Heavy Borrowing and Failed States Could Drive Hyperbitcoinization

in #power5 years ago


Hyperbitcoinization supporters subscribe to the belief that state-controlled fiat currencies have little legitimacy and will eventually erode to worthlessness due to their undemocratic centrality, abuse of power, and what H-Theory supporters describe as the constant depreciating nature of fiat currencies.

Hyperbitcoinization theory (H-theory), a concept published by Daniel Krawisz of the Satoshi Nakamoto Institute in 2014, posits that Bitcoin will lead to the ‘demonetization of currencies’ and many H-theory subscribers believe that the CIA World Factbook provides insights on which countries will be the first to experience Hyberbitcoinization. Big borrowing, high deficit countries like the U.S. are expected to experience hyperbitcoinization and countries with unstable currencies and leaders like Zimbabwe, Venezuela, and North Korea are also expected to follow.

According to Krawisz’s theory, the underlying endemic issues of these debt-ridden and undemocratic countries make them strong cases for hyperbitcoinization and many supporters believe a global economic slowdown could accelerate the rate of hyperbitcoinization.

Image source: Daily forex report,
Image source: pixabay
Image source: zerohedge
Info source: bitcoin.com
More read: https://news.bitcoin.com/heavy-borrowers-and-near-failed-states-likely-to-drive-hyperbitcoinization/

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It's more likely to be hyperaltcoinization and let's hope that altcoin is Steem!

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