Crypto updates

It's clear that blockchain technology is here to stay. 

Because I think it's important enough, I'll start posting some updates and highlights on the subject more regularly. 

Doing my bit to keep you oldies up to date with the next tech revolution haha

As it stands:

El Salvador are turning to crypto in order to cater to it's unbanked citizens. Around 20% of the country's income is money sent back to family members by those that have emigrated. Every citizen is receiving $30 when they open an account. They have 6,454 million citizens. Meaning that small country alone is opting into BitCoin for near on $200m.

SoftBank has invested $200m in Brazil's Mercado Coin exchange. Another country with a high unbanked population but where most people have access to their phones and the internet. 

The Mexican government is still hesitant, but a recent tweet from Mexican billionaire Ricardo Salina Pliego says that his bank are working on becoming the first Mexican bank to offer BitCoin Services.

My opinion is that what's occurring in Latin America is big news. Not only is crypto cutting out the middleman but it's also making banking AND investing possible for many more people. I think those are strong legs to run on...particularly when all you need is a phone and minimal internet access.

Germany, on the other hand, are allowing 4000 investment funds to invest up to 20% of their capital into Crypto, as of this week. Combined, these funds control E1.83t of assets. E350b worth of assets could be flowing into crypto from that one source alone. 650 banks are also allowing customers to walk in a buy BitCoin over the counter. For reference, BitCoins current market cap is around $650b.

A few years ago, just one of the above stories would have created a months-long buzz around blockchain and crypto. 

2021 has seemingly brought a cascading wave of big & positive news around crypto and there doesn't seem to be any abating in high-profile stories emerging.

News now regarding Paraguay and Guatemala also jumping on the BitCoin train.

Plum out of all the countries named only Germany has a stable economy all the others are non starters and hoping for a big handout.

Not knocking the Crypto system but a great percentage of Chinese Canadians are into it big time trading in Bitcoin and to me that speaks volumes about the legal and secure aspect of the system.

The East Indian community ain't far behind them as well.

The number of emails and calls I receive from sources that I have never heard of selling various Crypto plans is mind boggling.

But then again I am no expert on the various plans and prefer to see real hard cash and be satisfied with the old banking system.

Will follow your postings on this subject and you never know perhaps even take a chance once more.

I did hold a few Bitcoins years ago but got cold feet and sold out.

Thanks.

All good, Aj.

From what I read, block chain really is the future, and not only for investment but as a basis for much of the technology that is to come.

Currently crypto has around 150 million users. However, the adoption rate is skyrocketing and to be into the billions over five years.

Latin American economies, as I understand it, failed, in part, due to being pegged to the $ and because of nefarious lending practices by US institutions. Not sure if you ever read Confessions of an Economic Hitman, but the guy clearly lays out the strategies used to subvert South American fiat. Some of it is really nasty. It's a great book.

And this is in part why these countries are adopting BC. They're smartly opting out of a system that they realised wasn't benefiting them. 

 El Salvador have now made it compulsory for businesses to accept BC as payment. It's a huge deal and, from what experts are ssaying, if it succeeds, we can expect many other countries to follow. 

So it's not really about what/how those countries are doing present day under the old money system but rather about keeping an on them as they make the transition to what looks like the new way that wealth will be managed and value stored.

I'll include reports on what El Salvador looks like as more and more people there adopt BC. Early reports are that they're already seeing growth and 20k people a day there are opening crypto wallets.

For reference, the internet had a growth/adoption rate of 68% annually. BC has had an adoption rate of 138% to date. That sheds some light on where this could be headed.

Anyway, don't kick yourself too hard about your coins. Back when BC was used predominantly for Silk Road purchases and cost less than R100 a coin, a friend insisted that I buy a hundred of them. Funny thing is, I didn't even decide not to buy, I just forgot to.