Talking about the declining value of the bitcoin plus that of other cryptocurrencies- in recent times, various concerned bitcoin enthusiasts, scholars, traders etc have argued that the value of bitcoin is determined by several factors among which the forces of demand and supply seem to resonate actively.
The question therefore is, what can be done to deepen the bitcoin market in developing countries of Africa, Asia, Latin America and the likes?
The rationale is this, if the degree of acceptance (demand) for bitcoin in these frontiers increase its only sure that the value of bitcoin would increase as well.
I think that actual adoption of bitcoin as a store of value or as a means of transacting will actually occur within countries which have deep rooted financial issues, or crises.
For example, countries such as Venezuela have seen increased adoption for bitcoin, as access to foreign exchange can be extremely difficult and bitcoin essentially provides people with a hedge against inflation. It is this utility that bitcoin has got which makes it valuable in the first place, and it is interesting to see that it is not the developed countries that are taking advantage of this (possibly due to the perceived stability of their respective fiats).
I have no doubt that bitcoin would be able to break into developing markets in the future. One, due to its globalised nature, and two, due to the need for safe haven assets within these countries, and global means of payment that can connect workers within these countries to overseas employers.
