to avoid this, until recently governments were winning this battle because now most of the money is in electronic form and if they wanted they could steal it from you.

But now thanks to bitcoin things are changing and for the first time we have an electronic form of money that protects our wealth and since it is decentralized it is possible that governments will never find a way to destroy it.

[kotik085]

It is also highly important to point out that Hong Kong had a huge surge in crypto exchanges. Not just volume and all, but also the companies as in exchanges, so that means there was so much interest that people started to build local exchanges there in rapid pace as well and there was a huge volume uptick as we all know.

This shows clearly that when you are not happy with your government, you tend to find other methods to put your money, and when you find something that allows you to both keep your money away from the government AND spend it at the same time as well that is the best clear choice you could ever have. Unfortunately there are too many old people that can't really comprehend how it all works but we could manage to help them as well we might see a huge increase.

When the trust in the government fades then it is completely natural for people to lose their confidence in their fiat currency and try to find alternative methods to keep their wealth, historically governments have always tried to find ways to seize the wealth of their citizens and as you may guess their citizens have always found ways to try to avoid this, until recently governments were winning this battle because now most of the money is in electronic form and if they wanted they could steal it from you.

But now thanks to bitcoin things are changing and for the first time we have an electronic form of money that protects our wealth and since it is decentralized it is possible that governments will never find a way to destroy it.

The trust in the government is dissipated among ordinary citizens and they begin to move to the cryptocurrency sector. What the state cannot give them is that there is no stability in their work. Bitcoin and crypto investments have stability and profitability, and this must be taken into account. The percentage of transactions from the deposit, investment in bitcoin, is much higher than in the real sector. This, many are beginning to understand.

[Webetcoins]

It is also highly important to point out that Hong Kong had a huge surge in crypto exchanges. Not just volume and all, but also the companies as in exchanges, so that means there was so much interest that people started to build local exchanges there in rapid pace as well and there was a huge volume uptick as we all know.

This shows clearly that when you are not happy with your government, you tend to find other methods to put your money, and when you find something that allows you to both keep your money away from the government AND spend it at the same time as well that is the best clear choice you could ever have. Unfortunately there are too many old people that can't really comprehend how it all works but we could manage to help them as well we might see a huge increase.

When the trust in the government fades then it is completely natural for people to lose their confidence in their fiat currency and try to find alternative methods to keep their wealth, historically governments have always tried to find ways to seize the wealth of their citizens and as you may guess their citizens have always found ways to try to avoid this, until recently governments were winning this battle because now most of the money is in electronic form and if they wanted they could steal it from you.

But now thanks to bitcoin things are changing and for the first time we have an electronic form of money that protects our wealth and since it is decentralized it is possible that governments will never find a way to destroy it.

The trust in the government is dissipated among ordinary citizens and they begin to move to the cryptocurrency sector. What the state cannot give them is that there is no stability in their work. Bitcoin and crypto investments have stability and profitability, and this must be taken into account. The percentage of transactions from the deposit, investment in bitcoin, is much higher than in the real sector. This, many are beginning to understand.

This is crystal clear from the investment people are making into bitcoin and the rate at which people are shifting to crypto currencies that they have lost trust in governments for their financial stability. They are no more in mood of paying heavy taxes. I am of view that governments shall make bitcoin along with other cryptos legal so that their financial burden could be shared and people do not depend on it totally.

[meliodas]

It is a no surprise for the other countries such as volatile countries to have a surge demand in having bitcoin. Bitcoin is a great asset and it outperforms most of the traditional assets because of its fantastic return in just a few years. Bitcoin still has a lot of potential to grow and that is what the other people see so they are now cashing into bitcoin to seize that opportunity.

[Silberman]

It is a no surprise for the other countries such as volatile countries to have a surge demand in having bitcoin. Bitcoin is a great asset and it outperforms most of the traditional assets because of its fantastic return in just a few years. Bitcoin still has a lot of potential to grow and that is what the other people see so they are now cashing into bitcoin to seize that opportunity.

While bitcoin is not precisely the best option when it comes to maintain its value over the course of days or months when you read there are countries with such a huge inflation that people need to spend their money as soon as they get it or they will lose any opportunity to buy anything with it then it is obvious that bitcoin at that point becomes a decent option compared to the national currency people are forced to use, but even in those countries the demand for bitcoin will drop as soon as their fiat currency gets stabilized or if they decide to drop their currency and use a foreign one.