Some of the best companies in the world started as bad ideas, or at least that's how they were labeled soon after gaining traction. Who would have thought people would turn their personal vehicles into taxis and that all the magic would happen within the app?
Who would have thought that Airbnb would gain so much traction over the years? Two decades ago, no one was toying with the idea of renting out their own homes while away. But nowadays, individuals living in tourist-heavy areas have turned their homes into successful businesses.
And we haven't yet witnessed the full power of tokenization...
Bitcoin was met with a similar attitude some time ago, but the opposite occurred. BTC has sparked the emergence of an entirely new industry. Blockchain technology is no longer solely about Bitcoin, but that doesn't mean everything labeled as blockchain technology should be considered Bitcoin (decentralized).
Venezuela’s state-run oil company PDVSA plans to use digital currencies to settle crude oil trade and not the US dollar. The move comes after the US reimposes sanctions on Venezuela making it harder for the Latin American country to trade. Also, the US made it difficult for the country to export crude oil and Venezuela is now looking at digital currency payments. Venezuela has also applied to join BRICS and is looking to be a part of the grouping.
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Whilst...
The BRICS economy has discussed the usage of digital assets in international settlement, with its statements hinting that it could be poised to develop its very own crypto stablecoin. Indeed, Russian Deputy Foreign Minister Sergei Ryabkov recently discussed the role that such a stablecoin could play for the collective.
Ryabkov remarked on the important economic projects that Russia will confront as the 2024 Charimanship holder. Moreover, he notes that the bloc has held discussions on native platforms and the utilization of digital assets in conjunction. Therefore, could the bloc be set to create its very own BRICS crypto stablecoin this year?
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Do you see any pattern here?
Digital currencies are opening up a new world. One that doesn't have to revolve solely around Bitcoin or CBDCs. I don't believe in absolute good or evil; on the contrary, I think the middle path is the way to go.
People should have options regardless of the topic, especially when it comes to units of account and units of exchange. I advocate for cryptocurrencies just as I advocate for cash and barter. No one should dictate which currency should be used in trades between two parties.
Much of what is deemed illegal, particularly in trading and financial dealings, stems from the elites' lack of complete control over it.
In my previous post, I mentioned that we should closely monitor stablecoins in the coming years, as they seem to be part of an emerging market with high demand. USDT is perhaps the most renowned and widely used stablecoin, but... there's always a catch.
“Tether respects the Office of Foreign Assets Control (OFAC) SDN list and is committed to working to ensure sanction addresses are frozen promptly.”
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The thing with stablecoins is that Tether, like Binance, is striving to be as compliant as possible, but this isn't always beneficial to its users. Many of you probably already know that Tether can freeze any USDT it wishes to... It's as simple as that.
Can we trust Tether to still be around two decades from now? Yes, why not... Should we trust Tether to offer us full ownership over our own money if we choose USDT as a store of value? Definitely not... This is where HBD comes in, and while its peg isn't perfect, HBD has proven to be a functional algorithmic stablecoin that can't be frozen by anyone for over four years now.
Currently, the outreach of HBD is poor, but as crypto adoption grows (as mentioned in my previous post), those interested in truly decentralized alternatives to the dollar will discover HBD.
Just my two cents...
Thanks for your attention,
Adrian