Any comments on "demonetization" in India and Venezuala? Bitcoin?

And the prospect of the US Government taking the $1,000 note out of circulation? https://cointelegraph.com/news/copycat-currency-venezuela-follows-india-into-national-demonetization Copycat Currency: Venezuela Follows India into National Demonetization 2016 has become an all-out war against cash. Last month, India almost instantly demonetized their most used paper currency notes, the 500 and 1000 Rs. This has caused massive problems throughout the country, resulting in the deaths of people as they wait in line to exchange money, and a soaring market for Bitcoin. Now, embattled Venezuelan President Nicolas Maduro announced on Sunday that the 100-bolivar bill will be decommissioned. Haven’t we heard this before? In India, Prime Minister Narendra Damodardas Modi announced on Nov. 8 that the government would remove India’s most used currency notes to fight “black money,” or money that is undeclared and untaxed in the underground economy. On Sunday, President Maduro seems to have taken a page out of Modi’s book, referring to “mafias” smuggling the currency ..... Bitcoin trading volume all-time high Demand for Bitcoin has risen dramatically in Venezuela, as it has in India, with the amount of Bitcoin purchased on LocalBitcoins.com growing 1000 percent within the last six months, according to Coin Dance. With the bolivar losing so much value, it may be hard for Bitcoin to be purchased effectively in the region, as its price continues to move in the opposite direction. Venezuela is on a growing list of nations with national currency devaluations. The list includes China, which has seen six national devaluations in the last twelve months, Zimbabwe, Brazil, Argentina, Spain, Italy, Great Britain and Ukraine. Every weakening of a nation currency, or a cash ban by a national banking system, seems to strengthen the global demand and value for Bitcoin.


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  • published this page in Ask Prof. Wolff 2016-12-17 17:57:57 -0500

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