The adoption of cryptocurrency is growing amidst global protests
Political unrest is rippling the price of Fiat money around the world, and crypto assets are becoming a fair alternative for the masses.
The arguments in favor of the adoption of cryptocurrency around the world
Recently, political turmoil has been a constant dilemma for many countries, including the US and China. While most governments can handle short incidents here and there, 2020 is a different story. The post-COVID-19 scenario, marked by global quarantine and market collapse, is being SEEN around the world.
Despite the severity of the socio-economic crisis in 2020, no corner of the world has escaped nonconformists who incite unrest. From Hong Kong and Thailand on the Asian continent, to Nigeria and Somalia in Africa. The United States of America continues to protest, fueling unrest and making its voices heard.
Fighting for a variety of goals – from equal civil rights, to denouncing legislatures for their unfair decisions, to demanding re-evaluation when counting votes, these nonconformists have one common factor.
Fighting people with power, backed by huge legal power, and controlling everything and everything within their jurisdiction weakens the case for protests, regardless of their strength.
Belarus is one of the most striking examples of such reasons for the introduction of cryptocurrency. The best way forward is to bridge the gaps in political power. Another important reason for the growth of crypto adoption is the fluctuation in Fiat prices, especially in third world countries such as Nigeria and politically unstable Argentina.
The technology of the blockchain and cryptocurrency to help the dissidents to abandon the traditional financial institutions, and to expand their opportunities through the adoption of crypto-assets. At a time when government sanctions for cryptocurrency transactions are virtually non-existent, sending and receiving payments using open source software is one of the best ways to combat the unfairness of legal and political power.
A group of Nigerian activists called the “Feminist coalition”, which fights police misconduct in Nigeria, and strong supporters of the termination of SARS (special anti-robbery squad), used Bitcoin through the payment processor Flutterware to receive donations. Their supporters, scattered around the world, supported the movement by introducing cryptocurrencies after ordinary financial institutions closed their Bank accounts.
The organization has received a double benefit by switching to Bitcoin, since transactions remain hidden from people whose powers are assigned to ordinary monetary institutions, and the confidentiality of donors is also hidden.
By rallying under the hashtag #EndSars and using social media to raise awareness and funds, as well as to gain support from international celebrities, the protesters created a momentum that previous actions led by civic groups and unions failed to achieve.
Acceptance of crypto is a strong protest
The adoption of the crypt is a strong protest against the abuse of freedoms by the authorities and the state.
The world is in an unprecedented state of turmoil as protests continue to break out in various regions around the globe. As the global isolation from COVID eased, the problems we faced before quickly surfaced.
The reality is that we rely on traditional financial systems, and the Central authorities that control them seem irrelevant. After world war II, the termination of the Bretton woods agreement and the rise of the oil dollar left the us dollar as the de facto global currency that continues to determine the rise and fall of world wealth.