Venezuela, a country undergoing deep-rooted problems in its monetary supply due to hyperinflation, has been pegged by many as the country where cryptocurrencies would come to prominence. The country is also suffering under economic pressure from the United States of America due to sanctions and is knee-deep in debt.
The government of Venezuela recently launched a cryptocurrency known as the Petro, which is a fork of Dash [DASH]. However, this was dismissed by many as another way for the President of Venezuela, Nicolas Maduro, to make money off the population and continue to cheat them out of the value of their efforts.
From this fire of adversity, various citizens of the country have begun using the permissionless, trustless and decentralized nature of cryptocurrencies and blockchain technology in order to get by. One of them seems to have taken the initiative to try and make a difference in the poverty-struck country through the use of cryptocurrency.
A user known as Crypto For Venuzuela recently posted a video detailing charity efforts made in the country with the help of Bitcoin [BTC]. They purchased around $260 worth of clothing and school supplies for underprivileged children in the country and paid for it using Bitcoin sourced from a round of charity from Reddit. This effort reached 500 children, with volunteers handing out the gifts dressed as Santa Claus.
A couple weeks ago I shared a video where bought a ton school supplies and clothing to be donated to kids!
— Crypto For Venezuela! (@CryptoForVzla) December 1, 2018
The supplies were bought at Traki, a department store in Venezuela that accepts cryptocurrencies. Other activities conducted by the individual also include creating an Ethereum [ETH] faucet for use by the public in Venezuela and rebuilding a school farm using donations in ETH.
The user also accepts donations in Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], XRP and Tron [TRX]. This shows that the world is yet to adopt this revolutionary technology, which can be used for outreach in remote areas or as an economic tool in underprivileged economies.
User meadowpoe on Reddit said:
“This is a really nice and selfless gesture, but what is not good whatsoever is going to the bcash subreddit later on and bash bitcoin about tx fees and surrender to all the stupid comments those subnormals made in your videos there… All comments you got in your video when you posted in that stupid sub was a comparison about btc bcash. They dont even give a f about what u r doing. Edit:/ and no, getting donations in bcash wont make your life any easier.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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