Why Invest in Bitcoin? A third world country perspective.

Published by Evan Louise Madriñan on 30/01/202230/01/2022

by elmads

This is an excerpt from my blog tiled “My 2021 Overall Portfolio Performance”.

Let me give you an example of one of the reasons why Bitcoin is important. I will introduce to you Wences Caseras (Founder & Chairman of Xapo Bank, a Bitcoin wallet start-up).

“Caseras is widely known as “Patient Zero” in the bitcoin community, Quartz reported that Casares was the entrepreneur to convince Bill Gates, Reid Hoffman, and other tech veterans in Silicon Valley to invest in bitcoin.”; source taken from Wikipedia.

I will quote what he had said when he introduced Bitcoin to Silicon Valley back in 2014: “Let me explain to you why I own bitcoin, I understand why you wouldn’t understand it because you live in America. You have a rule of law, an orderly government and most times relatively low inflation and a prosperous economy. I’m from Argentina and my family has been there for 150 years. We’ve been wiped out 4 separate times by the Argentinian government by seizing our assets, nationalizing the banks, inflating us out with hyperinflation. Bitcoin cannot be touched by the government, it’s a peer-to-peer decentralized independent network of global network.”

If you live and have been living in a prosperous country, most likely that you’ll find it hard to understand why Bitcoin is so important for others who have lived on an unstable economy. Basically, it is an insurance policy against the government.

For others, bitcoin is a means of making a lot of money, but for these people it is hope. That their accumulated savings through decades of labour will be preserved and not be taken away.

NOTE: I got this Caseras’ statement from Bill Miller’s interview with Wealthtrack back in 2021, I’ll post the link for this interview down below.