The Finvest
  • Finance
  • Markets
  • Personal Finance
  • Retirement
  • Debt
  • Forex
  • Cryptocurrency
What's Hot

Bitcoin is just a giant energy-sapping slot machine (Opinion)

November 29, 2023

Dollar weakens as rate cut bets build, but equities mixed

November 29, 2023

Live updates, Fed comments, Australia inflation

November 29, 2023
Facebook Twitter Instagram
Facebook Twitter Instagram
The Finvest
Subscribe
  • Finance

    Dollar weakens as rate cut bets build, but equities mixed

    November 29, 2023

    Corn closes down 7¢ | Monday, November 27, 2023

    November 27, 2023

    BoJ Policy Change Reinforced by Japanese CPI

    November 27, 2023

    Wells Fargo Refuses to Reimburse Customer After $14,000 Exits Account, Immediately Spent on a Mercedes Benz: Report

    November 26, 2023

    AAPL, AMZN, or NVDA: Which “Strong Buy” Mega-Cap Tech Stock Could Deliver the Best Returns?

    November 25, 2023
  • Markets

    Live updates, Fed comments, Australia inflation

    November 29, 2023

    Wall St rises as dovish Fed comments bolster rate cut hopes

    November 28, 2023

    Dow Jones Futures: Fed Chair Powell Speech Looms; Nvidia Rebounds From Buy Point

    November 28, 2023

    Inflation Fears Explain A Seeming Housing Market Mystery

    November 27, 2023

    Texas Tech market specialist calls current cotton market ‘weak’

    November 27, 2023
  • Personal Finance

    Who will receive $914 from Social Security on December 1?

    November 29, 2023

    Millennial Money: 5 steps to creating financial boundaries during the holidays

    November 28, 2023

    $1,800 Social Security checks: Exact payment dates in December 2023

    November 28, 2023

    How much will the Social Security benefit worth up in 2024? Individual and couple payments

    November 27, 2023

    Dave Ramsey dunks on finance writers who make things complicated — and explains how you can earn enough to retire using ‘6th-grade math’

    November 26, 2023
  • Retirement

    30 Best Places to Retire on $8000 a Month

    November 29, 2023

    401(k) balances are down, while hardship withdrawals are up

    November 28, 2023

    Former St. Louis Police Chief Tim Fitch settles pension case

    November 28, 2023

    Boomer women are mostly ignoring annuities in their retirement planning – is that a mistake?

    November 27, 2023

    Exclusive: Fidelity plans multiple fund launches in China to tap growing wealth management, pension demand

    November 27, 2023
  • Debt

    Creditor Nations Likely to Agree on Sri Lanka Debt Restructuring

    November 29, 2023

    Disability Claim Delays At Social Security, Soaring Credit

    November 28, 2023

    Amid student debt, how does Florida Bright Futures really help?

    November 28, 2023

    New ECB rating agency Scope puts greater weight on euro zone protection mechanisms | The Mighty 790 KFGO

    November 27, 2023

    Valencia MotoGP: CryptoDATA RNF releases statement, denies debts, ‘rejected takeover offer’ | MotoGP

    November 26, 2023
  • Forex

    Fed’s Goolsbee on monetary policy: Pull out the turkey early for residual heat

    November 29, 2023

    More, not fewer, FX platforms perplexes dealers

    November 28, 2023

    Standard Chartered’s Zodia Markets integrates EUROC stablecoin for FX – Ledger Insights

    November 27, 2023

    Financial Sectors’ Contribution to GDP Shrink 8.94% to N771.06bn on Inflation, FX Crisis

    November 27, 2023

    WTI Crude Oil: Weekly Forecast 26th November

    November 26, 2023
  • Cryptocurrency

    Bitcoin is just a giant energy-sapping slot machine (Opinion)

    November 29, 2023

    Hong Kong may further empower regulators to tackle cryptocurrency scams, John Lee says, amid fallout from Hounax, JPEX cases

    November 28, 2023

    Bitfarms Ltd. Announces Major Upgrade In Bitcoin Mining Operations

    November 27, 2023

    bne IntelliNews – Kazakhstan introduces digital national currency

    November 27, 2023

    Coinbase to List ADA, LINK, DOGE and XLM Future Pairs

    November 26, 2023
The Finvest
Home»Cryptocurrency»Why some Cubans are adopting BTC to escape ‘The Matrix’
Cryptocurrency

Why some Cubans are adopting BTC to escape ‘The Matrix’

finvestadminBy finvestadminJune 16, 2023No Comments4 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
18f674bf-dc67-49fd-9858-6aa3e9b5377d.jpg
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin adoption could increase in Cuba, especially if private companies see the benefits of accepting Bitcoin as a currency. Cuban businessman and bitcoin advocate Eric García Cruz said:

Cruz, a recent immigrant to the United States, is a vocal supporter of Bitcoin adoption in Cuba. Cruz heads money transfer and remittance services BitRemesas and QvaPay, and since 2020 has been outspoken in his support for his Bitcoin-using compatriots.

In an interview with Cointelegraph as part of an upcoming documentary, Cruz explained that Cubans can use Bitcoin “as a tool.”

Photo of Eric and Joe during the interview.Source: Cointelegraph

Some Cubans use bitcoin as a store of value, a medium of exchange and a tool for remittances, but ultimately to “get out of the matrix,” he explained. Cruz referred to a centrally planned and officially communized economy.

While Cuba has no independent press, the historic US embargo makes it very difficult for Cubans to access US products, services and even applications. Bitcoin is a state-independent currency and has no leader or central party.

Cruz explained that during a visit to El Salvador in 2022, one of his friends asked, “If Cuba is run by the Communist Party, how would you teach about Bitcoin in Cuba?” Surely that party would oppose Bitcoin?

“I don’t know if the government doesn’t understand how powerful Bitcoin is. I’m just wondering if they’re afraid of coinization.”

Cruz hinted that governments may already understand how bitcoin works, and that internet-based money could “avoid sanctions around the world.”

Additionally, from 2021 onwards, the government has stepped up its commitment to cryptocurrencies, allowing private businesses to legally accept cryptocurrencies such as Bitcoin as goods and services. Cruz explained that more and more private companies need to accept cryptocurrencies instead of Cuban pesos and MLCs (Moneda Libremente Convertible Currencies).

“Accepting payment in CUP or MLC would solve the customer’s problem, but it would cause problems for you, because the owner says he will try to convert CLP or MLC to international currency then or later. There will be.”

The Cuban peso has fallen over 800% since its inception. Even if Cubans bought the Bitcoin bull market absolute high of $69,000, they would still be worth more in Bitcoin than in the peso. Additionally, MLC is a government-backed stablecoin used for purchases at state-run supermarkets. Cubans who want to save money usually save their money in US dollars, and more and more people are using Bitcoin.

MLC price movement relative to USD and EUR since 2015.

Cruz cites the example of a father who bought a small amount of bitcoin in a Cuban peso pension fund three years ago. As the Cuban peso continues to depreciate, the value of pension funds has decreased dramatically, while bitcoin has not only maintained its purchasing power, but has also increased it.

“This is not financial advice, but you are better off storing your value in bitcoin than in government-issued fucking CUP.”

Nevertheless, Bitcoin suffers from a bad reputation in Cuba, despite the significant devaluation of the currency. Mr. Cruz was tricked into cryptocurrency projects before he learned what Bitcoin was.

“We don’t have internet [in Cuba] Until five years ago, Bitcoin was 14 years old. Our society’s first contact with Bitcoin was a scam. ”

Cuba has a highly educated population and college education is free, but the island is shielded from Western influence and the internet is a relatively new tool. As Cruz points out, it was during his last five years that the Internet began to permeate the country in meaningful ways.

Related: Cuban Bitcoin Community Hosts BTC-Only Meetup

Cruz’s work and that of the Cuban Bitcoin community are aimed at private Cuban companies. Areas where Bitcoin adoption could thrive:

“We have to teach the people who have the power to accept that solution. And it’s the private sector. Got it?

Cruz’s interview will be featured in an upcoming documentary on Bitcoin in Cuba.

magazine: The Real Bedford Football Club led by Peter McCormack introduced Bitcoin to the world

adopting BTC Cubans escape Matrix
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleBlackRock’s Bitcoin ETF Proposal Gives Hope to Traders and Investors
Next Article Indias Forex Kitty Declines By $1.32 Billion to $593.75 Billion
finvestadmin
  • Website

Related Posts

Bitcoin is just a giant energy-sapping slot machine (Opinion)

November 29, 2023

Hong Kong may further empower regulators to tackle cryptocurrency scams, John Lee says, amid fallout from Hounax, JPEX cases

November 28, 2023

Bitfarms Ltd. Announces Major Upgrade In Bitcoin Mining Operations

November 27, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Cryptocurrency Scams Are Declining While Ransomware Grows

July 13, 2023

How to Jump-Start Your Kids’ Retirement Savings

August 28, 2023

$2 Billion Loss at Sweden’s Pension Fund Has Stocks Chief Put on Leave

April 4, 2023

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

At The Finvest, we are passionate about providing our readers with up-to-date and accurate information on the world of finance. Our team of experienced journalists and finance experts works tirelessly to bring you the latest news, insights, and analysis on the global financial markets.

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Zimbabwe Digital Currency | World News

April 28, 2023

Zhenro Properties Makes Progress on Debt Restructuring

November 2, 2023

Zero-waste packaging market to climb to nearly $2.5 billion by 2033

October 15, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 The Finvest. All Rights Reserved
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy
  • Disclaimer

Type above and press Enter to search. Press Esc to cancel.

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

The Finvest
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.