3 Reasons why cryptocurrencies could save us from a financial crisis

A financial crisis is something that nobody wants so the idea that cryptocurrencies could help save us from a financial crisis is very intriguing to most. Let’s take a look at exactly why cryptocurrencies could save us from financial disaster.

Beyond Money
Blockchain technology isn’t going anywhere, thanks to the powerful implications of having a transparent ledger. This means blockchain technology can potentially be used for a lot more than just moving units from one account to another.

For example, since the 24th March people across the world have been able to participate in the overthrow of Kim Jong-un. As currently, anyone can buy a digital abiding visa to the country that might replace the Democratic People’s Republic of Korea

Debt Solution
Cryptocurrencies have the potential to significantly reduce debt markets, especially in developing countries where currencies can often be unreliable. For example, Venezuela has turned to cryptocurrency to help it’s struggling economy. The Venezuelan government has created an oil-backed Crypto called Petro, in the hope that it can help to improve the economy. This plan seems to be working as currently, cryptocurrency is able to function a lot better than the national currency due to hyperinflation.

Rahm Emmanuel who is Chicago’s Mayor has recently said that he believes cryptocurrency is an alternative way to trade and will positively impact the financial aspects of society. Emmanuel has also said that he believes nation-states are falling apart and city-states are emerging. It’s not surprising that the Mayor of Chicago has said this as Chicago currently has their own wage laws and cities such as New York even have their own income taxes.

Crypto is the future
In Chicago, the mayor is pushing for the city to become a Financial technology hub that is Crypto friendly. As the mayor along with David Carman (who is a Chicago based trader and start-up entrepreneur) believe that Chicago could be recognised as the global leader of the financial technology revolution. They acknowledge that this is a big task but believe Crypto and blockchain technology will play a big role in making this a reality as they have the potential to be billion-dollar markets.

Also, in Ohio, businesses are now able to pay their taxes using cryptocurrency and generally the state is trying to create a friendly environment for the use of Crypto and blockchain companies. This is a clear indication that in the future, other states, or even countries may follow suit.

Do you think cryptocurrencies will save us from a financial crisis ? Let us know in the comments below.

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