Cryptocurrency Remains Safe Haven as Economies of Venezuela And Turkey Collapse

Critics of crypto often talk down on this asset class due to its volatile nature and price instability/unpredictability, however, in countries prone to economic instability, crypto assets can prove to be a safe haven in periods of rampant inflation and flawed monetary policy.

Crypto — An Unexpected Safe Haven In Times Of Economic Distress

The citizens of Venezuela have indisputably had a rough year, with their Venezuelan Bolivars inflating by upwards of 100,000% to become nothing more than paperweights. Although President Maduro is making moves to combat hyper-inflation (which are failing, by the way), some claim that it may already be too late, as citizens throughout the South American country have already fallen into financial ruin.

Keeping this in mind, Xen Baynham-Herd, the Head Of Strategy at Blockchain, recently brought up an interesting point about how digital assets can operate as an alternative to “stable fiat currencies or safe haven assets (gold).”

Regular people in…