Many economically weak countries are struggling with an unstable currency, a severely restricted banking infrastructure and a lack of trust in the existing (financial) institutions. The result: According to the World Bank, only about every third person in the world has no or very limited access to basic banking and financial services.
Like a kind of safety net, Bitcoin can provide an important socio-economic service as a “back-up currency”. What is overlooked: Bitcoin can also help curb pyramid schemes there.
Bitcoin: More than just inflation protection
While the currency narrative of Bitcoin is particularly effective in developing and emerging countries, it is increasingly that of digital gold in the industrialized nations. The speculative store of value is gaining more and more followers, especially as protection against inflation. What is forgotten is that this aspect applies all the more and in many respects to many developing and emerging countries. In addition to the issue of inflation, the lack of access to assets and their safe custody are a major problem in these countries.
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