Cryptocurrencies Might Score Some More Fans

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Cryptocurrencies Might Score Some More Fans

ForexMinute.com – Political disruptions, economic meltdowns and meaningless regulations have kept world finance at bay last week. At one end, we have seen US and Europe putting collaborative economic pressure on Russia in order to stop them supporting the rebels in Ukraine, at another we have also seen US credit card companies going against Kratom vendors. While both the cases are distant from each other, they have one single trait which put them under the same lens. It is restriction of some kind, born from the womb dependency.

The time Bitcoin was born, it became an overnight sensation not because of being an internet money of third kind, but for its independency from government and other third parties that act like a boss. So what if Russia or those Kratom vendors actually sweep away such unnecessary pressure and adopt something that is within their control.

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In case of Russia, the country is facing economic difficulties because the US and Europe are imposing tougher sanctions against individuals and companies, belonging to a diverse range of sectors. The newly introduced sanctions led to a further decline in the Russian economy. The Moscow stock index has fallen 8% already this year, taking the Ruble value downward as well. This hassle directly or indirectly is benefiting the cryptocurrency sector as more and more businesses are planning to break free from the political implications.

Meanwhile, Argentina too is anticipating inflation in coming days thanks to the government default that is deleteriously effecting the country’s economy. Miguel Boggiano, Charter Financial CEO, said: “With no foreign investment, the government can encourage the issuance of pesos to finance deficit spending, which will generate a devaluation and a subsequent rise in inflation.”

There is a huge chance that local merchants there would also be drawn towards Bitcoin and other altcoins, probably in order to skip taxes that would add burden to their already inflated expenses.

Coming back to US, a major opportunity for Bitcoin has risen inside the US. Due to new financial regulations imposed under the guise of “moral issues”, various types of companies in the United States (including kratom vendors) cannot access commercial accounts, which in practice means that they cannot accept credit card payments or create a PayPal account for business. As a result, the main suppliers of kratom in the US have been forced to suspend sales in the country, or to receive payments from European bank accounts held abroad.

If marketed well, Bitcoin can gain a lot in terms of strength, community and investments by focusing on the above mentioned issues.

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