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Excessive government involvement in developing nations will hamper hyperbinization

Excessive government involvement in developing nations will hamper hyperbinization

Op-Ed

For bitcoin idealists, the imminent utopia of global finance sees bitcoins dismantling fiat hegemony, allowing citizens to own their money without central bank mediation and facilitating borderless trade. Accredited by the co-founder of the Satoshi Nakamoto Institute, Daniel Krawisz, hyperbitcoinization is a term that describes the bitcoin that is going to dominate the global basket of currencies through mass adoption.

Read also: Romania imposes a 10% tax on cryptocurrency earnings

Fiat currencies in down race

If hyperbutination occurs, it will almost certainly be traced quickly by bad policies. While some countries are clearing the ground for cryptocurrency through soft-touch regulation, others are unknowingly doing the same by failing to contain inflation and maintaining liquidity, culminating in a breaking point where citizens will be forced to recover their financial freedom through alternative currencies, mainly bitcoins.

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In Zimbabwe, Venezuela and Sudan, the legal currencies are in a race to the bottom, prompting governments to implement dubious policies to stop the rot. But the invocation of special powers by presidents, price controls and surrogate currencies also compete with sanctions, bad governance and other structural factors that make government fiscal control efforts futile and prevent citizens from controlling their money .

The humanitarian failures of legal money can be seen in Venezuelan families forced to buy rotten meat for consumption and abandon their children for adoption in the face of a shortage of basic necessities. Such tragic cases impress an urgent case of an alternative currency that is not vulnerable to the whims of central banks. In Zimbabwe, government policies have deprived citizens of their savings twice in two decades, as the national currency has dramatically lost value.

The repression opens up new possibilities for Bitcoin

Historically, economically distressed and increasingly isolated governments resort to the obsessive control of institutions and the repression of citizens while voicing protests. On January 21, Zimbabwe lifted the ban on popular social networks, ordered a week before to contain protests and the black cover of a brutal government repression that would have caused 12 deaths, over 60 victims of hospital firearms and widespread beatings. Sudan has also responded to the protests with shots of fire in recent weeks.

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However, it is also known that repression opens up new technological possibilities. While citizens resume their democratic freedoms through alternative channels of communication, there is reason to believe that they will follow their actions in claiming their financial freedoms through censorship-resistant currencies such as bitcoin.

The citizens of Zimbabwe have responded to the total closure of the Internet by migrating to Telegram, which has not been targeted by the authorities recently, and is designed to resist surveillance and suppression. Citizens have also unlocked the forbidden social networks, Whatsapp, Facebook and Youtube through virtual private networks (VPN).

Withdraw the ownership of our money

While bitcoin continues to make its way around the world, both through progressive government policies and with user adoption, the failure of legal currencies in developing economies will force citizens to regain ownership of their money. Worldwide, a growing number of people cite bitcoin as a form of investment, with 27% of respondents in a recent survey that prefers ownership.

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For the citizens of Zimbabwe, some of whom have lost pensions and savings after a decade, the virtues of bitcoin are becoming increasingly evident. While alternative currencies are subject to geopolitical considerations and budgetary discipline, bitcoin investors have little reason to worry about central banks or sanctions committees, which are unable to control a decentralized cryptocurrency.

At the turning point of hyperbincoinisation, Daniel Krawisz's radical vision on financial freedom and inclusiveness will see the citizens of the poorest nations negotiate without boundaries and without permission, freeing themselves from the chains of the currency controlled by the state.

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