Two important, related events have secured Bitcoin’s place as one of the most important assets in the world. Firstly, a deterioration of the situation in Venezuela. Following the decommission of Venezuela’s largest bill, December 17/18 saw protests and lootings. People are even burning Bolivars, illustrating the rapidly shifting sentiment against fiat currency.
While the country’s president, Nicolas Maduro, suggested citizens should use electronic payments, around 40 percent of the population do not have access to bank accounts, a ripe place for Bitcoin to flourish and provide an escape from the situation.
Secondly, the Australian government will seek advice from an independent panel of experts on whether to ban the A$100 bill, mirroring a cash ban enacted in India. Both events are setting precedent for a crackdown on cash worldwide and are demonstrating the veil that cash really is, a piece of paper backed by a promise...
Read more here:
https://btcmanager.com/news/the-veil-of ... ew-dec-19/
Follow BTCManager for the Latest on Fintech, Blockchain, and Bitcoin!