Changpeng Zhao, the CEO of the world’s largest crypto exchange, Binance, has tweeted calling fiat currencies unstable and unsafe. This seems to be true in some cases, despite what governments are trying to persuade people of. The proper examples of this are the recent economic crises in Turkey and Venezuela.
President Trump changes the tariffs on Turkish steel and aluminum, thus making the local economy nosedive. Investors turned not to the US dollar but to Bitcoin. A similar situation is in Venezuela and Iran. The former has introduced its own, dollar-pegged crypto Petro, and even now there has been a large-scale inflation, which the government and the local citizens have to struggle with. Iran is also mulling the creation of its own state virtual coin, despite the previous negative stance of the government regarding this type of assets.
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Arman Shirinyan
Dan Burgin
Vladislav Sopov