A weekly section discussing how general events can influence the near-term future of cryptocurrency sector
Brazil Real Collapses
It is not only China that has a sever financial crisis on its plate. Apparently, the South America nations are undergoing a similar war with the money. The latest report is from Brazil, whose national currency last week dropped to its historical low — below 4.24 Reals — amid a consecutive recession quarter. On the other hand, the drop in central currencies are boosting the adoption of cryptocurrency like Bitcoin in the area.
Norway’s Central Bank Cut Rates
The falling oil prices have forced the Norwegian Central Bank to clamp down its interest rates. The country is reportedly finding it difficult to reach its inflation objectives in current quarter, under the distress of which it has decided to reduce its rates from 1 percent to 0.75 percent. It is likely to lower it further next year. This decision somewhat strengthens the dollar, that could have a very nominal impact on the Bitcoin value.
Greeks Resort to Barter amid Capital Control
A very recent report of the New York Times has found that Greeks are resorting to barter amid an extended capital control period. They are reportedly replacing money with temporary commodities to settle trades. For instance: a design work is being exchanged for olive oils, meat, professional consulting, etc. It is a great time for Bitcoin industry to corner a potential market in Greece.