NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cryptocurrency Remains Safe Haven as Economies of Venezuela And Turkey Collapse

Nick Chong
Nick Chong
6 years ago
3 mins read
Cryptocurrencies

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Critics of crypto often talk down on this asset class due to its volatile nature and price instability/unpredictability, however, in countries prone to economic instability, crypto assets can prove to be a safe haven in periods of rampant inflation and flawed monetary policy.

Crypto — An Unexpected Safe Haven In Times Of Economic Distress

The citizens of Venezuela have indisputably had a rough year, with their Venezuelan Bolivars inflating by upwards of 100,000% to become nothing more than paperweights. Although President Maduro is making moves to combat hyper-inflation (which are failing, by the way), some claim that it may already be too late, as citizens throughout the South American country have already fallen into financial ruin.

Keeping this in mind, Xen Baynham-Herd, the Head Of Strategy at Blockchain, recently brought up an interesting point about how digital assets can operate as an alternative to “stable fiat currencies or safe haven assets (gold).”

Regular people in inflation prone countries like Venezuela, Turkey, Iran and Zimbabwe are seeing their life savings disappear

They don’t have easy access to stable fiat currencies or safe haven assets

This is why we need stable digital assets that are universally accessible

— X Ξ N (@XenBH) September 3, 2018

Taking to Twitter, Baynham-Herd wrote:

“Regular people in inflation-prone countries like Venezuela, Turkey, Iran, and Zimbabwe are seeing their life savings disappear. They don’t have easy access to stable fiat currencies or safe haven assets. This is why we need stable digital assets that are universally accessible.”

While it is widely accepted that “stable digital assets” or stablecoins, as they are more well-known, can be a valid alternative to “safe haven assets (U.S. Dollar, a bar of gold, etc.),” there are some individuals that claim that regular cryptos fit the role just fine. As reported by NewsBTC previously, Bitcoin has outperformed three government-issued currencies year-to-date, even though the price of the foremost crypto asset has not fared well in recent months.

So although Bitcoin has tumbled from $17,000 to $7,300 since the start of 2018, if given a choice, citizens in hyper-inflating economies would rather take the brunt of Bitcoin’s volatility then see their fiat lose purchasing power in front of their very eyes. This evidently explains why citizens in Venezuela and Turkey have recently sought solace in cryptocurrencies as a way to preserve their assets and to buy and sell items without a government intermediary in fiat.

What’s next, however, is making cryptocurrencies universally accesible for the over seven billion individuals on this planet, as this will be sure to drive the adoption, growth, and maturation of this world-changing innovation.

Venezuela Is Down, Could The U.S. Be Next?

Although the U.S. dollar and crypto have proven themselves to be invaluable assets in Venezuela, Kim Dotcom, a well-known entrepreneur, “internet freedom fighter,” and anti-government proponent, claims that the U.S. dollar is also subject to losing a majority of its value. In a tweet that gained traction across the cryptosphere, Dotcom wrote:

Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash.

Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash.

The big crash is coming 100%.

— Kim Dotcom (@KimDotcom) August 12, 2018

This belief may seem like irrationality at its finest, but with U.S. federal debt racking up like no tomorrow, many believe it is just a matter of time before the American government will have to default on its over $20 trillion of debt. Following this speculated event, proponents of both anarchy and blockchain-backed assets claim that worldwide legacy markets will collapse, leading to a society where the use of cryptocurrencies is the norm. Some cryptocurrency advocates aren’t so cynical, claiming that the widespread adoption of cryptocurrencies can be had via the gradual development of these assets.

Regardless, one thread remains, which is that cryptocurrencies will eventually hit the public spotlight as a tool that can be used in day-to-day activities.

Featured Image from Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Consolidates Below Resistance — Can It Seal A Weekly Close Over $107,720?

Bitcoin is at a pivotal point, and the weekly close could define its next move. To confirm bullish continuation and...

Sandra White 5 hours ago
Bitcoin

Bitcoin Finds Support Above 50-Day SMA, But Next Direction Remains Uncertain

Bitcoin is holding steady above its 50-day Simple Moving Average (SMA), showing signs of underlying strength despite a lack of...

Godspower Owie 9 hours ago
Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Bitcoin has experienced heightened volatility over the past few days, moving between critical levels as market participants await a clear...

Sebastian Villafuerte 10 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Price Surges Toward $110K

Bitcoin Price Surges Toward $110K — Will It Finally Stick the Landing?

Aayush Jindal 1 hour ago
Bitcoin

Bitcoin Holds Steady Above $107K As US Senate Clears $4.5T Spending Bill

Christian Encila 2 hours ago
Bitcoin

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

Scott Matherson 4 hours ago

Premium Sponsors

Press Releases

  • 1 Najlepšia kryptomena na kúpu predtým

    1 Najlepšia kryptomena na kúpu predtým, než vzrastie o...

    4 hours ago
  • O criptomonedă de top de cumpărat înainte să crească...

    5 hours ago
  • Szukasz najlepszych kryptowalut do zakupu w 2025 roku

    Szukasz najlepszych kryptowalut do zakupu w 2025 roku? Oto...

    7 hours ago
  • Best Crypto Payment Gateway for Trading in 2025

    9 hours ago
  • 仮想通貨プレセールで1.45百万ドル調達-人為的ミスを排除し次の100倍を目指す新鋭トークン

    ...

    13 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.