Set to grow into an economic powerhouse over the next few decades, Africa will benefit greatly from investment into Bitcoin education.
This is an opinion editorial by Ray Youssef, CEO of Paxful and cofounder of the Built With Bitcoin Foundation.
The role of wealth in politics has also become an important issue, as the powerful few control many of the decisions that affect our financial well-being. For example, when a country decides to devalue or demonetize a currency, as we’ve seen in countries like China, Venezuela and Zimbabwe, this can put an entire population into poverty within weeks or days. Devaluing a nation’s currency not only hurts the citizens of the country, but has a ripple effect across the globe, causing markets to fall or forcing many into a recession. For the people plagued by hyperinflation, bitcoin functions as a store of value. With only 21 million bitcoin that can ever be mined, it is a strong alternative for those in search of wealth preservation.
If you want to help get more people out of poverty, they need access to sound money — and there’s nothing sounder in my mind than bitcoin. While many still focus on bitcoin as a speculative asset, especially during the recent drop in price, it’s important we remain focused on bitcoin’s real day-to-day use cases. Bitcoin can provide financial freedom and be a source of opportunity for those seeking a way out from centralized systems and corrupt governments. To achieve financial equality, we all need to start looking at bitcoin through a new lens. This is just the beginning my friends — we are only scratching the surface — and with bitcoin, it’s my belief that despite the current outlook, the next decade will bring even greater change for the better.
This is a guest post by Ray Youssef. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.