Can Bitcoin Be a Financial Lifeline for Economies in Crisis?
Bitcoin, the world’s first and most widely-recognized cryptocurrency, has gained a reputation for being a volatile and risky investment. However, in certain economies around the world, Bitcoin is being embraced as a useful tool that is allowing for financial stability and economic growth to continue despite unpredictable financial uncertainty.
The recent collapse of exchange platform FTX and the 200 percent decline in the global cryptocurrency market has significantly dented confidence in Bitcoin again among speculative investors.
But in many parts of the developing world, where volatile local economies have been upended by political or social instability, inflationary tactics and unreliable currency valuations, Bitcoin in particular has emerged as a potential ‘safe haven’ asset.