Why Cryptocurrency Is The Safe Place For Your Money
The world and global market are about to see a change soon. Today I came across news on Russia, China, Saudi Arabia, and Iran moving forward away from the US dollar and Russia's plans to use the Yuan( China currency) to settle trades with Asia, Africa, and Latin America.
Since 1947 the US Dollar has been the world reserve currency so nation-to-nation deals have always been done in dollars which creates demand for the dollar and gives it value because every country uses it. That era might be coming to an end which would devalue the US dollar if Russia and China succeed in boycotting the use of dollars permanently from their economies.
Saudi Arabia is also pushing to boycott the US dollar and is arguing Iran follow suit and tightened their relationship with China, and mind you Saudi Arabia holds approximately 17 percent of the world's proven petroleum reserves and is ranked one of the largest net exporters of petroleum, now just imagine if Saudi Arabia decides to stop collecting dollar as payment for their oil, it will destabilize the value of the dollar.
Iran also is a powerhouse when it comes to the oil business and if Saudi Arabia convinced them to join and strengthen their bonds with China it might just get uglier. Kenya's President in his own words said this: Those of you who are holding (US) dollars, you might shortly go into losses. This market is going to be different in a couple of weeks.” source
This is where Cryptocurrency comes in
The plans these countries are trying to set in motion will not affect the cryptocurrency space. Cryptocurrency is not backed by the dollar or controlled by any government and that is the beauty of the currency, no government has the power to influence the crypto space which is a safe place to keep your money and get ten times the value of your money.
Cryptocurrency can be bought and sold in any currency of your choice no matter where you are in the world. This is a great feature of the blockchain and has helped a lot of people around the world including some victims of the Ukraine war. There are no limits to buying and making transactions in the crypto space unlike local banks which have a specific amount limit for transactions in a day.
In the crypto space, only you have the right to mine and control your wallet without the interference of any government policies, this gives you maximum privacy in your wallet at all times. I am still figuring my way around the blockchain but my experience so far has been great. Cryptocurrency is shaping the future and I am glad to be part of the journey.