The warfare between the US and a number of countries like China, Iran, Venezuela, North Korea, Cuba, Turkey, and Russia among others is ensuing, that has these nations going anti-dollar, creating their own national cryptocurrencies and backing out of the US-based SWIFT system. Meanwhile, Bitcoin and crypto adoption are on the rise.
Anti-Dollar awakening happening at a much faster pace
The warfare going on between the US and other countries like China, Iran, Venezuela, and Russia is all too recent and in the hype. However, the US is currently waging this warfare in more than just these countries. North Korea, Cuba, Turkey, Pakistan, Myanmar and many others are also part of the countries on which the US has imposed sanctions.
Apart from sanctions, punitive economic measures and blocking from the US-dominated global financial system are the steps taken by the US against these them.
When combined together, these countries make up a huge part of the global population and GDP. And slowly but surely these economies are joining the forces to create another financial system which has begun by invading these sanctions.
Venezuela, Iran, Germany & Russia already making crypto moves
Venezuela took the “Petro” crypto route to bypass the sanctions, in which Russia has been reportedly helping the country. Recently, Iran unveiled the aspects of its national cryptocurrency as a measure against US-led sanctions. Moreover, Iran is also gaining international support, that too from the US ally European Union (EU). EU has promised $21 million in assistance to the Middle Eastern country.
Recently, Germany also revealed that is planning to withdraw from the US and “establishing payment channels that are independent of the US, creating a European Monetary Fund.” On which Dotcom shared:
Significant! German Finance Minister proposes EU monetary fund, EU swift and non-US payment systems. He says its to salvage Iran deal. But it’s really the EU exit from USD dominance. Like I said, USD will collapse. Buy crypto and gold. https://t.co/wYmIQmD8ZY
— Kim Dotcom (@KimDotcom) August 22, 2018
Mohammad Reza Pourebrahimi, head of Iran’s Parliamentary Commission of Economic Affairs (IPCEA), shared the similar thoughts as he stated recently:
“Over the past year or two, the use of cryptocurrency has become an important issue. This is one of the good ways to bypass the use of the dollar, as well as the replacement of the SWIFT system. They [Russian authorities] share our opinion. We said that if we manage to promote this work, then we will be the first countries that use cryptocurrency in the exchange of goods.”
Russia and China have already developed their own versions of SWIFT to allow cross-border financial transactions among banks. Russia recently included Turkey into the anti-dollar coalition as it announced the no-dollar trade with the country.
Bitcoin & crypto gaining traction globally
Over the time, awareness about the leading cryptocurrency among other digital currencies has risen along with their adoption. As we shared in our most recent crypto adoption and previously in Bitcoin adoption article, the adoption is rising continuously and on a global scale.
Moreover, Bitcoin is also being seen as a safe haven i.e. hedge against the devaluation of national currencies and economic crisis. Gold, that used be a popular hedge option for people is slowly but surely being replaced by Bitcoin as BTC price offers lucrative investment option.
Bitcoin and altcoins are making their presence and creating an impact all around the world, which one day just might become the currency to be used in our day-to-day lives.