Why the 3rd World Embraces Bitcoin Readily; While US Citizens Remain Skeptics
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Why the 3rd World Embraces Bitcoin Readily; While US Citizens Remain Skeptics
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The same people that trusted the intel agencies on Iraq’s WMD’s telling them about the Russia collusion don’t understand Bitcoin? Shock!
US citizens have been raised/conditioned to expect the USD is king. It’s different when you grow up in another country and see your national currency go to nothing
They will understand bitcoin when they need it. Sooner or later.
The US government is skeptical, but not the US population. Based on what I have read, there are over 30 million Americans with at least some crypto.
Robinhood and WeBull were the main catalysts for ordinary people to get started in crypto. Until Robinhood simplified the process, many people saw crypto purchase, sale, and transfer as too complicated.
They have a lot less to lose.
People in Western countries see mostly FUD about crypto in the mainstream media, and because they are relatively rich, and experience relatively stable economies, they have no reason to look beyond the FUD. People in third-world countries with high inflation, shitty banking systems, high remittance fees etc, by contrast, are highly incentivised to look for alternatives. I was reading an interview with a Ukrainian crypto guy yesterday (ok not third-world, but same deal), and he said exactly that about the high adoption of crypto in Ukraine even before the war, that the banking system was shot, and the government had a tendency to seize your money if you put it in a bank account, hence people turn to crypto.
https://www.theverge.com/23138465/decoder-ukraine-war-cryptocurrency-michael-chobanian-interview-bitcoin-usdt