The City of the Future: Who Will First Use Bitcoin Officially?
Some people invest in Bitcoin and win from its volatility… Others consider it a big bubble that will soon burst and leave its owners with nothing… Some other people are going to use it to pay for their monthly bills. Unbelievable but true! And try to guess what city will do that first?
Let’s use common sense… If a city uses Bitcoin every day, it should be fabulously expensive. So, let’s think of options – which is the most expensive city in the world? New York with its Manhattan and Wall Street? Zurich with its Swiss sophistication? Kuala Lumpur with its radiant grandeur? NO!
You are not fucking right, and we hope you’re sitting now, cause there is shocking news!
It is… Caracas (Venezuela)! Can you imagine? A third-world country has the world’s most expensive city!
Why? Let’s see:
We can’t even state exactly how high it is in Venezuela. More than two years have passed since the government decided to restrict access to such reports. It’s not public information anymore.
However, few independent economists have made their calculations and they state that figures are just astronomical.
Venezuela’s National Assembly reveals the figure of 2,616% for 2018! People who live in Venezuela are now paying 27 times more for everyday services and goods. Some experts share even worse results. In their report for 2019, the National Assembly said that the inflation rate has grown to 24,600% a year.
The scale of the tragedy is so huge and bolivar – the currency of Venezuela – has decreased so much that people can’t afford even food! They sell devices, household things, and some Venezuelans even sell hair to make ends meet.
Looking at this sad picture of endless poverty and economic misery, everyone wonders how has Bitcoin become the currency of one of the Venezuelans cities.
Bitcoin as Salvation for Penniless Venezuela
Technology may be the greatest good for the inhabitants of this planet, especially for Venezuelans who trade local currency for Bitcoin (BTC). Numerous analytical charts on the Internet show that the Bitcoin trading volume has grown to more than 210$ in the last half a year.
They choose Bitcoin not only due to the bolivar’s dramatic fall but also due to its decentralization. This cryptocurrency is not controlled by anyone be it a central bank or government. People are allowed to freely use Bitcoin in Venezuela and what’s great for them – Bitcoin is not going to fall as it did in 2018.
Yes, you might remember that harsh times when after unprecedented growth, Bitcoin crashed in the early 18th. This phenomenon was later named as ‘Great crypto crash’. Still, future rapid crashes of Bitcoin hardly make Venezuela citizens worry, as they are ready for every shit which can happen to their economic situation.
A Great Step of a Small Poor Country
Of course, Bitcoin rates won’t grow much if people in Venezuela start paying for groceries with cryptocurrency. Still, this country can be an example for more developed ones in terms of economic reform. It can be the first country where a controlled by the government fiat currency will be replaced by an innovative cryptocurrency.
Even if the first-world countries don’t follow this example, it would be a great idea of where to find shelter – in Bitcoin, as there are many countries facing money problems except Venezuela.
Another instance of terrifying inflation is Argentina (what’s wrong with Latam, guys?) with the inflation rate of 25%. In 2018, it was horrible 37%! Just imagine how expensive goods and services were there. People were struggling to buy medicines when they needed.
The Turkish lira is the third currency that lost much in a year. It has fallen by 18% against the USD in 2019.
Can We Sleep Well Saving EUR or USD?
Well, we can’t be confident that euros or American dollars will be at the same levels in 2020, so we might have a closer look at what Venezuela does with Bitcoin.
Given its growth, everyone who owns Bitcoins will benefit very soon, as it is growing by leaps and bounds. It is also very convenient and user-friendly. With cryptos, you will avoid long queues in banks, all that unnecessary bureaucracy… You’ll just send and receive Bitcoin transactions in a couple of minutes. Moreover, BTC owners won’t have problems in a crisis when paying for bills and food – they just won’t care what’s happening with all those old-fashioned fiat currencies!
So, if you don’t have Bitcoins yet, learn from Venezuela and think of your future now. Tomorrow a crisis might begin and you’ll be poking around in the scraps of those who bought crypto currencies on time!
Disclaimer: Still, consider Bitcoin’s high volatility and never spend money you can’t afford to lose on it!