Primary use-case of Bitcoin in Latin America is ‘preservation of wealth’

Bitcoin has found its strength as a store of value asset and the same value proposition seems to be attracting increased interest from traditional and institutional investors. “In many of these countries, dollar-based accounts are either impossible to open or worse the government has demonstrated more than once that they’re quite willing to go in and confiscate the dollar-based accounts by converting them. Choose a local currency forcibly add ludicrous exchange rates that doesn’t match the actual value, thereby confiscating the savings of the people who held those accounts.” With a significant portion of the workforce leaving countries like Venezuela and Colombia to find work outside its borders, Bitcoin is also seeing increased use as a form of remittance.

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