What the Future has in Store for Cryptocurrencies? | New Eastern Outlook

14-06-18 12:06:00,


The second half of the 20th century was marked by the world economy suffering irreversible and potentially catastrophic changes. Once the US obtained virtually uncontested economic and military influence in the world, the Federal Reserve found itself in a position where it was able to print piles of dollars on demand without worrying about the overall sustainability of global finances. This resulted in decades of warmongering, media manipulation and a cult of consumption that turned to be highly profitable for the US, which would exchange goods from all across the globe for useless pieces of green paper. Essentially, the con of the century has come to bear. The situation resembles a TV show where banks, corporations, rating agencies and governments have become a part of a huge conspiracy aimed at persuading the rest of the world that Washington’s securities are the safest assets in the world, even safer than gold.

It was only logical that some alternative system would eventually contest the dominance of the American dolla, and crypto currencies have emerged  as the tool states were waiting for begin the process of de-dollarization. At the same time this article is not going to try to downplay in any way the fact that Bitcoin has been created and utilized by American and British intelligence agencies to move liquidity quickly without tying it to finance their operations overseas. One can note that the creator of Bitcoin, Satoshi Nakamoto, turned out to be “a group of American cryptographers.”

It’s been noted that a limited number of countries have emerged as cryptocurrency havens and have played a pivotal role in the development of cryptocurrencies. The top three around the world by the rate of adoption of cryptocurrencies are South Korea, Russia and Venezuela. And across all three, cryptocurrency is widely seen as a different means to a different end.

In South Korea, cryptocurrencies have been widely perceived as an alternative investment path that can potentially deliver enormous returns in a highly competitive environment.

In Venezuela the rapid development of cryptocurrencies was triggered by an economic collapse spurred by Western sanctions against this oil-producing country. Some would argue that cryptocurrencies in Venezuela are seen as a more convenient and reliable store of value than the destitute bolívar,

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