As a crypto investor in the US, some of my family and friends often ask me: what is the point of Bitcoin and “all those other coins”? From a limited perspective, the USD is a stable currency with annual inflation that is somewhat predictable. To common people, they have enough trust in traditional Fiat and other investment opportunities that they do not need feel the need to dabble into crypto.
But of course, many countries and people around the world do not have the luxury of having stable national currencies. For example, the citizens of Venezuela have used Bitcoin as an alternative to Fiat to avoid rapid inflation and devaluing of their hard earned money. Other countries, such as Ukraine, Kenya, Columbia, and South Africa have seen a significant amount of their populations investing into Bitcoin and other crypto currencies to use in daily transactions and as a store of value.
As crypto becomes more and more mainstream, it appears that even more people throughout the world will turn away from Fiat. As many nations have passed massive Stimulus packages over the last year due to Coronavirus, the worry of inflation of national currencies is a common thought. I believe over the next decades, millions of people around the world will turn to crypto as a ‘safer’ store of value in order to protect themselves from the volatility of their own national currencies.
