is now considered the cause of recent increases in Bitcoin (BTC) prices, which now stand at over $8000.
If you ignore Zimbabwe and other world issues.
is now considered the cause of recent increases in Bitcoin (BTC) prices, which now stand at over $8000.
If you ignore Zimbabwe and other world issues.
Yeah, thanks for mentioning this issue (again). I think we should be more careful to the link between Bitcoin price and political and social instability.
I remember at least once Venezuela was credit with something similar a few months ago. For something similar in structure - political and social unrest - but not in form, there was no coup in Venezuela, AFAIK.
No coup in Venezuela, Maduro had the constitution rewritten to give himself more power, basically a full dictator now. He feeds the military to keep the people in check and doesn't give them access to guns. I'm not sure how having crypto helps them if they can't get anything into the country. There is nothing to buy in the country, so more money for purchasing local goods doesn't help.
Since Zimbabwe crypto market has BitCoin at a 20% premium, I'm betting that has more effect than the hack. North Korea and other issues, especially with the Saudi prince cleansing, is definitely giving a feel of uncertainty in the middle-east and Asia, where cryptos are used more.
Top-level members of Maduro's government (including Maduro himself, the vice president and military leadership) have been sanctioned by Trump's administration, prohibiting american companies and citizens doing business with them, and their USD bank accounts were frozen. They were included in the Treasury Dept OFAC list.
A possibility is that they have acquired bitcoins or other crypto to overcome these sanctions.
The article I saw was pointing to the people of Venezuela using Bitcoin to get past the issue that they are having 1000% inflation of their currency.
I have no doubt that leaders in Venezuela, Cuba and North Korea have been mining and using Bitcoin to get around sanctions. It's probably common knowledge within the intelligence community.
Oh, sure. For that people it's has been a way to deal with that huge inflation, and to earn some "hard currency" (sounds a little bit ironic to call cryptocurrencies in that way hehe).
Certainly, there is nothing to buy in the country, unless you have USD. That's the magic.