Bitcoin very well has the potential to be the successor to the dollar and the next global reserve currency. For now, the store of value narrative and acting as a hedge against inflation has drawn institutions to the asset class finally. Crypto analysts point to the high wealth, “smart money” investor class as the sole reason for the sudden momentum across the market.
However, retail volumes in emerging markets have tripled in the last month alone, and are tending at new all-time highs. One crypto firm CEO claims that this is a sign that citizens in these countries where their money is a lot weaker than the dollar are voting with that money for a better financial system – one that is built on Bitcoin.Emerging Markets Are Voting For Bitcoin As A Better Financial System
Bitcoin is the answer, is a phrase thrown around for nearly everything, to the point where it is often used as a joke or a meme. But considering all the critical world issues the cryptocurrency addresses, it is the first serious chance at a major societal change in terms of the monetary system.
Bitcoin is indeed the answer to the problem long plaguing money. There was once upon a time when the dollar was pegged to gold, but when that was done away with in the early 1970s, dollars have been a vehicle for inflation and control forevermore.
Gold – the one true standard of hard money – grew from $30 an ounce to the high of $2000 this year. But even gold has met its match with Bitcoin.
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Futures interest and fund flows show that institutions are reallocating gold into the first-ever cryptocurrency, moving the needle significantly. Crypto enthusiasts that have watched the market for years now require a reason to point to for the sudden momentum in the market, and that’s the most obvious of factors.
Retail interest in emerging markets has increased three-fold in the past month | Source:And while retail interest in the United States perhaps hasn’t reached the levels of FOMO and retail interest as the crypto bubble, the same can’t be said about emerging markets like “South Africa, Malaysia, Nigeria, and Indonesia,” according to the CEO and co-founder of Luno Global, . The executive says that these markets have tripled in volumes and are at all-time high levels, and this has all happened over the last month when the breakout took place. //twitter.com/BarrySilbert/status/92483075
He adds that citizens in these countries where their native fiat currencies aren’t anywhere near as strong as even a weakening dollar are voting with what money they have for “a better financial system.”
Bitcoin is again the answer. The fixed supply and inability to be confiscated or stopped by a third party make Bitcoin the non-sovereign currency of the future that the world needs.Related Reading | Bitcoin Approaches Top Of Accumulation Zone, Parabolic Phase Begins With Breakout
The reason that more advanced countries like the United States, the UK, Japan, and elsewhere aren’t leading this changing tide, is because there has the dollar, euro, yen have always worked in their favor. The rest of the world hasn’t been so lucky, and these civilizations have lived poor because of it. But as , every monetary empire eventually falls, and it is always due to the ease at which the empire has had it. With Americans especially, having it so simple for much of its history on the back of the dollar being the global reserve currency, the country could be the blindest to the dramatic shift in the monetary system that is underway.Featured image from Deposit Photos, Charts by TradingView.com
