The time-honored weekly American news publication, Time, has featured Bitcoin (BTC) in an article discussing the ongoing economic disaster in Venezuela hailing BTC as a financial liberator.
The article explains the situation in Venezuela as “desperate”, continuing to evaluate Bitcoin has the quasi-savior, stating that the digital gold offers a solution in order to “evade hyperinflation and strict financial controls.”:
“Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” The publication adds, continuing to state that the nascent cryptocurrency is a “valuable tool as a censorship-resistant medium of exchange” for those under living under authoritarian governments.
Venezuela provides a powerful case study for the benefits of cryptocurrency. Not only has it’s economy inflated by more than 1 million percent, but the country is also governed by a dictatorship.
As the Venezuelan government started taking cuts from remittance payments; and according to Alejandro Machado, of the Open Money Initiative wire transfers from the US can accrue a fee of up to 56% when processing into bolivars.
In this instance, Bitcoin is not only an innovative new medium of exchange, but it’s also a life preserver.
The famous publication gives further credit to peer to peer cash as a potential world currency, stating that more and more countries are looking to switch to electronic cash, adding: “It’s essential that we explore electronic money that can preserve the peer-to-peer quality of cash for future generations.”
The Article ends with the overarching theme of Bitcoin as a liberator, relaying the statistic that less than 1% of the world’s population has ever used BTC, adding a further stat from the Human rights foundation that over 50% of the world’s population lives under authoritarian command.
BTC and other cryptocurrencies offer a remedy for such regimes, giving the power truly back to the people.