Many countries in the world have been going through economic turmoil in terms of high inflation and declining currency values. Some have even opted to print out more money to solve the economic crisis which in turn worsened the situation - currency devaluation. But the most opted plan was cryptocurrency, which seems to have yielded positive results to most governments.
Even though the cryptocurrency market is a highly volatile field, Turkish investors prefer Bitcoin over the national currency, the lira. In autumn, trading volumes in Turkey alone rose by 37%, proving that Bitcoin’s popularity was not affected by the bear crypto market trend.
Venezuela, a nation fighting one of the largest economic recessions, is ready to launch a fresh fiat currency linked to its oil-backed 'petro' virtual currency in October, according to what President Nicolas Maduro has said.
The way Cryptos are designed and how they behave may make it an inappropriate replacement for fiat currencies, particularly for people in economic and financial disorder, according to a report by FinTech and Blockchain technology research publication Diar published on Tuesday, September 11, 2018.
According to what is coming out of Washington, it seems like no deal has been struck between the Trump administration and the government of Turkey, led by President Tayyip Erdogan, continuing what is already a shaky financial situation.
The Crypto market has seen many uses for blockchain technology and has started to get bored with all of them. A brand-new concept of decentralized blockchain state brought excitement to the public. Soviet Land is built on ideas of Communism and imitates the foundations of the USSR.
Venezuela has an unstable economy and its currency has been hit by inflation beyond 1000%. Destinia, a Venezuelan online travel agency, will now only accept Bitcoin for payment for its services citing “increasing restrictions” and economic woes in the country.
Bitcoin price last week remained mostly stable, as small fluctuations up and down did not change the situation. Macroeconomic news, which gave a favorable backdrop for risky assets also did not affect the movement of Bitcoin price.