There are many reasons why people decide to start using cryptocurrency. One of the biggest reasons is to protect their money during times of economic volatility. We have seen the demand for Bitcoin go up in places like Hong Kong, Venezuela and Argentina. All three of those places have experienced major political upheaval that has caused the government to limit the ability of citizens to have access to their money and move it. The value of the currency in those places has also dropped quite a bit. Therefore, people are investing their money into Bitcoin to protect it.
Governments have no ability to seize or control Bitcoin in any way. Therefore, people who live in countries that are facing an economic crisis are finding great comfort in knowing that their money cannot be touched by their government. They can have access to it any time they want. The demand for Bitcoin has risen tremendously in parts of the world that are having very big economic problems. This will not change any time soon. Bitcoin and other cryptocurrencies are being turned to by more people every day as a way of protecting their assets in a very uncertain world.
There has even been a large increase in Bitcoin investment in China. This is interesting because it has been illegal to trade Bitcoin in China for over two years. However, there are various methods that Chinese people can use in order to obtain Bitcoin illegally. More Chinese citizens are investing in Bitcoin because of the economic instability that the country is facing. The Chinese government has needed to bail out four banks so far in 2019. Experts believe that things could get even worse before they get better. This means that more Chinese people will be trying to get around the laws forbidding Bitcoin trading.
There are many people who believe that the United States is headed for an economic recession. If this is true, Americans will be loading up on Bitcoin. The popularity of cryptocurrency is only going to increase. Despite many top politicians not being a fan of it, it is clear there are many people around the world who do not trust their government. They don’t like having their assets frozen or the ability to move their money dictated by other people. Bitcoin eliminates all of those problems. People know that Bitcoin will still be there if their country’s economy crumbles.